Thinking about researching the expected changes in the 2019 LSP market? Don’t fret, we’ve done it for you! Sit back, relax and read about the coming opportunities:
1. The outsourced language services market is constantly growing.
Market reports estimate the size of the Language Service market to almost 47 billion US$ 2018. Annual growth since 2015 is over 10 percent per year, increasing from 38.16 billion to 46.52 in 2018.
Was your company that successful?
2. Translation services are becoming more varied.
The trend of a diversified approach to quality has been around for the last few years due to buyers asking for various translation levels 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 an in-rush of start-ups and opportunistic LSPs. This trend will continue for the foreseeable future.
Are you ready to meet that challenge?
3. Language Service Provider businesses are getting more competition from the global village.
Not just start-ups and ambitious LSPs, but also freelancers and translation agencies compete globally beyond their geographic region, thus driving translation prices down. What is evident as well, is that strong-performing multinational corporations manifest their demand for increased content in more languages, while the growth budgets for language services don’t seem to match the growing demand.
How competitive are you?
4. The growth of the North American and European Language Service Provider market.
The predictions for the localization industry are strong due to investors entering into European and the so-called frontier markets. Continued growth of the North American and European LSP markets is forecast.
Is your company market share predicted to grow?
5. More global brands will turn to single-sourced language solutions.
Global brand companies are well-experienced buyers of language services and they will need suppliers that continue to prioritize innovation, and scalability in their service provision. More vendors will follow a “program-based, not project-based” model, which will offer more comprehensive, multilingual, and round-the-clock services to meet their clients’ demands.
Are you ready to be a single source language solution?
6. Business applications have moved to the cloud.
So have Language applications.
The “old trend” in the way software was being delivered and used is the fundamental shift here. Seen across the entire business technology landscape is the transition to the cloud — customer relationship management, accounting, and now, language. In the modern translation business world, Translation Management Systems are here to stay.
Is your company ready for 21st century LSP tools?
7. Final recommendations.
Watching your bottom line (margins), reducing 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 2019.
To increase margins and reduce operational overhead, you need to either efficiently handle many smaller projects, or become a single source language solution provider. You need to rethink the way you are managing your business, focusing at tooling up your core business and outsourcing all side operations.