The ideal situation for any industry is that it may experience a rapid and steady growth. This, unfortunately, is rarely the case and is more likely an industry aspiration rather than a reality, especially in the current economic climate. In the recent fortuitous years, however, the translation industry has benefited from this rare case of consistent expansion.
One might wonder what the benefits are to exploring the growth of this industry. On the most basic level, the progression of the translation industry is a reflection of the societal step towards globalization. The demand for translation shows an increasing necessity to cross cultural barriers and to exchange information on a much broader level. Statistics show that translators are promptly changing the way we access information.
The translation industry is generally considered under the broader umbrella of language services. Thus, when analyzing industry data, translation is grouped with other language service providers (LSPs) and discussed as a single entity. Additional services provided by LSPs are interpretation, localization, internationalization and supporting technologies. Interpretation involves the spoken and immediate translation of one language into another. Localization requires adapting the text of one language so as to become understandable in the target language. Internationalization is the process of organizing data so that it may become localized, and supporting technologies are those that technologically aid a user in learning or honing his or her language skills. In short, the LSP industry consists of all tools necessary for the successful transfer of information from one language into another.