Market of Language Services are on Steep Growth Path

18 July 2021
GoTranscript Blog Market of Language Services are on Steep Growth Pa ...

Language services include a lot of various services. These include translation, Translation and Interpretation, dubbing, language courses, language assessment, language technologies, and others—this a large mix of services, where some are complementary. 

For example, to reach foreign clients or audiences, one may need translation, transcription, and captioning to address the whole set of language-related materials. These materials would be used for SEO, more engaging content, etc., to increase the reach and interest of the audiences. This certainly is very important in a global world, where so much communication is being exchanged or done on the internet. 

Let’s make a brief case study. A company launches a podcast and would like to address several large audiences across three continents. They would need to cover at least five different languages because people are most interested in the content of their native language. Thus this company then needs translations. On top of that, transcription is necessary to make more effective SEO or more content formats to capture a larger audience. If it were video content, subtitles would be an additional dimension of language services. 

Once you think about how many such podcasts, videos, ads, etc., the companies produce with the same products or services being offered worldwide, we can anticipate that the demand for language services is high and growing. So many new lucrative markets are opening in Asia and South America; these emerging countries provide a massive opportunity for international business. 

There are many more exciting market segments of language services, where Go Transcript excels and offers some exceptional value: legal, medical, and Financial & Banking. The legal market segment has some outstanding growth due to various globalization-related occasions: migration, legal processes abroad, cross-border deals and deeds, etc. Medical too is in the spotlight: telehealth services and supporting activities need captioning and specialized transcription services. 

Legal or medical interpreters and transcriptionists must have in-depth knowledge about the law, medicine, culture, and language of the area from where the client belongs to. In all of these cases, highly specialized domain knowledge is essential. Lots of specific and general knowledge is needed for flawless, 100% accurate human-based work, where no machine can match the quality of the results.