Chennai: Despite global recession, the $500 million Indian language translation sector,a sunrise industry, is likely to take off in a big way in the next three years, trade sources feel.
The Asian language translation market revenue accounted for $1312 million in 2008 and is projected to reach $1410 million in 2009 and touch $1516 million in 2010, according to Research and Consulting firm, Common Services Advisory.
The Indian translation market is poised for big growth as it is regarded as a great consumer base and especially as more and more multinational companies are setting shop here and the need to speak the language of the local populace is being felt more strongly than ever before, the sources said.
Currently Indian language market size might be estimated at “approximate value” of $500 million, Chinmayi Sripada, CEO of Chennai-based Blue Elephant, a leading language translation service provider, told PTI.
The estimate was based assuming India’s share at 5% of the global market as per the growth pattern projected by Common Sense Advisory and also Nasscom reports that India was sharing 5.2% of the Information Technology Enabled Services (ITES) market, she said.
She feels the language translation market has not yet hit boom time.“It is still classified as a sun-rise industry and I think the boom will happen perhaps in the next three years.’