Language translation is a fast-growing consumer market screaming out for faster, cheaper, and more accurate services. The ever-increasing need to communicate has forced consumer appetite for total translations (as measured by word volume) to grow at a significantly higher rate than overall market revenues. For example, large-companies report that on average, they intend to increase their consumption of translation services by 67% in the next three years.
However, the limitations of existing technologies have prevented Language Service Providers (LSPs) from satisfying much of this exploding demand. In fact, demand so greatly overwhelms supply that translation services must be priced at a relatively expensive price point. The majority of the highly fragmented $43 billion global market is served by minimally-capitalized entities using labor-intensive approaches. This opens the door for alia, a neural net-powered, cryptocurrency-enabled, widely-distributed computer network for translation services.
Language Market by Region 2017 – US $43.08 Billion