Translation Technology in Business: Latest Trends

Did you know that the translation industry has a market value of $39.37 trillion as of 2023 and is expected to grow at 2.07% for the next five years? With companies expanding trade, negotiation, and business beyond borders, communication in different languages is becoming critical. With technology at the forefront of innovation, translation tools, and software are now more sophisticated than ever. In this article, we’ll look into the top trends in translation technology and how they benefit business translation services.

1. Neural Machine Translation (NMT)

Neural Machine Translation(NMT) is a form of machine translation that uses AI and natural language processing to translate texts from one language to another. This technology is helpful for international business expansion as it helps communicate multilingually in real-time.

NMT uses neural networks, specifically deep learning models, to improve the accuracy and precision of the translations, much like the human brain. The Google Neural Machine and Google Translate are the most common examples using NMT. Instead of producing word-to-word translations, these two rely on exhaustive databases and look for language patterns before developing a translation. The NMT technology is now known for its high-quality output, translations in real-time, and refined ability to produce translations based on the context of the sentence.

2. Pre- and Post- Editing Efficiency

While machine translation, such as NMT, is a handy and efficient tool, its accuracy may vary depending on the complexity of the content you want to translate. Machine Translation Post-Editing (MTPE) Efficiency combines the efficiency of machine translation with the accuracy of a human read over the same work to ensure it aligns with the translation goals.

MTPE is becoming popular among businesses since it helps reduce the cost and time it would take to have a human translate from scratch. At the same time, it also ensures that the final output is professional and human-readable, making the overall translation process more efficient, reliable, and fast.

3. Multilingual Chatbots and Virtual Assistants

Like most other industries, the translation industry also leverages chatbots and virtual assistants to their benefit, especially in business. These play a crucial role in enhancing customer engagement and expanding the global customer base for a business. Here are a few ways multilingual chatbots and virtual assistants can help you grow your business internationally:

i. 24/7 Availability and Instant Responses

Automated VAs or chatbots can be available around the clock to address customer and business client concerns. That can help you cater to the needs of people from different time zones. They can also reduce waiting times and improve customer satisfaction by immediately answering them.

ii. Language Accessibility

Multilingual chatbots get rid of any language barriers and can help customers in their native languages, also improving client satisfaction and the overall reputation of your business in the international community.

iii. Personalization and Data-Driven Insights

The insights from chatbots often come based on facts from data analytics and customer feedback. That means any advice they offer is backed by research while tailored to your problem. Customers are also more likely to feel at ease knowing they’re being given credible recommendations, which leads to long-term client relationships for your business.

If you wish to grow your business internationally, incorporating translation services is extremely vital. Not only will they boost customer service, but they will also make your company operations error-free and fast. With the latest AI tools making their way into the translation industry, such as NMT, MPTE, and multilingual chatbots, you can now reach a bigger, more global clientele than before.