There is no denying the fact that the need for localization services in today’s technological world is increasing by leaps and bounds. One of the many factors, which justify this, is an incredibly soaring revenue of $43 billion that the language services (Interpreting, translation and localization) earn in the US alone. While the first two, were always in demand among the global entrepreneurs, the latter, that is localization, is witnessing growing demand quite lately. Broadly speaking, global businesses – be it startups, small/ medium businesses or large scale corporation – have got smarter than ever, and they have finally realized the bigger picture of the international biz world. As a result, they are increasingly investing in localization, apart from simply translating the content. Unlike translation, localization adapts the content as per the target culture, thereby providing the end-customers, a more personalized experience. In simple words, companies begin to speak like locals, using localization, which in turn, becomes a major driving factor for the ultimate demand for the said services.
Major Facts Defining The Growth Of Localization
• Localization is ranked at the 4th position among the fastest-growing industries in the US.
• Being diverse and technology-driven, localization boosts both regional as well as global economies.
• The industry is expected to witness a growth of nearly $45 Billion by 2020
• Over 55,000+ language professionals are employed in the US alone, out of which the major proportion is contributed to translators and localization experts
In simple words, the language industry is a giant these days, and it is only expected to get bigger and bigger with time. This also marks the growth in localization demand today and in the near future. So, if you are a global business man, you have ‘n’ number of reasons to localize content. Now, it’s up to whether or not you want to make the right move in the international market.
Why ‘Localization Need’ Graph Is Accelerating?
As is implied from the above description, the need for localization is quite evident and business giants are slowly recognizing the true importance of adapting their content as per the target culture. This also signifies the many reasons behind the booming rate of localization. Some of the major reasons are mentioned as under –
A) Video Content Popularity
Content in video form is more powerful and appealing than that in written form. Hence, businessmen greatly utilize video content as a part of their marketing strategy. Industry gurus also believe that localizing video content will be the hottest localization trend in 2018. Therefore, it can be rightly said that localization is all what you need to conquer the international market with ease. It will not just ensure an increasing engagement, but also ensure that the ‘right’ trigger words are used for persuading different market segments.
B) ELearning Courses For Employees
Training and development is highly essential to prepare the employees for future goals. Hence, companies invest in different eLearning courses that have the maximum potential in today’s era. This in turn, calls for localization of the course materials. Although, translation can do the work, yet localization is noted to be the most important element that turns a simple translated text into a productive one. Hence, L10n cannot be ignored.
C) Gaming Industry Boom
One of the biggest assets that the gaming industry is investing in is gameloc or video game localization. Owing to the huge need of marketers, to reach out to a multilingual audience, localization has become the important phase of developing a game for the worldwide audience. Reports indicate that the global games market would grow to approximately USD 130 bn by the year 2020. Not just this, the mobile gaming market would also rise from 39% to 50%, which is definitely good news for the marketers. Hence, localization is increasingly getting popular amongst all the newbie entrepreneurs and biggies in the industry.
D) Companies Are Learning New Languages
Another major fact that defines the growing need for localization is the lust for learning new languages and catering to a wider audience. With the advent of internet, global countries have become appealing destinations for both international companies and marketers. As a result, localizing less common languages is also getting popular, amongst different global industries. Hence, companies are increasingly localizing their content in the mother tongue of the target audience, rather than any second or third language.
94% of MNCs Would Increase L10n Expenditure
It may come as a surprise to you that almost 94% of the top MNCs are planning to increase their localization expenditure by multiple times. Due to continued desire for global expansion, marketing executives find localization as the super-asset that drives great productivity for any specific business. This is a clear indication that the market is going to become more competitive than ever. Any business man, who wants his business to grow on a global scale, would have to invest in localization; or else, get ready to be left behind in the competition race. In simple words, localization is an asset; any ignorance towards it would cost you a lot.
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