The Demand For European Translation Service

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The Demand for European Translation Services is high, and is expected to remain high for the next decade. What factors are contributing to this high demand? Here are some projections and the impact of technological advances. Let’s take a closer look. The EU is home to a larger number of official languages than the rest of the world, and the high demand for European translation services can be attributed to these factors. The following is a brief summary of these factors.

Demand for European translation services

According to Jaquelina Guardamagna, co-founder of London-based The Translation People, demand for European translation services is increasing. Initially, the Brexit vote caused a flurry of activity, including applications for dual citizenship. However, the EU-UK trade relationship has improved, and translation demand is presently more buoyant than it was before. The demand for translation services is increasing in the EU, and is anticipated to grow at a pace of 5% a year.

The demand for translation services has increased since the Internet has made it possible for international businesses to expand their reach. During the past decade, the industry has experienced rapid growth and has invested in tools to meet the increased demands of their clients. For the next five years, the industry is expected to grow at a 4.7% CAGR, compared to only 2.1% growth in the global economy. However, there are also a few challenges for the industry: overseas translation service operators are emerging as a significant competitor, while European companies are increasingly relying on their in-house translation departments.

Projections for the next ten years

A recent study concluded that EU language services are struggling to deliver the translations that governments need. In Europe, legally-binding documents should be available in all 24 EU languages, but the lack of translations has become so widespread that a recent court case ruled that the text should only be made in English. Despite the obvious need for translations, however, the Commission has not boosted their output, citing time and financial constraints. Indeed, EU language services represent only one percent of the Commission’s budget.

The DG-Translation recently published a report on intercomprehension and how this could make translation services more effective. The report says that a multilingual concordance group could be formed to compare translations across all 24 languages. Another group would examine the quality of freelance translations. Lastly, a training group would provide access to language pairs that are not common in the EU.

Impact of technological advances

The global market for translation services is experiencing a transformation with new technological and economic developments. The COVID-19, the new regulatory framework for the European Union, has impacted all aspects of the translation industry, especially the interpreting and translating professions. The results of this survey indicate a general decline in income, decreased job opportunities, and fewer requests for lower rates. However, there are some encouraging trends, particularly in certain sectors.

Despite the booming global economy, a significant number of companies are struggling to remain competitive. There are several reasons for this, but the biggest problem is the lack of qualified translators. Many professionals work remotely from home, making the process more convenient. Although technological advancements have made this process more efficient, some older generations may find it difficult to use online tools, such as Microsoft Teams. For this reason, some of the older generations may need IT training to make use of these tools.

 

 

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