According to market research firm Common Sense Advisory (CSA), the global market for outsourced language services and technology will surpass US$37.19 billion in 2014. The industry, they predict, will continue to grow between the period of 2013 and 2018, at a compound annual growth rate of 5.72%.
“Language service providers in most regions of the world reported steady growth during calendar year 2013,” explained Don DePalma, CSA’s founder and Chief Strategy Officer. “However, we contend that the era of double-digit growth in language services is over, due to several factors, including exchange rates, global competition, and an increase in the use of translation technology. The good news is that the market continues to grow, just not as much as it once did.”
This pattern of strong growth reflects the continued expansion of multinational companies. It is also fueled by the lowering of technological barriers allowing small and emerging organizations to do business globally.
Research on Global Markets says that the market for providing language service is expected to grow in almost all the parts of the world. Major growth is expected in the developed nations of Europe and North America. They also predict that the developing countries of the Middle East, Asia Pacific, and Latin America will emerge as growth areas for the industry. Currently the US is the single largest market. The figure below is a snapshot of the global market size in 2012.