Continuing our tradition of asking our CEO, Véronique Özkaya, to give her predictions for the year ahead, here is the third edition: Trends to Look Out For in 2023.
IT budgets will keep growing despite the looming 2023 economic slowdown
Despite the uncertain economic future that looms on the horizon in 2023, IT budgets are continuing to grow. Companies are investing in the latest technology, software, and hardware to keep their operations at the forefront in increasingly competitive markets. The value of staying ahead of the competition is embracing new and innovative technology and industry trends.
The WFH revolution brought about by the pandemic, the war in Ukraine, global supply chain issues, inflation, and wage inflation for “basic” jobs require companies across various verticals to automate more than ever.
While a vast majority of leaders predict a 2023 slowdown, 50% of businesses will keep increasing their tech investments with a strong focus on AI, cloud infrastructure, and cybersecurity. And it’s with this forward-thinking attitude that companies are in a better position to expand.
The threat of stagflation and recession in localization and other industries
While technically, it appears that the economy is in a recession, many economists describe 2023 as more of a “soft landing” compared to a full-blown economic downturn. The Conference Board anticipates that the U.S. economy will remain relatively flat in 2023.
To stay ahead of the curve during times of such economic uncertainty, it’s essential to develop a resilience agenda, and keep your finger on the pulse: financial indicators, market trends and changes, talent availability, technological advances…
With this information, companies can make decisions that evaluate risks and opportunities and define investments most likely to yield the highest returns.
Localization has been resilient throughout crises. Still, how do you deal with all the changes and curve balls?
When life gives you lemons…
Companies can achieve sustainable growth and remain competitive in a difficult climate by taking advantage of the opportunities presented by a global crisis. Leverage technology and data analysis to take advantage of current market trends. Consider entering new markets or developing new services or products tailored to the customer’s needs to stay ahead of the competition.
A company’s growth opens many doors for its people, creating opportunities for career growth, personal development, and increasing financial stability. Considering ways to scale up quickly to capitalize on opportunities can yield impressive results.
Social media, hyper-personalization, and video format messaging impact translation
Advertisers continue moving away from traditional media and towards more customized content on social media channels. Major tech companies like Meta, Apple, and Google have all released their own AR/VR platforms to the public, and businesses are using these platforms to engage their customers in unique ways.
TikTok has a user base of over 1.5 bn users, and networks such as Instagram, Snapchat, and YouTube have launched comparable platforms (Reels, Spotlight, and Shorts) to emulate similar success. Businesses have seen the rise in the popularity of short-form video content and are attempting to leverage its potential for marketing, sales, and customer engagement.
This shift directly impacts the localization industry. With more customer-centric and personalized ads, translations must be of the highest quality to accurately communicate ad messages while still adhering to cultural norms.
To keep up, localization professionals need to stay abreast of the latest technology and trends in language adaptation and be able to integrate them quickly into their own processes. Access to resources such as TMs, MT engines, and post-editing capabilities can ensure the highest quality for their clients.
Throughout all our services, the teams at Argos continually strive to deliver customer solutions that are adapted to our client’s needs. This drive for user-centric experiences has always been the blueprint.
About the Author:
Véronique Özkaya was appointed Chief Executive Officer of Argos Multilingual in early 2020. Prior to that, Véronique built an impressive career in the localization industry, using her experience, insight, and leadership to shape strategies that unlocked significant growth.