Skrivanek Group has revealed its certified ranking as one of the biggest 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 Skrivanek Group as a top-grossing LSP in the US$46.52 billion global market for outsourced language services and technology.
Skrivanek Group was named as the 44th largest LSP in the world. Skrivanek Group is a world leader in translations and many other complementary services.
As part of the primary quantitative study, CSA Research surveyed providers from around the world to collect actual reported revenue for 2016 and 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%.
Skrivanek Foreign Trade manager Jaroslava Ouzka commented: “We are excited that a coveted Top 50 spot once again belongs to Skrivanek. It is an honour to be ranked amongst the top translation companies in the world, but our biggest reward comes from having many satisfied clients as a result of our hard work in the various specialisations.”
64% of surveyed language services providers (LSPs) said revenue was up over the previous year. Factors driving this demand include content digitisation, personalised customer service, and business globalisation. As organisations 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 $56.18 billion by 2021.
CSA Research’s founder and chief strategy officer Dr Donald A DePalma explained: “As businesses optimise their customer experience in home markets through digitisation, companies are under pressure to globalise 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 localisation reduces customer care costs and increases brand loyalty.”