The global translation market will expand to US$ 43.08 billion in 2017, according to an independent study of the market research firm, Common Sense Advisory (CSA Research).
CSA Research surveyed service providers on all continents to gather data relating to the current reported revenue for 2015, 2016, and expected revenue for 2017. The company found that the demand for language services and linguistic support technologies continues high and is growing at an annual rate of 6.97%, representing an increase over last year’s rate of 5.52%. “The extensive number of countries, people and languages – many of them in markets with enormous economic growth – guarantees that the demand for linguistic services will only increase over time. As our surveys conclusively demonstrate, people are much more likely to buy products in their own language. Furthermore, localization reduces customer services costs and enhances brand fidelity”, explains Don DePalma, founder and strategy officer of CSA Research.
As large and small organizations make their products and services available in various languages, the company predicts that the translation and localization services industry will continue to grow and that the market will increase to US$ 47.46 billion by 2021.