The global market for outsourced language services such as translation, interpreting and translation technology will reach U.S. $43.08 billion in 2017 according to a new independent study.
Common Sense Advisory (CSA Research) surveyed Language Service Providers (LSPs) from around the globe to collect information and statistics on revenue for 2015, 2016 and expected revenue for 2017.
CSA Research found that the demand for translation and interpreting services and supporting technologies continues and is growing at an annual rate of 6.97%, which is an increase over last year’s rate of 5.52%.
In its 13th annual global industry report, “The Language Services Market: 2017,” the firm details the findings of its comprehensive study.
“The sheer number of countries, people, and languages — many of them in markets experiencing tremendous economic growth — assures that demand for language services will only increase over time. As our research conclusively demonstrates, people are much more likely to purchase products in their own language. In addition, localization reduces customer care costs and increases brand loyalty.” Don DePalma, CSA Research’s founder and Chief Strategy Officer.
As business around the world becomes more dependent on global trade CSA Research predicts that the translation and interpreting services industry will continue to grow and that the market will increase to U.S. $47.46 billion by 2021.
Factors driving this demand include mobile, wearables, and the internet of things (IOT); on-demand offerings to support live chat, texts, tweets, and other short-shelf content bits; and legislation requiring access to language services.
Recognised as offering business intelligence on the state of the language services industry, the 2017 study is essential reading for those invested in translation, interpreting or localization.
Topics covered include:
- Current market size estimates for the language services industry
- Projected growth rates for the industry through 2021
- Rankings and revenues of the largest language services providers
- Critical benchmarks for LSP financial performance
- Regional rankings of the largest translation and interpreting companies
- Trends in automation and spoken language technologies
- Distribution of non-language-related revenue by service
- Breakdown of the market with estimates by service for on-site interpreting, translation technology, machine translation, post-editing, video remote interpreting, mobile and game localization, and other services
“Embracing technology and diversification is key to continued growth for LSPs. Those that can successfully adopt machine translation and other technologies will find themselves able to grow quickly, but those that cannot may find that their earnings stagnate,” adds DePalma.
“Further, we see LSP handling more sophisticated content-centric tasks, morphing into global content service providers (GCSPs). As content is recognized as a top asset for corporations, GCSPs will develop specialized consulting skills and contribute to the industry’s continued growth.”
So next time you need a GCSP, remember Creative Word!
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