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.
Interpreting providers should calculate the addressable market for their services at 60 percent of the total figure. This is because not all interpreting services are outsourced to LSPs. Large institutions like the European Union and Hospital Systems employ staff interpreters as well as freelancers, rather than working with agencies.
Although M&A, and centralizations via government contracts are on the rise, the interpreting industry is still largely run by many small companies. All companies included in The Nimdzi Interpreting Index accounted for 33.2% of the interpreting industry in 2018.
In absolute figures, the 55 companies tracked by Nimdzi earned USD 2.5 billion in the latest fiscal year. The top 10 companies were responsible for more than a third of that.
The industry is still predominantly made up of companies smaller than USD 5 million.
Interpreters understand the threat “no voice, no job.” How do hearing loss and acoustic shock affect the profession?
We examined the interpreting markets in 12 different countries. So, what are the three things that the interpreting market needs now?
There are three key influencers for interpreting services in every market: the demand, the government, and the infrastructure.
We recently conducted a large study for which we examined the interpreting markets in 12 countries. We assessed how the interpreting markets are run, what trends, challenges and opportunities stand out, and what drives interpreting - including pricing. Based on our research, we identified five factors that drive pricing in interpreting.