Global language services markets stand to grow by almost $10 billion between 2020-2024, according to an announcement just made by the market research company Technavio. The news will provide some relief after much market fragmentation caused by the spread of COVID-19. Despite the direct impacts of COVID-19 on the information technology industry, the global language services market is looking at over 4% compound annual growth rate, with 3.79% growth already in 2020. In other words, experts project a neutral market impact due to the growing pandemic.
The report states companies like Atlas Language Service, Globe Language Services, Lionbridge Technologies, RWS Holdings, SDL, Semantix International, Summa Linguae Technologies, Teleperformance, TransPerfect Global, and Welocalize all play a major role in the market, and suggests that vendors “emphasize growth prospects in fast-growing segments, while maintaining their positions in the slow-growing segments.”
Identifying key industry influencers, analysts in the report provide a number of sources that might illuminate how markets will respond to the global economic turn, including information from manufacturers and suppliers, channel partners, industry experts, and strategic decision makers. They have also looked into secondary source material, including industry journals and periodicals, government date, financial reports of key industry players, historical data, and press releases.
In their analysis, they emphasize collation of data, estimation of key figures, and analysis of derived insights to synthesize data, and developed validation methods of triangulating with data models, referencing against proprietary databases, and corroborating with industry experts.
With many industries scrambling to adjust to the impacts of the pandemic, the global language services markets’ projected growth should provide some optimism to many involved in the industry.