Market research and advisory firm’s data provides new insight on growth in the language services industry during challenging times
SEATTLE, WASHINGTON, USA, March 24, 2021 /EINPresswire.com/ — Data from research and consulting firm Nimdzi Insights suggests that the language services industry is indeed a resilient and adaptable space. In 2020, the coronavirus pandemic presented unique circumstances and obstacles that the language service industry has never experienced before, and yet faced with the circumstances, companies ranked on the top language services providers list are still showing signs of growth.
Vice President of Research at Nimdzi, Sarah Hickey, comments that, “Despite the disruption caused by the COVID-19 pandemic, the language services industry has once again proven to be resilient.” In fact, our industry even grew during these unprecedented times.
Data collected for the Nimdzi 100 report shows that revenues of the top 100 largest language service providers in the industry grew by 6.8% from 2019 to 2020. From 2018 to 2019 this figure was 11.5%; so while growth has slowed down, there is still growth. Key findings also show that as compared to 2019, the combined revenue in the top 10 revenue-generating companies grew by 9% in 2020.
Belén Agulló Garcia, Nimdzi’s Vice President of Learning and co-researcher for the Nimdzi 100, comments that, “Already in the 2020 edition of the Nimdzi 100, we alerted to the fact that if COVID-19 becomes a pandemic, the translation industry will be impacted in the same proportion as the industries that it serves. This is because we don’t create anything from scratch, we transform.”
Researchers also add, “While growth among the top 100 positions might have slowed down, our data show that the language industry is still growing. In addition, we have found that for a majority of companies, profitability increased in 2020.” This year, the company listed on position 100 in the ranking of the top 100 language service providers worldwide has a confirmed revenue of USD 12.0 million. In 2019, this position was at USD 11.6 million and in 2018 the LSP listed on rank 100 had a revenue of USD 10.3 million.
Ultimately, the main takeaway from Nimdzi’s researchers is that, “We have long said that our industry is impervious to crises. Our ranking of the top 100 largest language service providers in the world now shows that this statement still holds true, even in 2020.”
The report on the state of the language services industry is available for viewing now at https://www.nimdzi.com/nimdzi-100-top-lsp/.
About Nimdzi Insights:
Nimdzi Insights is an international research and consultancy firm with a focus on localization, language services, and language technology based in Seattle, WA.