As of 2019, the total revenue of the Life Sciences industry presents USD 1.8 trillion. And it is poised to grow through 2024.
The United States is the largest interpreting market in the world. Almost half of the interpreting providers on our ranking of top players in the world are from the US and have a combined revenue of USD 932.4 million.
It comes as little surprise that Life Sciences is a sector firmly on the rise. While access to healthcare is democratizing across the globe, the growing needs of patients go hand in hand with technological advancements transforming the way businesses operate.
Localization, by its very nature, is a global business. The globalized language service company offers several distinct advantages outside of production efficiency. The globalized language service company also has the opportunity to offset domestic revenues with foreign revenues helping to diversify portfolios and create stability regardless of market fluctuations.
The UK market is the second largest localization and interpreting market in the world. It is defined by several large language service companies, a handful of mid-sized players and over a thousand smaller or specialist companies competing to meet client needs. Nimdzi and the Association of Translation Companies (ATC) have combined their efforts to provide a comprehensive overview of the language industry in the United Kingdom.
58 percent of respondents in North Africa, and nearly 40 percent of respondents in Sub-Saharan Africa reported that the internet’s lack of culturally and linguistically-relevant content was one of the most significant reasons why these mobile users chose not to access the Internet. In Egypt alone, 70 percent of those surveyed identified this to be a problem.
We estimate the market for interpreting services in 2019 at USD 7.6 billion. This includes core services such as onsite interpreting, over-the-phone interpreting (OPI), video remote interpreting (VRI), video relay services (VRS), sign language interpreting, conference interpreting, equipment rental for interpreting, and related services.
In 2017, a research report commissioned by Voices.com put the global market for audio recording at USD 4.4 billion.
The World Federation of the Deaf estimates that there are around 70 million deaf people in the world. When we think of equal access for deaf people, we probably think of more extreme scenarios, such as medical and legal settings. But what about everyday needs and real inclusion? For example in education and tourism.
There are 351 languages other than English (LOTE) spoken in US homes and over 25 million LOTE speakers. In the US, the nationwide certifications that apply to medical interpreters are the National Board of Certification for Medical Interpreters (NBCMI) and the Certification Commission for Healthcare Interpreters (CCHI).