Despite the pandemic, the translation industry is doing well. Not only does it seem to be one of the industries that were the quickest to adopt changes in response to the crisis, but it was already rather well equipped to juggle the many new challenges thrown at it. And this is paying off – for the industry as well as its clients. An example: the translation industry is increasingly attracting private equity investors. We take a look at the reasons why, and what this means for customers.
In the current business environment, nobody really knows what’s around the corner. Businesses all over the world are trying to play it safe, curb their advertising spend and focus their efforts on surviving the year ahead. One thing most still seem to be investing in, however, is trustworthy translation and transcreation services to boost business. And because the translation industry is one of the lucky few that are faring well in this difficult time, it attracts not only new clients, but also a relatively new phenomenon for the industry: private equity investors.
Growth and yet more growth
To attract private equity investors (in layman’s terms, that’s people who invest funds in companies that aren’t publicly traded), one thing needs to be continuous: growth! And the translation industry has seen plenty of that recently. Not only has the volume of content exploded, all while more and more companies of all sizes are focusing on internationalisation and globalisation efforts. Technological advances like neural machine translation and AI are also offering rather revolutionary opportunities. And these are precisely the reasons why the translation and localisation sectors are thriving – even throughout a global pandemic.
Fragmentation and expansion
Other reasons why the language market is increasingly attracting private equity investors include its fragmentation, as well as the numerous opportunities for expansion. After all, the industry comprises of many thousands of agencies of different sizes – and let’s not forget that language services are must-haves for a range of companies, regardless of changing economic conditions, a fact that instills trust and acts as a safety net for investors and clients alike.
It seems clear that now is a good time to invest in language service providers, but it can’t be emphasized enough that it’s also high time to use their services. Not only can the downtime triggered by the pandemic be used to grow your business with the help of high-quality translation, localisation and transcreation services; on a more personal as well as a financial level, it might be a good time to ‘put your money where your language is’.