Not only do translation services help people get jobs, but the service itself provides a substantial amount of jobs in the job market. In 2012 there were more than 26,000 companies that sold translation and interpretation services, according to the Common Sense Advisory (CSA) annual report. The market for those services was worth $33 billion. What does the industry look like today?
According to IBISWorld’s own market research report, Translation Services in the U.S, the industry in the United States expanded during the last five years at the average rate of 4.9% per year. Total revenue for the period was $6 billion generated by 53,691 businesses employing 72,755 people.
Globally the growth rate for 2015 was 6.46%, an increase over the years before (2014 – 6.23%, 2013 – 5.13%). The global industry is now a $38.16 billion industry, according to Common Sense Advisory‘s 2015 report. The fastest growing markets were those in Northern Europe and Asia. CSA Research founder Don DePalma stated, “As organizations both large and small address more languages, we predict that the industry will continue to grow and that the market will increase to $49.8 billion by 2019.” This includes interpretation, translation and dubbing services.
Some of these language experts are freelancers, most are small business firms, but some are large businesses (like France-base Ubiqus) that expand by buying out smaller businesses in other countries. Many of their employees are also experts in finance, sales, technology, marketing, project management, health, social work, even engineering – all niches that utilize translators and interpreters on a regular basis.
Purchasers of such services often match their company size with the size of the Language Service Provider (LSP), such that mega-corporations needing language expertise will generally take their business to the largest global LSPs. Subsequently, large LSPs will often subcontract assignments to smaller companies (like Dialog One) or experienced freelancers, while claiming an extra fee for the referral.
Purchasers of language services are usually unaware that this is happening. The quality of services remains high, since some of what these large firms are charging for is vetting the skills of their subcontractors. The subcontractors, in return for receiving such assignments, must represent themselves as employees of the larger firm. It saves them from having to market their services quite so heavily, but also prevents them from acquiring work from the same customer themselves. To save money, savvy customers can go directly to Dialog One for their language translation needs.