Today, Nimdzi Insights, a leading market research firm for the language industry, has announced the top six largest language service providers (LSPs) in the world in 2023.
The data once again confirm TransPerfect as the largest LSP in the world, as the company added USD 51 million to its revenue in 2022. The second largest LSP is UK-based RWS, which has grown 8% in their reporting currency (GBP) despite a 3.3% decrease in US dollars, resulting from the fall of the British Pound against the US dollar in 2022. LanguageLine Solutions is listed in third place, with a growth rate of 11.5% in 2022, partially due to its acquisition of UK-based provider Capita Translation and Interpreting. Sorenson Communications, the world’s largest provider of American Sign Language (ASL) interpreting services and the market share leader for video relay services, is ranked in fourth place. Keywords Studios, the largest game localization company in the world is ranked fifth and is the fastest growing LSP among the top six in 2022, reaching 18.9% growth in US dollars and 31.8% in its reporting currency (euros). Industry veteran Lionbridge is ranked sixth, having grown by 5.3% in 2022.
Although this ranking of the top six providers indicates more moderate growth in 2022 as compared to the previous period, Nimdzi expects that the final ranking of the top 100 largest LSPs (to be released soon) will indicate solid growth for the industry as a whole.