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.
Boostlingo has just announced the release of three new features that will go live on July 24, 2020. The most notable feature is Boostlingo’s new Zoom integration.
Continuous growth and fragmentation have been the key characteristics of the language services market. Let's see what the data says.
Interpreters understand the threat “no voice, no job.” How do hearing loss and acoustic shock affect the profession?