Subjects: SVY, ECO, SBS
Impervious to Crisis: An Industry that Grows Even When the Economy is Down
SEATTLE, March 12, 2020 /PRNewswire/ -- The OECD downgraded the growth of the world economy to 1.5% in 2020 because of the effects of the coronavirus. The translation industry is traditionally impervious to crisis and is estimated to grow by 6.2% in the next five years according to Nimdzi Insights, a market research company covering the language services business.
The industry is expected to reach USD 77 billion by 2025. The Nimdzi 100 lists top translation, localization, and interpreting companies in the world by segments such as Media and Entertainment, Life Sciences, Legal and Financial among others.
According to Renato Beninatto, CEO at Nimdzi, language services tend to grow even when the economy is not doing well: "When business is good, people translate contracts, when there is a downturn, they translate lawsuits."
Sarah Hickey, Chief Researcher, adds that: "Different segments grow at different speeds and along different vectors, like the number of languages and the proliferation of channels and formats."
The Nimdzi 100 ranks language service providers (LSPs) by revenue. All companies that make it to the list surpass USD 10 million in revenue. The top ten language services providers in 2020 are:
- TransPerfect (US)
- Lionbridge (US)
- LanguageLine Solutions (US)
- SDL (UK)
- RWS (UK)
- Appen (Australia)
- Keywords Studios (Ireland)
- Welocalize (US)
- SDI Media (US)
- IYUNO Media Group (UK)
The report brings to light companies that previously did not appear in market research. It also features a Watchlist of companies not disclosing revenue, which may include organizations that are units within a larger company. These companies are still tracked, however, because while not competing for clients, they do compete for talent and resources. Sarah Hickey adds that: "they also represent opportunities for technology providers and investors."
The report provides an analysis of:
- Market size and growth
- How buyers view the language service provider landscape
- Trends and challenges in the industry
- Key geographies
- And more
"Our clients have specific needs unique to their brands, so the majority of what we do is highly customized research," says Tucker Johnson, Co-Founder and Managing Director of Nimdzi. "The Nimdzi 100 is special because it is one of our flagship reports that is made publicly available. It serves as a comprehensive market analysis that the whole (and growing) language services industry looks forward to each year."
About Nimdzi Insights LLC
Based in Seattle, Nimdzi Insights LLC is a market research and consulting firm focused on international markets, mergers and acquisitions, and global business development. For more information, visit: https://www.nimdzi.com/
Media contact:
Nika Allahverdi
[email protected]
+1 206 823 3177
SOURCE Nimdzi Insights
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