The $500-million Indian language translation market is poised for a big growth as more and more multinational companies are setting up shops in the country expecting the sunrise industry to go miles in the next three years.
The Asian language translation market revenue accounted for $1,312 million in 2008 and is projected to reach $1,410 million in 2009 and touch $1516 million in 2010, according to research and consulting firm Common Services Advisory.
Currently, Indian language market size might be estimated at approximately $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 five per cent of the global market as per the growth pattern projected by Common Sense Advisory and also NASSCOM reports that the country was sharing 5.2 per cent 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 sunrise industry and I think there will be a boom in the next three years."
Suguna Ramamurthy, secretary general of Indo-Japan Chamber of Commerce and Industry said the sector is going to see more growth with more companies setting up shop.
The chamber, which provides interpretation, translation and teaching services, has not experienced any "decline" in activities, she said.