Language Translation Service Industry Statistics in 2012
According to the newest market research published by Common Sense Advisory, 2012 has so far shown a growth, similar to previous years, in language translation services.
- The language translation services market is growing at an annual rate of 12.17%
- The majority of language service providers (LSPs) together earns less than US$ 1 million in annual revenue and consists of companies with two or more employees.
- Most LSPs are privately owned – 94.18%
- The market for outsourced language services is worth US$33.523 billion in 2012
North America Shrinks While Europe and Asia Grow
The classifications developed by the United Nations show global revenue percentages of 49.38% to Europe , 34.85% for North America and 12.88% for Asia; and the smallest percentages consist of 2% Oceania, 0.63% Latin America and 0.27% Africa. At the same time, there are LSPs that earn tens or even hundreds of millions of dollars, including military contractors for the U.S. Government. This group also includes companies that established themselves in low-cost locations with very cheap labor.
This year, the language service market has had a greater growth than some of the previous years which means that this market is still evolving.
Preserving the value of our language translation services
At Wapa Translations we feel that maintaining consistency, price and support is a very important action to preserve the value of our language services and to ensure fairness to all clients.
We are committed to helping businesses and individuals with their communication – by providing quality translation services from qualified native translators for all domains of activity. In this way, we maintain everything from simple and logical spelling and grammar checks to the equally important localization and cultural adaptation, with the clear goal of attracting customers from all over the world to your business.
Over time, we have introduced software tools like Trados which is a CAT tool. It is very helpful when translating content out of context and it is more effective when translating documents with a large number of repetitions, with an advantage that it is up to 40% faster and it offers considerable discount rates.
With this in mind, we will continue to apply the same methods so we can deliver the best language translation.
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