If you are still thinking about collecting the changes that you can expect in the 2015 Language Service Provider market do not fret, we have done it for you! Take the weight off your feet, relax for a moment and see the coming opportunities:
- The outsourced language services market growth rate is constantly increasing since 2012. Market reports estimate the size of the Language Service market to 37.19 billion US$ for outsourced language services market value in 2014. It means that the growth rate during the past two years has reached an annual rate of 6.23%. Was your company that successful?
- Translation services are becoming more varied.
The trend is that the adoption of a diversified approach to quality has been around for last few years due to buyers asking for various translation grades based on audience, timing and market requirements. At the same time the retail side with smaller and smaller companies is taking every chance to become your competition. As a result the retail side of the market is under pressure from a inrush of start-ups and opportunistic LSPs. This will continue to 2015. Are you ready to meet that challenge?
- Language Service Provider businesses are getting more competitive in the global village.
Not only start-ups and ambitious LSPs but freelancers and translation agencies compete globally beyond their country geographic region, driving translation prices down. What is evident as well is that strong performing multinationals corporate organizations manifest their demand for more content in more languages while the growth budgets for language services do seem to match the growing demand. How competitive are you?
- The progression in growth of the North American and European Language Service Provider market.
The predictions for the localization industry will be strong due to investors intering into European multinationals and the so-called frontier markets. A continued growth of the North American and European LSP markets is predicted. Is your company market share predicted to grow?
- More global brands will turn to single-sourced language solutions.
Global brands companies are well-experienced buyers of language services and they will need suppliers that continue to prioritize innovation, drive, and scalability in their services provision. More vendors will follow “program-based not project-based” model which will offer more comprehensive, multilingual, and round-the-clock services to meet their clients’ demands. Would you be the next single source language solution?
- Business applications have already moved to the cloud. Language applications, too.
The “old trend” in the way software is being delivered and used is the fundamental shift here. Seen across the entire business technology landscape is the transitioning to the cloud —customer relationship management, accounting and now, language. In the world of modern translation business Translation management systems are here to stay. Is your company open for tools from 21st century LSP?
- Final recommendations.
Watching your bottom line (margins), reducing the operational overhead, focusing on the job at hand and being prepared for more, smaller and cheaper jobs will make your company competitive and successful in 2015.
In order to watch margins being reduced and operational overhead diminished it is necessary, to make efficiently a lot of smaller projects, or to get into a position of a single source language solution provider. You need to rethink the way you are managing your business, focusing at up-tooling your core business and outsourcing all side operations.