Market research firm Common Sense Advisory recognizes Global Lingo as a leader in $46.52 billion global translation, localization, and interpreting services industry
London – Global Lingo announced today its official ranking as one of the largest language service providers (LSPs) in the global translation and interpreting industry. Issued June 2018 by independent market research firm Common Sense Advisory (CSA Research), “The Language Services Market: 2018” ranked Global Lingo as a top-grossing LSP in the US$46.52 billion global market for outsourced language services and technology. Global Lingo was named as the 26th largest LSP in Northern Europe.
As part of the primary quantitative study, CSA Research surveyed providers from around the world to collect actual reported revenue for 2016, 2017, and expected revenue for 2018. The firm details the findings in the 14th annual global industry report, “The Language Services Market: 2018,” the only comprehensive global survey of private and publicly-traded language services and technology companies. The firm found that the demand for language services and supporting technologies continues and is growing at an annual rate of 7.99%, representing an increase over last year’s rate of 6.97%.
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 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.
“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.
About Global Lingo
Global Lingo partners with organizations across the world in delivering fluent communications to internal and external audiences. Ensuring content is accurate, consistent, and culturally relevant in multiple languages.
Global Lingo’s expertise spans all industries including Finance and Banking, Learning and Development, Legal, PR and Market Research, Telecoms and all levels of government and intergovernmental agency.
About Common Sense Advisory
Common Sense Advisory (CSA Research) is the premier market research firm specializing in the language services and technology industry. It provides primary data and insight to assist companies with planning, brand strategy, innovation, competitive positioning, and better understanding of global markets. www.commonsenseadvisory.com
Global Lingo Marketing Contact: [email protected]
CSA Research Contact: [email protected]