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A survey conducted for the European Commission has concluded that the language translation industry has weathered the economic slowdown with much better results than other sectors. This study has been among the first of its kind analyzing the language translation industry across the European Union and extensively covering areas like language translation, localization and globalization, interpretation, language education, dubbing and subtitling, language technology tools and organization of multilingual conferences.
The survey found out that in 2008 the European Union language industry achieved a turnover worth 8.4 billion Euros. This has been projected to increase at a minimum annual rate of 10 per cent over the coming years, and reach the figure of 16.5 to 20 billion Euros by 2015, making it the highest projected growth rates across EU industries.
The language industry has undergone drastic transformation in recent times. Rapid worldwide globalization has created huge requirements for translation and other language related services which has led to the addition of services like localization, subtitling and editing. Professionals working in the industry have responded favorably by acquiring new competencies. According to the commissioner for multilingualism Leonard Orban, the language industry is important in both the economic, as well as strategic sense. Apart from its size which makes it economically significant, it’s strategic importance comes from the role it plays in helping preserve people’s identities and culture, and in coping with globalization.
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