Top 5 Global Industries That Need Translation Services the Most

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When considering the global community and the thousands of different languages used worldwide, we often forget the importance of translation services to facilitate understanding and communication. The language service industry is not a high profile industry. It quietly acts in the background for all the other local and global industries that utilize their services.

However, the industry is actually a huge one, which is estimated to be worth about $33 billion a year, with most of the revenue coming from Europe, North America and other parts of the world. In itself, its annual growth is 12 percent, while the job growth is already in the high 40’s percentile. So which industries are in most need of translations services? Check out the top 5 below:

  1. Information and Communication Technology

Information and communication technology is one of the backbones of international commerce. This industry sector is regularly involved in a variety of projects globally. The ICT industry needs their multiple technical documents translated into various languages to cater to global customers. Technical documents require subject matter experts (SMEs), as technical information has its own set of jargons and terminologies.

  1. Legal Industry

The legal sector is a heavy user of translation services. Whether you’re conducting business globally or locally, if you’re dealing with an international audience, you’ll need to have proposals and contracts written in a language that can be understood by other parties.

The legal industry isn’t just about proposals and contracts, though. It also pertains to civil and court cases and other legal matters that must be explicitly understood by all parties involved.

The translation service provider must ensure the accuracy of legal translation, as even the smallest error could involve not only huge amounts of time and money, but delayed proceedings, lost revenues and broken partnerships.

  1. Travel and Tourism

Travel and tourism are enjoying a healthy rise in revenues, as more travel services providers are able to provide information in many languages due to translation services. Many types of documents require translation, including terms and conditions, promos and special offers, brochures, leaflets, and travel documents. Thanks to translation providers, they are able to diversify and offer their services to local and international clients.

  1. Banking and Finance

When trading globally, international customers and clients normally prefer to have documents translated in their own language. There is a need for a higher level of consistency, and translation services are required to make every piece of communication and every transaction item clear and precise. Trust is a key component in strengthening business relationships, and one of the ways to ensure client confidence and trust in their partners is to have accurately translated documents.

  1. Medical and Life Science

Accuracy in the medical and life sciences industry is imperative. This sector includes the translation of prescription information, medical instructions, medical reports, leaflets, patient records and doctor manuals.

It can even be extended to the translation of medical books, medical journals, research materials, and other paraphernalia used by healthcare companies, pharmaceutical companies, medical device manufacturers, and other companies that are involved in the medical, scientific and life science industries. Health insurance, which is a hot issue that belongs to this industry, is another business that relies heavily on medical translation.

As with all of the other industries listed here, most require the services of translators who are also subject matter experts, with many years of experience and thorough knowledge of the particular field. Each of these industries has its own lexicon, jargons and terminologies that are understood by practitioners in each sector.

Of course, plenty of other industries, including government and private sector require translation services, and they must make sure to work only with expert vendors, to avoid costly errors. Translation services are an invaluable tool to help companies conquer existing markets and enter new ones, and the outlook for this industry is bright.

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Key Grape Growing Information And The Industries Most Profitable Distribution Channels

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Enter a prestigious, elegant and profitable industry… the world of grape growing. If you’re going to start growing grapes, you need the best grape growing information you can find to help you profit from the distribution of them.

Here’s a high level overview of the market and opportunity for the entrepreneurial grape grower.

There are 3 markets or distribution channels within the grape growing industry.

1) The Production of Red, White and Blush Wines

Of all the grapes grown in the world, about 99.2% of them are produced for making wine. In the United States, seventy-one percent of grapes grown are produced to make wines.

This is important as it gives us a mental picture on the size of the market, because if you decide to start growing grapes yourself, you’ll need to know where exactly where distribute them for the highest profit.

One of your first distribution channels may be wineries or other facilities that process grapes. If you don’t plan to market your grapes for this purpose, you will probably distribute them to the other 27% of the market, which are grocery stores and the like…

2) Distributed for Direct Consumption

Grapes sold for the purpose of direct consumption are known as table grapes.

Table grapes sold to this market make up the second largest distribution channel in the U.S.. With the ever-growing reports of the health effects of the skin of red grapes, this market continues to grow and remain lucrative.

3) Dried or Dry Fruit Market

The last distribution channel for your crop, is the industry that captures 2% of the market. This market is for grapes that are produced for making dried fruits… ie) raisins.

Distributed in stand-alone packages or added to fruit boxes and cereal mixes, this market is slowly growing as the diversification of the product being distributed is being used for multiple purposes.

Summary

Yet, if you wish profit from the largest market, you’ll find yourself contacting local and possibly international wineries for the distribution of your crop. But don’t forget, not all wineries are created equal. Some may have a more selective acquisition process which may leave you with a portion of your crop unsold. To squeeze out every dollar you can, you may find it advantageous to acquire multiple contacts in all three markets and use the “trickle down” effect… if you crop gets passed from one channel, to the next.

Either way, there’s always room for your crop to be acquired, even if they don’t pass for Wine quality, but given the market for dried grapes is only 2%, you’ll want to make every effort to grow the most healthy grapes you can from the start.

If you decide to start your own small vineyard to grow grapes, your chances of success are very good, as there are many varieties of grape species that thrive in many climates.

With thousands of vineyards across the world, don’t think you’ll be discounted from distribution because you start the grape growing process in your own backyard. On the contrary, many large vineyard owners started out small and simply grew because they produced a fantastic product that grew in demand. Growing grapes is not that difficult. You just need the knowledge and the desire to succeed.

For the latest grape growing information on producing the healthiest grapes, visit our website below.

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