Europe's Language Business Worth $12 Billion and Growing
A recent European Union report estimated that Europe's language industry generated $12 billion in business in 2008. The report broke out the industry's value into several sectors. Translation and interpreting was the largest sector at $8 billion. The second largest—language teaching—was valued at $2.4 billion. The study, commissioned by the EU's translation service, also found that the language industry is growing faster than any other field in Europe, and expansion is expected to continue at 10 percent. The authors of the study noted the industry's economic impact is often overlooked because of its diversity which encompasses translation, interpreting, software development, localization, and subtitling. However, this may soon change as investment companies are beginning to show interest in the market.
From "Europe's Language Business Worth $12bn and Growing"
Guardian Weekly (United Kingdom) (01/14/10) de Lotbiniere, Max
Source: ATA Newsbriefs - January 2010