The Language Services Market of Today
A few years ago Elemica completed a successful aggregation project on translation services with the participation of three multinational customers. The time has arrived to revisit the language services market, explore what is happening in the market and invite all our customers to join the upcoming aggregation project.
What is happening in the Language Services Market in 2015?
Common Sense Advisory in its most recent market study shows that the market for outsourced language services and supporting technology reached up to US$38.16 billion. In 2015 alone, the market grew 6.46% despite the fluctuations in foreign exchange rates and significant challenges in the European, Chinese and Russian economies.
In this year’s report, Europe accounts for more than half the industry’s annual revenues. 92% of industry revenues are earned from language services tasks, with less than 8% attributed to areas such as language technology and consulting.
Importance of Multilingual Content for Global E-Business Expansion
According to the same study, organizations interested in global e-business expansion need 14 languages to reach 80% of the world’s online population. Corporate and individual customers located all around the world want to do business in a familiar tongue. Therefore, the most competitive organizations provide sales, product, service, and support in a variety of languages.
In 2015, translation remained the most requested language service, followed by software localization, website globalization, on-site interpreting, desktop publishing multimedia localization and mobile app localization.
We need translations for several reasons. It could be a new product launch in 25 countries; 5,000 technical documents to be translated within a month; opening a new factory in another country which requires lots of new legal documents in the local language or a new website with new multimedia applications to be localized in 10 different countries.
Translation is not the core business of any department in an international company (unless they have a specific translation department in-house) and yet most departments need translations for one reason or another. Marketing, legal, technical or corporate documents... No matter what is the content of the translations, we need high quality translations at a competitive rate and we need them urgently.
What benefits will you gain when you join this Aggregation Project with Elemica?
Participating to an Aggregation project with Elemica brings several benefits to our customers as well as to the participating suppliers.
Some of the benefits our Customers gained from the previous aggregation on translations are as follows:
- Received an extensive market evaluation for language services market
- Shared category knowledge and past experiences in confidentiality with other Partners and thus enhancing their sourcing strategy
- Collaborated with other Partners on finding solutions to potential challenges
- Achieved better conditions, rates and services via aggregated volume
- Signed individual contracts with the awarded supplier
- Through the consolidation of translation services with 1 supplier, they gained better control and visibility on the translations spend
Contact Us Today
Are translation services a focus area for your company in the coming months? Would you like to have more information about the market and scope of the project? Then contact us quickly and take your seat in the new project.