Being involved in the language services industry, you should be aware that the industry is constantly growing, even if the rate of growth varies from year to year. No matter how slow or how fast the industry is growing, there is no denying the fact that the language services industry fills a serious need in the global economy, and the industry itself is affected by various factors. Some of the factors that affect the growth of the language services industry include the increase in international business, global trade, job development, and government regulations.
Increase in International Business
As the amount of business that companies do internationally increases, so does the need for language services of all kinds. When companies start to merge or start become partners with other companies on a different continent from their own, it it vital for the company’s employees to either learn the new partner’s language or hire an interpreter in order to conduct business meetings and trainings. Both services, providing language training for employees as well as hiring on-site and telephonic interpreters to facilitate communication, are standard language service industry components. While a company may employ one or both methods to help bridge the language gap, either way this is contributing to the growth of the industry.
As more and more companies across the globe are globalizing, the need for specialized providers within the language services industry grows. The deeper a company decides to dive into international business, the greater the need for translation and interpretation services.
Global Trade is Simpler
While closely related to international business, the global trade market is making its stand in simply trading with other countries rather than building partnerships with global businesses. Though there is a difference in the way business is conducted between the two segments, global trade companies’ need for language services is just as high and important as that in international business relations.
Global trading companies must meet many legal and financial regulations to conduct business, including heavy translation of documents to ensure tariffs and laws are being followed to the letter. Additionally, initially setting up global trade accounts is a critical and stressful time for companies in this segment of business. This is what makes the global trade business a large factor in the growth of the language services industry. As global trading increases does the need for interpreters and translators who can assist in making trade and business agreements between companies.
Job Development demands Language Skills
As the economy globalizes, more and more positions in companies require language skills. As companies seek to expand their global reach, they often demand qualified executives and project managers who are fluent in multiple languages. The need to have bilingual employees is pushing growth in the language training segment of the language industry. Additionally, the number of qualified bi-(or tri-)lingual employees is much lower than qualified single-language speakers. As such, the language needs fuels the need for interpreter and translators when a company cannot find a qualified executive who speaks multiple languages. As companies develop and compete in the new global marketplace, the development of jobs, teams and projects more than ever involves a language service.
A byproduct of international business and globalization is an increasing requirement by governments to provide language services. Trade agreements, immigration initiatives, and healthcare compliance laws in the US fuel the need for qualified, professional interpreters and translators. Similar laws and programs abroad also provide opportunities for language service providers around the globe. Additionally, increased global immigration strongly drives the need for governments to hire language services to ensure all citizens and guests in their countries are able to understand basic laws and processes, as well as receive social services.
The need for the language services industry is ever increasing, and projects show that the language service industry will continue to grow for several years. As companies and individuals become more involved in international affairs and global marketing and trading, the need for interpreters, translators, and additional language services like training and testing grows exponentially.