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Language service market (Nimdzi, 2024) - Coggle Diagram
Language service market (Nimdzi, 2024)
Size and growth
with a 5.0% growth,
reached $67.9 billion in 2023
should grow to $72.7 billion in 2024
Using a CAGR of 7.0%
it will reach $95.3 billion by 2028
The combined revenues
the top 100 positions
increased 0.5%
from 2024 to 2024
10 ranked companies
grew by an
average of 8.2%
Geographical distribution
Top 100 LSPs 2024
Europe
41%
North America
34%
Asia
18%
Africa
0%
Oceania
7%
South America
0%
Revenues in 2023 of the clients
Europe
38.5%
North America
49.9%
Oceania
1.5%
Africa
0.5%
Asia
12.2%
South America
1.4%
Top Sevices in the market
Copywriting, transcreation, and copyediting (text)
60.1%
Desktop publishing (DTP) & graphic design
59.5%
Onsite interpreting
60.1%
Subtitling
71.4%
Dubbing, voiceovers, audio services
58.9%
Machine translation and post-editing
83.3%
Remote interpreting
56.5%
Translation, localization
97.0%
Transcription
56.0%
Top Segments in the market
Financial and legal
63.5%
Manufacturing
60.0%
Life sciences: medical, pharmaceuticals, CROs
64.7%
Education & e-learning
58.3%
Technology, IT & software
65.3%
Marketing
53.5%
Generalities
What Buyers want
Communication
A true partnership
Quality management
On-time delivery
Key trends
Generative AI and large language models
AI whitewashing
Other companies have started offering language services
Competition for small companies
Multilingual content creation
Interpreting
will continue to be a growth driver
M&A
Mergers and Acquisitions
Top language service providers
RWS
United Kingdom
translation
patents
life sciences
IT
Sorenson
Communications
United States
sign language interpreting
Keywords
Studios
Ireland
video game services
LanguageLine
Solutions
United States
Healthcare
translation
& localization
interpreting
goverment
TransPerfect
United
States
translation
life sciences
legal
Language service in Argentina (Rosario Traducciones y Servicios S.A; 2018)
Translations are carried out by
translators
88.9% of translations
64% editing work
51.04% haven't done post-editing work
project managers
75% of them are translators
Edition
1.53% only carried out editing work
Way of working
translators
Freelancers 96.27%
local companies 54.85%
local end clients 52.61%
companies based in the abroad 45.15%
clients based abroad 21.64%
project managers
maintain an employment relationship
working day of about 8 hours a day.
Top segments
Medicine
46.55%
marketing
21.23%
technology
43.84%
technical
20.63%
legal
31.83%
SIze and growth
work has increased in the last 3 years
38,06 % (translators)
46,67 % (project managers)
the next 3 years workwill grow
66.67% (project managers)
47.76% (translators)
Tools
Projetex
Plunet
Trados Studio
Xbench
What buyers want
compliance with delivery dates
time availability
quality of the work delivered
Language service in Mexico (Mena et al, (2018))
Top segments
Legal
11.32%
Social sciences
6.88%
Medicine and pharmaceuticals
8.69%
Commerce/business
6.69%
Education
9.74%
Tools
Computer Aided Translation
DL Trados
Studio
MemoQ
Wordfast
Subtitle insertion software
Adobe Premier Pro
Aegisub
Voice recorder
Automatic translation
Speech to text software
Dragon NaturallySpeaking
Way of working
direct clients
agencies
work independently.