In plain language: Increasing globalization and expansion overseas will drive demand

In the early part of the current period, revenue for the Translation Services industry declined every year as a result of decreased government spending. At the federal level, this was a result of the winding down of operations in Iraq and Afghanistan, while state and local governments cut back spending due to continued budget difficulties. Despite its recent struggles, the industry is expected to grow on account of rising globalization and the continued movement toward internet commerce, as companies look to cash in on an increasingly global marketplace. Over the five years to 2022, the industry is forecast to grow in line with an improving economy, greater globalization and beneficial immigration patterns...read more.

Industry Statistics & Market Size
Revenue
$5bn
Annual Growth 12-17
-1.5%
Forecast Growth 17-22
Profit
Employment
86,498
Businesses
55,970
What Our Customers Say

Industry Threats & Opportunities

  • Increased levels of globalization and immigration are boosting industry revenue
  • Translation memory software has improved the speed and accuracy for large-volume projects
  • Increasing corporate globalization and overseas expansion will support demand
  • Industry Report - Starting a New Business Chapter

    Overall, there are few barriers to entry at the lower end of this industry. Translators basically need to be proficient in at least two languages to translate relatively easy documents, such as nonlegal correspondence. Many start by working at home using their home office equipment, operating on a freelance or part-time basis. Where more advanced translations are carried out, the industry is moving toward a requirement for its employees to have postgraduate qualifications in at least three official languages to ensure maximum and effective use of their time and skills. Proficiency in four languages is increasingly becoming the norm for international translators. For...purchase to read more.

    Additional Insights for the Translation Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Translation Services Industry are

  • Willingness to outsource when appropriate
  • Undertaking technical research and development
  • Highly trained workforce
  • IBISWorld analysts also discuss how external factors such as Total trade value and Inbound trips by non-US residents in the Translation Services industry impact industry performance..

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    What is the Translation Services Industry?

    This industry includes companies that translate written material and interpret speech from one language to another. It also includes companies that provide sign language services. The services provided by this industry include document translation and website localization, which is the translation of website information into languages for use in other countries, taking into account any unique cultural and linguistic traits.

    Industry Products
  • Written translation services
  • Interpretation services
  • Industry Activities
  • Language interpretation services
  • Translation language services
  • Sign language services
  • Speech (i.e. language) interpretation services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Total trade value
  • Inbound trips by non-US residents
  • Number of immigrants
  • Corporate profit
  • Percentage of services conducted online

  • Current Performance
  • Globalization trends and geopolitical developments
  • Technology lends a helping hand
  • Profitability and concentration
  • Chart: Revenue Growth

  • Industry Outlook
  • Globalization and immigration patterns
  • Technology’s crucial role
  • Profit margin stability
  • Table: Translation Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Translation Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Information
  • Software Publishing
  • Finance and Insurance
  • Law Firms
  • Diagnostic & Medical Laboratories
  • Public Administration

  • Key Selling Industries
  • Colleges & Universities
  • For-Profit Universities
  • IT Consulting
  • Language Instruction

  • Products & Services
  • Interpretation services
  • Written translation services
  • Other
  • Chart: Translation Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • State and local governments
  • Business firms and farms
  • Not-for-profit organizations
  • Other
  • Chart: Major Market Segmentation for the Translation Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesPurchases and depreciationRent and utilities, marketing and other costs
  • Chart: Cost Structure Benchmarking – Sector vs Translation Services

  • Basis of Competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Translation Services Industry

  • Industry Globalization
    TelePerformanceLionbridge Technologies Inc.
  • Table: TelePerformance - financial performance
  • Table: Lionbridge Technologies Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Translation Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Translation Services Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of immigrants (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Computer-Aided Translation (Cat)
  • A form of translation in which a human translator uses computer software to facilitate the translation process; also called computer-assisted translation.
  • Localization
  • The process of translating a website or marketing materials into into the local language of a region.
  • Machine-Readable Language
  • A language dictionary in an electronic form that can be loaded in a database and queried via application software.
  • Translation Memory
  • A software that stores words, phrases and paragraphs of translated text to help in the translation of future documents.
  • Why buy this report?

    IBISWorld’s industry research report on Translation Services provides up-to-date sales and market data, allowing you to identify the product and customer segments driving revenue growth. The report identifies the leading companies in the industry, and offers strategic analysis of the key factors influencing the market. Our data forecasts are accompanied by full analysis to illustrate how the market is responding to dominant and emerging trends.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Translation Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Translation Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Translation Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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