Native Speakers Provide $300 Billion Opportunity to the Digital Industry
Native Speakers Provide $300 Billion Opportunity to the Digital Industry.
With 6,900 languages, translation and interpretation services are constantly growing, having infinite potentials. The Internet has made it possible for small and medium businesses to obtain more business by allowing them to reach an international audience.
India’s internet population is about 530 Million and approx. 57% of them are regular internet users. Vernacular monetisable users are 210 million, which are driving the consumer internet with their massive spending power. In 2018, ‘Monetisable’ user base was 260 million, which is expected to reach up to 400 million by 2023.
If your website is only in English, you can tap only 25% of the total internet users. The non-English users will not be able to see you because you have not optimized your website. If your website is multilingual, then you can expect majority of the internet user chunk in your territory.
If your business’s primary goal is to obtain more business, then that can be achieved only when you are visible in front of your users. When non-English individuals begin their search for a particular product, they also use a search engine to go for reliable information. Here arises the need for translation and interpretation services.
Dialects Being A Key Driver:
*80% of monetisable users (210 million) prefer content in vernacular language.
* They spend 56% of their time on the internet.
*They boost consumer internet with $300 billion annual spending power.
* Rural consumption is much higher than urban.
Average Time Spent Online Daily:
6% — Music Streaming
6 % — Gaming
19 % — OTT (Over The Top Media Services)
69 % Social Media & Content
Missed Opportunities
According to the most recent Euro Barometer report, English is significantly less popular. It is the second language of 39 percent of the French population. In Italy, it is 35 percent, and in Spain, it is less than 23 percent. The situation gets worse when we take emerging markets into account: Only 5 percent of people in Russia speak English fluently; 5 percent in Brazil; and less than 1 percent in China.
The combined population of these three countries is over 1.7 billion. This indicates that, not translating your content can cost your business an absolute fortune.
Translation Services Offered
Translation companies provide various types of services like:
*Document translation
*Interpreting services
*Localization
* Website translation
*Software translation
*Audio visual services
The Importance Of Translation In Business
The significance of translation in our daily lives is multidimensional. Not only does translation help for global interaction, but allows nations to have interactive relationships when it comes to making advancements in technology, politics, etc.
In spite of the fact that English has a far and wide reach today, the impact of local culture and language remains strong as ever. With the growth of Internet, it is relatively easier to reach audiences that are thousands of miles away through an effective translation. This has resulted in an urgent need for translation in diverse fields such as education, mass communication, science and technology, literature, tourism, religion, trade, and business, etc. The most popular languages in which companies want their content translated into are Spanish, German, Chinese, Russian, Arabic, Portuguese, Polish, Indonesian, and Malay.
2023 Opportunity For Content Players
Digital Campaign Spend
ü Growth in the number of vernacular monetisable users will make multilingual digital ad spends grow by 10X — translating into a $3 billion opportunity in 2023.
ü Trend boosted by the growth of digital media, which hit $10 billion in 2023 and it may increase if opted for multilingual digital marketing.
ü Non-Google, FB players to see the business grow by 6X — $600 million to $3.5 billion.
ü Video ads to grow by 7X and to rise double, if multilingual digital marketing is considered.
This shows that the market is growing at a faster pace. Businesses must adapt their brands to international audiences; they may change their product’s name and reinvent their marketing strategy to connect with people from various cultures.
The above mentioned stats are expected to increase at a higher rate if multilingual digital marketing is considered for promoting businesses all around the world.
Professional Translation Service Provider
Bhasha Bharati Translation Agency aims to bridge the communication gap by helping companies reach a global audience by talking in a language their clients can understand and relate to. We are a Language Interpretation and Translation Service company providing cutting edge solutions in Language Translation, Content Writing, Interpretation, Localization, Transcription, DTP and Audio Visual Services from 30+ years in 100+ languages.
Source: RedSeer Report, TOI.
