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Will the rise of AI-powered translation tools eventually replace human translators, rendering the translation industry obsolete, or can traditional translators adapt and thrive in the digital era?
The global language services market was valued at USD 49.6 billion in 2020 and is expected to grow to USD 66.6 billion by 2024.
(Source: Language Insight)
The translation industry has seen a rise in the use of machine translation, translation software, and translation memories.
(Source: Redokun Blog)
Europe owns nearly half of the global language services market at 49%, with North America following at 39.41%.
(Source: Redokun Blog)
The translation services market size was valued at USD 39.37 billion in 2020 and is projected to reach USD 46.22 billion by 2028.
(Source: The Future of Translation)
The employment of interpreters and translators is projected to grow 20% from 2019 to 2029, much faster than the average for all occupations.
(Source: My Language Connection)
The global language services industry was worth approximately US 469 billion in 2019.
(Source: My Language Connection)
The number of people employed in the translation industry doubled between 2013 and 2020.
(Source: My Language Connection)
The global translation industry is predicted to continue its growth in 2021, with estimates predicting it would be worth 56.1 billion by the start of the year.
(Source: Tumblr Telegram)
The translation industry has seen a surge in demand for services, growing from 54.8 billion USD in 2019 to 56.18 billion USD in 2021.
(Source: My Language Connection)
The global language services market is expected to grow at a CAGR of 5.94% from 2022 to 2026.
(Source: MarketsandMarkets)
AI-powered translation tools are 2-3 times faster than human translators, but they are not expected to replace human translators completely.
(Source: AIRA)
The use of AI in translation has resulted in a 30-50% decrease in translation costs for businesses.
(Source: Deloitte)
Human translators with AI-powered tools can achieve up to 80% increase in productivity compared to traditional translation methods.
(Source: Common Sense Advisory)
The market for AI-powered translation tools is expected to grow at a CAGR of 27.6% from 2021 to 2028.
(Source: Grand View Research)
AI-powered translation tools can handle large volumes of content quickly and at a lower cost compared to human translators.
(Source: Gartner)
The translation industry is experiencing a skills shortage, with demand for translators expected to outpace supply in the coming years.
(Source: The Economist)
Post-editing of machine-translated text has become a growing field for professional translators, allowing them to work on higher volumes of content.
(Source: Common Sense Advisory)
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