Market for Outsourced Translation and Interpreting Services and Technology to Surpass US$38 Billion in 2015
Common Sense Advisory's annual study of the language industry shows continued growth, with strongest uptick in Northern Europe and Asia
Boston, MA, July 6, 2015 (Newswire.com) - The global market for outsourced language services and technology will reach US$38.16 billion in 2015, according to a study by independent market research firm Common Sense Advisory. In its 11th annual global industry research report, “The Language Services Market: 2015,” the firm details the findings of its comprehensive study.
CSA Research found that the demand for language services and supporting technologies continues and is growing at an annual rate of 6.46%. As part of the study, the firm surveyed providers from every continent to collect actual reported revenue for 2013, 2014, and expected revenue for 2015. The study confirms that the market continues to expand—the current growth rate of 6.46% represents an increase over last year’s rate of 6.23% and 5.13% in 2013.
“Language service providers in most regions of the world reported steady growth during calendar year 2014, with LSPs in Northern Europe and Asia showing the greatest uptick in their share of the global market percentages.” explained Don DePalma, Common Sense Advisory’s founder and Chief Strategy Officer."The market for outsourced language services and supporting technology is immensely important to the businesses, government agencies, non-profits, and individuals that produce or consume information. As organizations both large and small address more languages, we predict that the industry will continue to grow and that the market will increase to US$49.8 billion by 2019."
Included in the report are the largest language providers globally, as well as by region. The five highest-ranked companies on the list of the largest 100 commercially-focused language services companies, listed according to 2014 revenues, are: Lionbridge Technologies (US), TransPerfect (US), Hewlett-Packard’s Application and Content Globalization group (FR), LanguageLine (US), and SDL (UK). Two of these are publicly traded companies—Lionbridge (LIOX on NASDAQ) and SDL (SDL.L on the London Stock Exchange). The Hewlett-Packard group is a division of Hewlett-Packard Company (HPQ on the New York Stock Exchange).
Additional tables and charts within the report include:
· Current market size estimates for the language services industry along with a detailed description of the research methodology
· Projected growth rates for the industry through 2019, including region-specific breakdowns
· Rankings of the largest 100 global industry leaders
· Critical benchmarks for LSP financial performance, including average revenue per employee and average revenue per salesperson, including differences by company size and region
· Regional rankings of the largest translation and interpreting companies in Africa, Asia, Eastern Europe, Latin America, Oceania, North America, Northern Europe, Southern Europe, and Western Europe
· Reporting on the fastest-growing services in the industry, such as translation, software localization, and on-site interpreting
· Breakdown of the market with estimates by service for on-site interpreting, translation technology, machine translation post-editing, video interpreting, mobile and game localization, and other services
· 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
Adds DePalma, “The market for outsourced language services and supporting technology is immensely important to the businesses, government agencies, non-profits, and individuals that produce or consume information. As organizations both large and small address more languages, we predict that the industry will continue to grow and that the market will increase to US$49.8 billion by 2019.”
The full report is available as part of the firm’s research membership.
About Common Sense Advisory
Common Sense Advisory is an independent market research company helping companies profitably grow their international businesses and gain access to new markets and new customers. Its focus is on assisting its clients to operationalize, benchmark, optimize, and innovate industry best practices in translation, localization, interpreting, globalization, and internationalization. For more information, visit: http://www.commonsenseadvisory.com or www.twitter.com/CSA_Research.
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