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SOURCE Common Sense Advisory
Independent market research firm Common Sense Advisory releases 10th annual ranking of largest language services providers based on 2013 revenues.
BOSTON, July 1, 2014 /PRNewswire/ -- The global market for outsourced language services and technology will surpass US$37.19 billion in 2014, according to a study by independent market research firm Common Sense Advisory. In its 10th annual global industry research report, "Language Services Market: 2014," the firm details the findings of its comprehensive study.
CSA Research found that the demand for language services continues, and is growing at an annual rate of 6.23%. As part of the study, the firm surveyed language service providers from every continent to collect actual reported revenue for 2012, 2013, and expected revenue for 2014. It found that although the market continues to expand-the current growth rate of 6.23% represents an increase over last year's rate of 5.13%-it is less than 12.17% CAGR in 2012.
"Language service providers in most regions of the world reported steady growth during calendar year 2013," explained Don DePalma, Common Sense Advisory's founder and Chief Strategy Officer. "However, we contend that the era of double-digit growth in language services is over, due to several factors, including exchange rates, global competition, and an increase in the use of translation technology. The good news is that the market continues to grow, just not as much as it once did."
Included in the report are the largest language services providers globally, as well as by region. The five highest-ranked companies on the list of the largest 100 language services companies, listed according to 2013 revenues, are: Lionbridge Technologies (US), Hewlett-Packard's Application and Content Globalization group (FR), TransPerfect (US), LanguageLine (US), and SDL (UK). Two of these are publicly traded companies-Lionbridge and SDL. The Hewlett-Packard group is a division of Hewlett-Packard Company.
Additional tables and charts within the report include:
Adds Vijayalaxmi Hegde, Director of Research Operations at Common Sense Advisory and report analyst, "The market for outsourced language services and supporting technology is immensely important to the organizations and individuals that produce or consume information. We predict that the industry will continue to grow and that the market will increase to US$47 billion by 2018."
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. http://www.commonsenseadvisory.com
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