What are the Top Global Industries for Language Services
Top Global Industries for Language Services
While language services may not be the type of seemingly-glamorous career choice which inspires blockbusters Hollywood movies, in reality it is a high-growth industry with a very strong future. Most surveys estimate the global language service industry as being worth around $33 billion annually, with roughly half of that revenue coming from Europe and another third from North America. Revenue growth is around 12% per year, and job growth is an impressive 46% per year. These are extremely encouraging numbers that will easily attract increased competition into the field, so it is prudent to know where the best opportunities lie for your career. Although different surveys vary in their conclusions, they all make it clear that the future of language services are concentrated in several key industries around the world.
Insurance and Health
The Insurance and Health industry is rapidly growing in its need for translation and interpretation services, especially in light of new legislation such as the Affordable Care Act. This impacts the industry because many places, such as California, require that licensed providers offer translated document for all patients. Wide-sweeping legislation will rapidly bring new patients into the system, many of whom are sure to be in need of translation services. On top of that, need for language services is already critical for handling customer calls and claims, as well as for translating documents, contracts, and policies for patients.
Increased globalization has also created a greater need for language services in the financial sector. Translators are in high-demand as interviewers for a variety of purposes, such as for clients applying for loans. Language services are also critical for investor relations, annual financial reports, and corporate press releases. With companies increasing their respective global presence, the need for professional language services is rapidly growing.
By far, the industry that spends the most money on language services is the public sector. Governments across the globe, whether at the national, state, or local level, have an unprecedented need for translation and interpreter services. Even many private companies that work with government contracts seek out and benefit from such services. At the local and state levels, the need for language services spans from the public school systems, to courtrooms, to various social welfare and assistance programs. At the national level, there is a massive need in a variety of areas. The military uses language services for anything from translating equipment instruction manuals, training Special Forces operatives, to intelligence analysis. Other agencies, such as the FBI, CIA, and NSA, have a need for intelligence gathering and law enforcement applications that only translators and interpreters can provide. The Department of State also deploys many translators and interpreters to embassies, both around the world and domestically.
A Bright Future
The language services field is a burgeoning industry with a bright future and an exceptionally positive outlook. Not only do opportunities in a wide range of fields and industries already exist, more and more of them are becoming available each day, making this an exciting time to be growing your career!
- U.S. Bureau of Labor and Statistics (http://www.bls.gov/)
- emsi Industry Report (http://www.economicmodeling.com/2012/03/21/industry-report-translation-and-interpretation-services/)
- Common Sense Advisory reports (http://www.commonsenseadvisory.com/)