Since 2008, only a handful of industries have escaped the economic pitfalls of the global recession and even fewer can say they experienced growth. The language services industry is one of them. According to Common Sense Advisory, the language services industry has experienced a rapid and steady growth even in the face of a harsh economic climate; in 2008 the market totaled US$14.25 billion and today it is worth US$33.5 billion. It is indeed a buzzing market and is projected to keep growing at an annual rate of 12.17%.
What makes the language services industry virtually immune to the recession? Primarily globalization driven by the help of the internet. More and more companies are realizing the importance of international selling and are focusing their efforts on breaking cultural and language barriers, and reaching global audiences through language services providers.
The language services market holds such great potential for financial opportunity and increasing international brand awareness that even celebrities are investing in language technology.
Actor Ashton Kutcher, also an avid tech investor, and best-selling author Tim Ferriss, both backed the startup DuoLingo, a language-learning website and crowd-sourced translation platform. In 2011, member of rock back KISS, Gene Simmons, became business partner and spokesperson for Ortsbo, a machine translation technology that supports major social media platforms. Entrepreneur and CEO of Salesforce.com, Marc Benioff, is yet another well-known personality who invested in Cloudwords, a cloud-based translation platform. Who is the latest celebrity to inject funds into a language technology company? That would be business tycoon and owner of the Dallas Mavericks, Mark Cuban, who recently financed LinguaSys, an international provider of human language technologies including the machine translation software, Carabao.
No doubt, language and global business go hand in hand; more accurately, global trade could not exist without the technology to bridge the gap between language boundaries. It should come as no surprise then that translation tools/software is one of the fastest growing and most in-demand service today.
Source: Common Sense Advisory