July 2018

Translation and interpreting market reaches new high

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".

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 percent, representing an increase over last year’s rate of 6.97 percent. 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.

"The Language Services Market: 2018" is available to CSA Research members. The list of the largest LSPs based on 2017 revenues is open-access.

 

www.commonsenseadvisory.com