Market research firm Common Sense Advisory recognizes Skrivanek Group as a leader in $46.52 billion global translation, localization, and interpreting services industry
(Prague) – Skrivanek Group announced today its official ranking as one of the largest 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 [MG1] 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%.
Comments the Foreign Trade Manager of Skrivanek, Jaroslava Ouzka, “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 specializations.”
Sixty-four percent of surveyed language services providers (LSPs) said revenue was up over the previous year. Factors driving this demand include content digitization, personalized customer service, and business globalization. As organizations 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 US$56.18 billion by 2021.
“As businesses optimize their customer experience in home markets through digitization, companies are under pressure to globalize 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 localization reduces customer care costs and increases brand loyalty,” explains Dr. Donald A. DePalma, CSA Research’s founder and Chief Strategy Officer.
About Common Sense Advisory
Common Sense Advisory (CSA Research) is the premier market research firm specializing in the language services and technology industry. It provides primary data and insight to assist companies with planning, brand strategy, innovation, competitive positioning, and better understanding of global markets.
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