Global Market for Outsourced Translation and Interpreting Services and Technology to Reach US$46.52 Billion in 2018
Common Sense Advisory's 14th annual comprehensive study of the language industry shows growth continues due to content digitization, personalized customer service, and business globalization
BOSTON, June 15, 2018 (Newswire.com) - The global market for outsourced language services and technology will reach US$46.52 billion in 2018, according to a primary quantitative study by independent market research firm Common Sense Advisory (CSA Research). The firm surveyed providers from around the world to collect actual reported revenue for 2016, 2017 and expected revenue for 2018. CSA Research details its findings in the 14th annual global industry report, “The Language Services Market: 2018,” the only comprehensive global analysis of private and publicly-traded language services and technology companies.
As organizations both large and small make their products and services available in more languages, the firm predicts that the language services industry will continue to grow and that the market will increase to US$56.18 billion by 2021. The firm found that the demand for language services and supporting technologies continues and is growing at an annual rate of 7.99%, representing an increase over last year’s rate of 6.97%. Sixty-four percent of surveyed language services providers (LSPs) said revenue was up over the previous year. Factors driving this demand include content digitization, personalized customer service, and business globalization.
“As businesses optimize their customer experience in home markets through digitization, companies are under pressure to globalize their entire operations. Our research has long and conclusively demonstrated that people are much more likely to purchase products in their own language. In addition, that same content and product localization reduces customer care costs and increases brand loyalty,” explains Dr. Donald A. DePalma, CSA Research’s founder and Chief Strategy Officer.
Included in report series are the largest 195 language service providers globally, as well as by region, all of which offer language and localization services to enable enterprises to expand global reach and to respond to domestic needs. The top 10 largest commercially-focused language services companies worldwide, listed according to 2017 revenues, are TransPerfect; Lionbridge; LanguageLine Solutions; RWS Holdings plc; translate plus; SDL; Hogarth Worldwide Limited; Welocalize; Amplexor International; and Keywords Studios.
CSA Research uses structured and documented market research methodologies to ensure comprehensive and independent data-driven research for language service providers, technology vendors, global enterprises, and investors. Primary data and insight in CSA Research’s 2018 independent study of the language services industry include:
- Projected growth rates for the language services industry through 2021, including region-specific breakdowns
- Revenues, rankings, and locations of the 195 largest LSPs in the world
- Regional rankings of the largest LSPs in Africa, Asia-Pacific, Eastern Europe, Latin America, North America, Northern Europe, Southern Europe, and Western Europe
- Trends in automation and spoken-language technologies including the impact of artificial intelligence on project management automation and language tools
- Breakdown of the market by translation, interpreting, localization and engineering, project management, and more
- Breakdown of the market for technology sold by LSPs and technology providers with estimates for translation management, translation memory, terminology, machine translation, interpreting management, and other software
- Distribution of non-language-related revenue by service including staffing, training, and content creation
About Common Sense Advisory
Common Sense Advisory (CSA Research) is the premier market research firm specializing in the language services and technology industry. It provides primary data and insight to assist companies with planning, brand strategy, innovation, competitive positioning, and a better understanding of global markets. An independent market research company, it's trusted and verified data helps companies profitably grow their international businesses and gain access to new markets and new customers. For more information, visit commonsenseadvisory.com or twitter.com/CSA_Research.
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Source: CSA Research