Global Market for Outsourced Translation and Interpreting Services and Technology to Reach US$49.60 Billion in 2019
CSA Research's 15th annual comprehensive study of the language industry shows the sector continues to grow due to global digital transformation
BOSTON, May 23, 2019 (Newswire.com) - The global market for outsourced language services and technology will reach US$49.60 billion in 2019, according to a primary quantitative study by independent market research firm CSA Research. The firm surveyed 589 providers from around the world to collect up to 169 datapoints per respondent including actual reported revenue for 2017 and 2018 and expected revenue for 2019. The global market leaders in the 15th annual global study are detailed in CSA Research’s “Who’s Who in Language Services and Technology: 2019 Rankings,” the only verified and validated global analysis of private and publicly traded language services and technology companies.
Language service providers and technology developers support those global experiences in other languages, delivering essential translation, interpreting and localization outsourcing capabilities to businesses, governments, NGOs and individuals around the world.
Based on a representative sample from CSA Research’s database of 18,000 LSPs and its proprietary algorithm, the firm found that the market for language services and supporting technologies will grow 6.62 percent from 2018 to 2019, however, the 100 largest LSPs grew at 20.08 percent. The industry’s compound annual growth rate over the last 11 years was 7.76 percent.
“People worldwide prefer consuming information in their own language. Meeting this expectation − and sometimes the legal requirements to do so – fuels an indispensable global industry that continues growing due to global digital transformation (GDX),” comments Dr. Donald A. DePalma, CSA Research’s chief research officer. “Language service providers and technology developers support those global experiences in other languages, delivering essential translation, interpreting and localization outsourcing capabilities to businesses, governments, NGOs and individuals around the world.”
Included in CSA Research’s global market study is the ranking of the largest 193 language service and technology 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 LSPs worldwide, listed according to 2018 revenues, are TransPerfect; Lionbridge; LanguageLine Solutions; SDL; RWS Holdings; translate plus; Keywords Studios; Appen; Hogarth Worldwide; and Welocalize.
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 “Who’s Who in Language Services and Technology: 2019 Rankings” includes:
· Revenues, rankings and locations of the 193 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
“Without the depth of analysis we produce from the survey, several things would happen. Mainstream media would focus their reportage on translation mistakes, translation gadgets or litigation. Buyers wouldn't understand the intricacies of this complex outsourced business process. Private equity groups would invest elsewhere. And language service and technology providers around the world would have a tough time evolving their industry,” comments Paul Daniel O’Mara, CSA Research’s director of data products.
The verified and validated data of the largest 100 LSPs in the world is open-access and available here.
With up to 169 datapoints per respondent, CSA Research produces multiple pieces of research as part of the global market study series, including:
· “The Language Services Market: 2019”
· “M&A in the Language Sector”
· “The Demand for Language Services: 2019”
· “Fastest Growing LSPs: 2019”
· “The Future of the Language Services Industry”
About CSA Research
CSA Research, formerly Common Sense Advisory, 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 better understanding of global markets. An independent market research company, its trusted and verified data helps companies profitably grow their international businesses and gain access to new markets and new customers. For more information, visit csa-research.com or twitter.com/CSA_Research.
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Source: CSA Research