An exhaustive market study on the translation, interpreting, and other language services sector in Spain — conducted by the Department of Applied Communication Sciences of the Complutense University of Madrid at the request of ANETI and ASPROSET, and with the invaluable collaboration of AICE and APTIJ — has been completed. The results highlight sustained growth in sales and the adoption of new technologies, consolidating as a mature and expanding market.
Sector growth
The study reveals that the sector has doubled its turnover in the last decade, with forecasts for continued growth. Worldwide, the annual revenues of the language industry amount to more than 50 billion dollars, while in Europe the business is worth around 20 billion euros, generating employment for between 140,000 and 180,000 people. In Spain, annual revenues are estimated at approximately 700 million euros, with almost 10,000 active language service providers.
Demand and contracting
The sectors with the highest demand for translation and interpreting services in Spain are public agencies and services, the legal sector and the health sector. In Europe, there is a greater reliance on the public sector and private SMEs, as opposed to the United States where demand comes mainly from private sector companies of a certain size. Most of the services requested are standard written translations, text editing, sworn translations and interpreting services in court, congresses and business meetings.
Corporate structure
The sector is mainly composed of small companies. More than 75% of the companies have an annual turnover of less than 500,000 euros and only 10% have an annual turnover of more than 1 million euros. The Community of Madrid and Catalonia account for 60% of the companies, representing 75% of the country’s total market share. In addition, most companies employ fewer than ten people, preferring to outsource to freelance translators and interpreters. One third of the companies have more than 100 external collaborators.
Challenges and opportunities
One of the most significant challenges is the proliferation of new professionals and companies, often with less demanding quality standards, which can affect rates and delivery times. However, small and local companies with a loyal customer base can defend themselves against the trend towards market concentration. In addition, there is a growing specialization in the demand for services in sectors such as the legal, financial, technology and scientific sectors.
Future prospects
The study also highlights that companies in the sector are becoming more and more end-customer oriented, with a focus on service quality and customer satisfaction. Despite a challenging economic environment, the sector is expected to continue to grow, albeit moderately, with increased internationalization and adoption of new technologies. Most companies expect major changes in the future, especially in the regulation and legislation of activities related to artificial intelligence.
Report presentation event
To present the results of the study, ANETI will co-organize a face-to-face session in Madrid. The event will be held at the European Commission offices in Spain on 23 October 2024. During the session, the findings of the report will be discussed and future prospects and challenges for the sector will be addressed. This event will be a unique opportunity for professionals and companies in the translation and interpreting industry to exchange ideas and learn about the latest trends.
For further info and to download the executive summary of the report, please visit: https://aneti.es/estudio-mercado-2024/ (in Spanish)
For further info, visit ANETI website.
