According to The Nimdzi 100 annual report, the language services industry will reach USD 53.6 billion in 2019 and is projected to reach USD 70 billion by 2023.
While conducting the research for the Nimdzi 100, we reached out to the national statistics bodies of 80 countries with the largest GDP. 39 offices responded with information on translation and interpreting revenues in their country.
Relative market size for translation and interpreting revenue can be a helpful tool for companies looking to evaluate their localization efforts in a select market. For companies considering local (or global) expansion, it can provide a solid indication where the money goes. However, as with all things statistical, they are only one piece of the puzzle – especially considering the current disparity in methods of data collection and the availability of such data, varying from country to country.
The media and gaming industries are as promising as ever. All forecasts point to growth. The size of the global media industry in 2019 is estimated at around USD 522.2 billion.
The ongoing coronavirus outbreak has been affecting the way businesses and individuals work. What does it mean for the localization industry?
In our industry, it often boils down to what people are willing to pay for having their content localized. Let's look at pricing.