Motaword.com is another technological platform that provides language translation service. Founded in New York by three partners, MotaWord claims to be a serious contender today in language processing with a speedy, low-cost, cloud-based, collaborative approach. The platform provides translation services in almost a hundred languages thanks to the collaboration with over 5,600 strong translator base.
Co-founder Evren Ay states that the technology behind MotaWord was developed within 18 months, and was initially intended to be used as an additional service for his already established translation agency, Link Translations. He later decided to brand it as a separate platform in 2014.
MotaWord charges a mere 14 cents per word for translation in any language. By simple arithmetic, one can see that its annual revenues are close to 700 thousand dollars. This is a rough calculation though, as there are enterprise clients involved as well. We have no way of knowing whether the pricing strategy of enterprise clients has always been consistent, or if they are being charged varying amounts.
The annual market volume of the translation industry is 35 billion dollars
Evren Ay does not shy away from sharing the numbers about the industry with us. Based on information provided by Ay, the market value of the global translation industry in 2013 was 35 billion dollars. The largest 50 companies only command 18 percent of the industry. The remaining 82% of the market is served by over 30 thousand mom and pop shops, most of which provide shoddy quality, but charge high prices. In this 27 billion dollar portion of the global translation industry, MotaWord’s goal is to become a major player.
MotaWord, one of the few enterprises that concentrate on collaborative translation, has used friends & family financing and attained profitability in its 3rd month of operation. The company hopes to increase its revenues in 2015.
An industry that is becoming increasingly competitive
Social interaction in our day is higher than it has ever been in history and we do not yet have artificial intelligence that can provide translation service at a human level. The service provided by companies such as MotaWord makes translation very easy and eliminates country barriers. We are curious to see how these internet based translation services, which also have examples in Turkey, will grow.