Localization
Growing specification industry (Seyang Industrial), translation market 2
This post was written under LETR WORKS, the former name of LETR AI.
Half the wrong answer, a growing market
The prediction that “the translation market will shrink and decline” was wrong.
The 60 trillion won translation market worldwide is proof of this. It’s even growing steadily every year, and the growth rate has increased, albeit slightly.
* Source: https://www.statista.com/statistics/257656/size-of-the-global-language-services-market/
* Source: https://www.technavio.com/report/language-services-market-industry-analysis
Another market driving growth, the artificial intelligence translation market
The market related to natural language processing (Natural Language Processing), which is the core technology driving the artificial intelligence translation market, is also exploding. It is showing a steep rise from 518 M USD (approximately 62 billion) in 2020 to 2,000 M USD (approximately 2.4 trillion) in 2025.
* Source: https://www.statista.com/statistics/607928/asia-pacific-natural-language-processing-market-revenues/
It’s not just the natural language processing market. The machine translator market is also growing steadily every year, growing from 0.75B USD (approximately 900 billion) in 2020 to 1.5B USD (approximately 1.8 trillion) in 2025.
* Source: https://www.statista.com/statistics/748358/worldwide-machine-translation-market-size/
Will it be replaced by artificial intelligence, or will artificial intelligence be actively used?
It is a problem that all translation companies living in the 2020 COVID-19 era face and must overcome in order to survive.
This post continues from last week’s “Growing Specification Industry (Xieyang Industry), Translation Market (1).”
*This content has been transferred from Gicon Studio to Letterworks.
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