THE 2024 NIMDZI 100


Growth by geographical distribution

To get a better sense of where growth happened by geographical distribution in 2023, we have compiled a map of the average growth rates of the top 100 LSPs by region, based on country headquarters.

Compared to last year’s results, all regions experienced slower growth, and LSPs of the top tier from Oceania even lost revenues. This year, Asia again produced the highest levels of average growth, at 20.9%. However, even this is lower than the previous year’s 27.0%. Average growth in both Europe and North America decreased significantly, from 13.1% to 3.0% and from 22.2% to 4.1%, due to factors detailed previously. While Oceania’s average rates infer shrinking, mainly due to Appen’s misfortunes and lower demand for the services of Multicultural NSW, a government-owned company.

Where the largest LSPs are

Of the top 100 LSPs in this year’s Nimdzi rankings, 41% are headquartered in Europe and 34% in North America. Companies from Asia represent 18% of the geographical distribution. Oceania hosts 7% of the top players. This year, no LSP from South America or Africa made it into the top tier. There is only one company from the Middle East that has made it into our ranking, and for the fourth year in a row, BLEND and Tarjama& would be 101st on our ranking, featured in the “Just Shy” list. 

Considering all the LSPs Nimdzi tracks, European dominance in numbers is even higher: 54.5% of companies are headquartered in the old continent. New world LSPs constitute 26.1% of the pack, while Asia, at 15.2%, hosts the third highest count of tracked companies. Oceania, South America, and Africa close the list with 1.9%, 1.4%, and 0.9% respectively.

Where the clients are

We asked survey respondents to indicate the percentage of their revenue derived from customers from around the world. The results show that in 2023, North America was the region with the largest client base in the industry, followed by Europe and Asia. Due to deeper economic challenges in Europe last year, it should not be surprising that North America reclaimed its top position since 2022. 

As the map shows, 49.9% of revenues in 2023 came from clients based in North America, up from 41.0% in 2023. Business from European clients showed a decline, with 38.5% of respondents’ revenue originating from here (down from 48.2% last year). Revenues amounting to 12.2% were derived from customers in Asia in 2023 as compared to 9.8% in 2022. Same as in 2022, South America (1.4%), Oceania (1.5%), and Africa (0.5%) are the smallest regions in terms of client base in 2023. 

Extrapolating these results into dollar values of the overall market, we estimate that North America represents USD 31.2 billion, Europe USD 26.2 billion, Asia USD 8.3 billion worth of opportunities, with the other regions only USD 2.2 billion.

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