Qvest’s NAB 2024 Insights Highlight the Need for Quality AI Translation Solutions
The NAB Show 2024 was all in on AI.
From progress in media and entertainment to projections of what’s to come, it was clear that GenAI is the future of most industries.
The latest advancements present enterprises with fresh ways to cut expenses and enhance accessibility and personalization.
Emerging technologies like “TV Buddy” by Teravolt (a Qvest Company) leverage AI to develop customized experiences for every user, ensuring accuracy and relevance. By learning about their users from each interaction, they become more robust, more functional, and more adaptable.
But Qvest, a leader in digital transformation across broadcast, media, and entertainment, spotted some deficiencies in the AI market. Their key findings from NAB 2024 highlighted one of the most underdeveloped sectors in AI: translation services.
Qvest’s NAB 2024 insights highlight a clear need for reliable AI solutions in the translation services industry, especially as it only continues to grow.
Their findings reveal massive shortcomings in this technology that urgently need to be met as companies increasingly continue to globalize and transition to partially or fully remote workplaces, hiring talent from across the world.
The Role of AI in Meeting Demand
From 2012 to 2022, the translation services industry in the United States increased by approximately $3.6 billion.
This surge in demand has not been confined to the U.S. alone; globally, the market size for language services is projected to reach a staggering $116 billion by 2030.
Various factors drive this growth, including globalization, international trade, and expanding corporations across continents. As businesses grow their reach across borders, the need for efficient and reliable translation services has never been greater.
But humans can only accomplish so much on their own. To keep up with the growing demand for fast and reliable translation services, businesses need to leverage all the tools at their disposal—including, and maybe most significantly, AI.
In the translation industry, these technologies often complement the existing efforts of human translators, streamlining workflows, enhancing productivity, and allowing people to focus on tasks that require a nuanced understanding of language and culture. This synergy between human expertise and AI capabilities results in higher-quality translations and improved overall efficiency.
But, according to Qvest, the realities of this demand are much more complex when weighing the reliability, functionality, and accessibility of available resources.
Globalization Driving the Need for Translation
As businesses grapple with the challenges of navigating global markets and reaching diverse audiences, dependable and accurate translations are a must. To do this, businesses are turning to AI-powered translation tools to meet the growing demand for multilingual content.
Fortunately, innovators in the translation industry are rising to the challenge. Companies like EdrawMind, DeepL, and more are leading the charge in developing next-generation AI-powered translation solutions.
By prioritizing accuracy, harnessing the latest advancements in AI technology, and implementing robust quality assurance measures, these companies are revolutionizing how businesses approach translation.
However, amidst this surge in demand lies a critical issue as Qvest sees it: the quality of translation outputs. Inaccurate translations can have serious consequences, ranging from miscommunication to reputational damage.
Qvest hopes to address the importance of ensuring the accuracy and reliability of these tools for companies worldwide. However, as concerns regarding misinformation and hallucinations in AI tools increase, a unique set of challenges arises.
The Battle Against Misinformation
By 2028, businesses are projected to spend over $30 billion to battle misinformation.
There’s no question why—with 68% of companies either actively using or exploring AI applications in their businesses, and 89% of engineers who work with machine learning tools claiming that their AI hallucinates to some degree, the stakes are high.
And translation services aren’t an exception. Despite the rapid advancement of AI in other sectors like media, healthcare, and finance, translation services powered by AI still show significant variability in quality.
According to Qvest, translation errors can range from 2% to 12%, with the choice of application potentially doubling or even tripling these errors.
Tobias Froehlich, CPO and Founder of TeraVolt claims that this variability can lead to misinformation and even customer churn, underscoring the critical need for reliable AI solutions that can deliver consistently across different languages—which is critical in broadcasting live news and live sports—Qvest’s specialty.
Winning the Fight
Even the best translation systems aren’t entirely accurate. As arguably the most well-known AI translation tool, Google Translate boasts an accuracy rating of only around 83%, with total accuracy between languages varying between 55-94%.
Depending on the complexity of the text, other GenAI translation tools that are growing in popularity, like Lokalise AI, Copy.ai, or even ChatGPT, still fall at around 80% accuracy.
This not only highlights the importance of bridging human and AI translations in the workplace but illustrates Qvest’s call for a much-needed push for advancements in language services technology worldwide.
The solution? Higher-quality AI models.
According to Qvest, by leveraging state-of-the-art language services and sophisticated LLMs, businesses can minimize error rates and enhance the overall quality of their translations:
“By using best-of-breed language services and an integrated LLM optimized with nuances of each language, error rates can be under 1%,” says Froehlich.
While advancements are still necessary, investing in quality, prioritizing accuracy, and harnessing the power of AI can help businesses navigate the complexities of the translation services industry with confidence and position themselves for success in the global marketplace.
As the translation services industry continues to evolve, one thing remains clear: the future is in GenAI.
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