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Which are the most reliable and efficient translation companies catering to the global business community?
The translation industry is projected to reach $49.6 billion by 2024, growing at a Compound Annual Growth Rate (CAGR) of 11.4% from 2020 to 2024.
According to a study by the Globalization and Localization Association (GALA), 65% of consumers are more likely to buy from a company that provides information in their native language.
The most translated document in the world is the Bible, with over 2,000 languages and dialects.
The highest demand for translation services comes from the industries of technology, manufacturing, and healthcare, which accounted for over 60% of the market share in 2020.
The European Union has the highest number of languages, with 24 official languages and over 60 regional languages.
Translation memory tools can reduce translation costs by up to 50% and increase translation speed by up to 70%.
The translation industry is heavily reliant on technology, with 71% of language service providers using machine translation and 64% using artificial intelligence.
The largest language service provider in the world, TransPerfect, has over 5,000 clients and provides services in over 170 languages.
The average cost of mistranslation can be up to 10% of a company's annual revenue.
The most widely spoken language in the world is Mandarin Chinese, with over 1 billion speakers, followed by Spanish and English.
The Globalization and Localization Association (GALA) estimates that 75% of consumers prefer to buy from websites that provide product information in their native language.
The European Commission spends over €1 billion annually on translation services.
The highest-paying translation languages are Arabic, Japanese, and Korean, due to their complexity and demand.
The translation industry has a high demand for e-learning and online education translation services, with an estimated growth rate of 12% from 2020 to 2025.
According to a survey by the Society for the Study of Translation and Interpretation, 80% of language service providers use freelancers or contractors for translation work.
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