In the realm of language translation, the dynamism is palpable. With the advent of technologies that challenge existing norms, the field is evolving rapidly. Specifically, Portuguese Translating Services are seeing unprecedented shifts, with potential to not only transform the industry, but also to make substantial impacts on global communication dynamics.

One of the major drivers of this change is the proliferation of Machine Learning (ML). As a sub-field of Artificial Intelligence (AI), ML principles are being applied increasingly in translation services. Essentially, ML uses computer algorithms to improve automatically through experience. In terms of translation, the more data (in this case, language data) the algorithm processes, the better its translation capabilities become. The relevance here lies in the fact that Portuguese, as the sixth most spoken language globally, is a treasure trove of linguistic data waiting to be harnessed by these ML algorithms.

However, this does not imply that human translators are on the brink of obsolescence. While AI and ML provide speed and scale, they lack the human touch essential for nuanced interpretation, cultural sensitivity, and the ability to discern context. For instance, Portuguese phrases, idioms, and colloquialisms often have non-literal meanings that can be lost on a machine translation system. Therefore, the predicted future of Portuguese translation services is a symbiotic relationship between human linguists and AI applications.

This symbiosis is already developing with the rise of Computer-Assisted Translation (CAT) tools which assist human translators without replacing them. These tools can handle an array of tasks, such as translation memory, terminology management and even predictive typing. The result is an increase in productivity as well as translation quality. However, this also raises interesting questions about the way we perceive translation. Traditionally, it has been viewed as an art form, requiring a deep understanding of both the source and target languages along with their cultural nuances. But with the introduction of technology that reduces this complex process to a mere algorithmic function, does translation lose its artistic essence? This is an ongoing debate within the translation community that will undoubtedly shape the future of the profession.

There is also a geographic angle to the future of Portuguese translation services. As more businesses expand into Portuguese-speaking territories like Brazil, Portugal, Angola, and Mozambique, the demand for Portuguese translation services is set to surge. Consequently, the geographical distribution of translation services may shift, with more emphasis on markets where Portuguese is prevalent.

Another forthcoming trend in the Portuguese Translation Services arena is the increased focus on specialization. Just as in other professional fields, there is a growing need for translators to have sector-specific expertise. For example, legal translation requires a thorough understanding of the legal systems in both the source and target countries, while technical translation necessitates familiarity with specific industry jargon. This trend indicates a shift from generic translation services to more specialized ones, tailored to meet specific industry needs.

As we look into the future, it would be remiss not to acknowledge the potential impacts of global events. The COVID-19 pandemic, for instance, has accelerated the move towards remote work. This could potentially democratize the translation industry, making it possible for anyone, anywhere in the world, to offer their translation services. While this could increase competition, it also opens up opportunities for collaboration between linguists and tech experts that were previously unthinkable.

In conclusion, the future of Portuguese Translating Services is an exciting blend of technological advancement, human ingenuity, and market dynamics. The challenge lies in harnessing these components effectively to achieve the ultimate goal: accurate, efficient, and nuanced communication across language barriers. As economists would assert, the key to success in this evolving market landscape will be adaptability. Those who can strike the right balance between technology and human expertise, while staying attuned to market and societal shifts, will undoubtedly lead the way in transforming Portuguese Translating Services.