3 Reasons Why You Should Invest In The Language Industry In 2021
The pandemic and subsequent worldwide recession ensured a bleak outlook for investors in 2020 but with the global economy set to grow 5.3% this year, it provides an ideal playground to get back out there and invest.
Artificial Intelligence (AI), Virtual Reality and Renewable Energy remain towards the top of the most investable industries in 2021 but how about a different approach. The language industry could offer a perfect opportunity to accelerate the growth of your return year on year.
1) Safe and a risk-free hedge
Cleaning Services, Delivery Services, and Grocery Stores were some of the industries that thrived last year. But the language industry remained resilient and bounced back, especially in the second half of 2020. Investing in it means you can protect your risk with an industry that does not suffer excessive volatility.
According to a recent report on Slator, the leading provider of analysis and research for the language industry, its market size was valued at USD 23.8bn last year and that is projected to grow a further 10% this year to USD 26.2bn. Those figures look set to rise to between USD 29.8bn and USD 30.3bn by 2024.
2) New technologies and an exciting future
Remote interpreting has been around for decades but its value increased exponentially during the global pandemic when online and hybrid multilingual events were favoured to onsite. The new remote simultaneous interpreting (RSI) technologies are the perfect accompaniment for multilingual event organisers.
AI plays a major role in interpretation, translation and localization today and the rise of AI, Big Data, and machine translation have transformed the language industry however it will likely never eclipse the need for human interpreters and translators. But with machine translation forecasted to grow 7.1% between 2019 and 2014, for example, it shows there is an exciting future ahead.
3) Social good
There are over 6,500 languages and with migration continuing at alarming rates it is crucial everyone is catered for. Refugees are a particularly vulnerable group and there are at least 26.4 million in the world today. Language services allow them to access healthcare, the criminal justice system and integrate into the local community.
Interpreters and translators play a vital role in conflict resolution as well and their importance at large diplomatic meetings and events is often overlooked.
Why not invest?
The language industry continues to be a valuable proposition for investors going forward and with low-risk and new technologies providing the opportunity for a potential big reward, it seems like a win-win scenario.
Daragh Small hails from Galway in the west of Ireland and is the PR Manager at TRANSLIT. He is a Master of Journalism and Bachelor of Arts graduate from National University of Ireland, Galway, with over ten years’ experience as a journalist, editor and communicator.
