Ultimate guide for freelance translator(day 1)
Understanding the translation industry
Size of the industry
A studies from Common Sense Advisory, the translation industry is estimated to be worth over $33.5 billion globally.
The percentage revenue is distributed as follows:
- Europe 49.38%
- North America 34.85%
- Asia 12.88%y
- Oceania 2.00%
- Latin America 0.63%
- Africa 0.27%
In last year, the global market is expected to be worth $47.3 billion, it is a rise (40% )compared to 2012. eCommerce boom have contributed significantly to the translation industry.
A few great agencies dominate the majority of the market, and the rest is made up of tens of thousands of Local Language Service Providers, for example: freelance translators and small-medium sized agencies.
There are around 640,000 translators in the world. it is estimated that 25% are freelancers. Generally speaking, entry barriers is low but the competition is extremely high.
The sectors
If the product and services target an international audience then it will require translation services at some point.
Translation agencies can either be generalists or specialists. Some agencies target some professional industry, such as pharmaceutical, legal, and media sectors. Finance, IT and legal services had a great growth in the past few years. Other prevalent industries requiring translations are retail, pharma, gaming and marketing.
