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Translation Industry News Summary as for July 2024

Summary: Duolingo sheds some human workers as AI threatens to upend the $65 billion translation industry

The language-learning app Duolingo recently offboarded a portion of its contractors who were involved in translations. While the company confirmed that this move affected only a small minority of its overall contractor base, it highlights the impact of AI on the translation industry. Duolingo’s adoption of more powerful AI tools has led to cost savings, as AI can perform translations more quickly. The broader translation industry, which relies heavily on human translators, is also facing disruption due to the widespread use of generative AI tools.

Alon Lavie, vice president of AI research at Phrase (a translation automation platform), explains that the industry traditionally relies on content generated in one language and then translated into many others. However, recent breakthroughs in AI technology, including those by OpenAI, have exposed the translation industry to the potential of AI. As AI continues to evolve, it poses both challenges and opportunities for the future of translation services


Link to the article: https://www.fastcompany.com/91009816/duolingo-contractors-humans-ai-translation-industry-disruption

Summary of: Smartling leads translation industry transformation with AI, driving 40% growth amid industry downturn

Smartling, a leading translation management platform, has emerged as a trailblazer in the $50 billion global translation industry. While the broader industry faced declines in 2023, Smartling achieved an impressive 40% growth rate last year, and this momentum continues into 2024. What sets Smartling apart? Their pioneering use of AI to deliver human-quality translations at half the cost and up to 10 times faster than traditional approaches. By integrating machine learning throughout its language services, Smartling has reshaped the industry landscape, making high-quality translation more accessible and affordable.

Smartling’s AI translation initiative quickly bore fruit. Just 18 months ago, AI-driven projects contributed almost zero revenue. Today, they account for nearly half of Smartling’s business volume, driving profits with attractive unit economics. The company’s CEO, Bryan Murphy, emphasized their goal: to make high-quality translation ubiquitous by further reducing costs, similar to the transformation seen in cloud services and storage over the past decade. As billions pour into generative AI startups, Smartling’s success underscores the impact of AI on an industry traditionally reliant on human translators.

Link to the article: https://venturebeat.com/ai/smartling-leads-translation-industry-transformation-with-ai-driving-40-growth-amid-industry-downturn/

Summary of: Machine Translation Market 2024 Regional Analysis by Recent Developments, Revenue, Market Drivers and Forecast to 2030

  1. Market Growth and Demand:
    • The machine translation market is estimated to be USD 716.05 million in 2024, with projected growth to USD 927.01 million by 2029 at a CAGR of 5.30%.
    • Businesses increasingly rely on technology to enhance translation efficiency due to growing content localization needs.
    • Traditional human translation methods are time-consuming and expensive, prompting companies to invest in machine translation software for faster and audience-specific content translation.
  2. Role of AI and Emerging Economies:
    • Machine translation technologies, such as Google Translate, are widely used and cover around 130 languages.
    • As companies expand globally, the demand for translation and localization services rises.
    • Emerging economies and globalization drive the need for multilingual information, pushing translation companies to rely more on machine translation software.
  3. Impact and Efficiency:

Remember that the machine translation market continues to evolve, driven by technological advancements and the need for effective communication across languages.

Link to the article: https://www.wicz.com/story/51011870/machine-translation-market

Top three conferences to attend in July and August 2024

  1. LocWorld42 Berlin:
    • When: July 17-19
    • Where: Berlin, Germany
    • Theme: “Engaging Global Customers”
    • Highlights: Sessions on AI, content management, and language technology, along with networking opportunities.
  2. Translating and the Computer 42:
    • When: July 24-25
    • Where: London, United Kingdom
    • Topics: Machine translation, neural networks, and practical applications in the translation industry.
  3. ATA 64th Annual Conference:
    • When: August 8-11
    • Where: Boston, Massachusetts, USA
    • Largest association of translators and interpreters in the United States
    • Diverse sessions covering various aspects of translation and interpreting.

Feel free to explore these events, learn from experts, and connect with fellow professionals! 🌐🗣️🌍

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