Interpreters understand the threat “no voice, no job.” How do hearing loss and acoustic shock affect the profession?
We examined the interpreting markets in 12 different countries. So, what are the three things that the interpreting market needs now?
There are three key influencers for interpreting services in every market: the demand, the government, and the infrastructure.
We recently conducted a large study for which we examined the interpreting markets in 12 countries. We assessed how the interpreting markets are run, what trends, challenges and opportunities stand out, and what drives interpreting - including pricing. Based on our research, we identified five factors that drive pricing in interpreting.
In every country, the government has a huge influence on the interpreting market. Not only because it defines language access rights, how the country is run, and who receives funding, but also by deciding how government contracts are structured.
The interpreting market is a diverse and complex sector within the language industry. There are different modes — consecutive, simultaneous, and whispered interpreting — and different modalities, i.e. onsite, over-the-phone (OPI), and video-remote interpreting (VRI). There are different types of interpreting, like medical, legal, community, and conference interpreting and all of them come with their own requirements.
In this episode of Globally Speaking, we invited Jonathan Downie, Alexander Drechsel and Alexander Gansmeier, aka the “Troublesome Terps,” to discuss the current state of the interpretation market. We also discuss how interpreters need to market and price their services, setting proper expectations with clients and the latest interpretation technologies.
At the moment, we count 75 virtual interpreting technologies (VIT) on the market. Some are meant to be used at conferences, some by end-users traveling abroad, some are only suitable for web conferencing.
The United States is the largest interpreting market in the world. Almost half of the interpreting providers on our ranking of top players in the world are from the US and have a combined revenue of USD 932.4 million.
The UK market is the second largest localization and interpreting market in the world. It is defined by several large language service companies, a handful of mid-sized players and over a thousand smaller or specialist companies competing to meet client needs. Nimdzi and the Association of Translation Companies (ATC) have combined their efforts to provide a comprehensive overview of the language industry in the United Kingdom.