The localization industry has its first billion dollar company, confirms international market research firm, Nimdzi Insights
SEATTLE, WA, UNITED STATES, February 3, 2022 /EINPresswire.com/ -- While compiling data for the annual Nimdzi 100 — ranking of the largest language service providers in the world, international market research agency Nimdzi Insights announces a breakthrough: the localization industry has its first billion dollar company.
The translation and localization industry, a small but mighty space, is, indeed, impervious to crises, notes Nimdzi. The firm, which primarily focuses on localization and language services research and consulting, made the reference to the industry’s growth even through 2020, as data is being collected for this year’s research.
This week, TransPerfect, a long-time industry leader, revealed that the company reached USD 1.1 billion in revenue in 2021. The figure is up from USD 852.4 million in 2020 and is an increase of more than 30 percent year-over-year. This is significant growth in times that saw the world economy suffer. Asked about it directly, TransPerfect’s CEO, Phil Shawe said:
“We are very proud to have surpassed the $1 billion mark in annual sales. Of course, it did not happen overnight. It has taken almost thirty years of delivering for our clients day-in and day-out—and is a testament to the hard work and professionalism of our team. Revenue is just one measure of success on our journey—but continued growth objectively shows that we are achieving our goal of providing more and more value to our customers’ businesses and helping them succeed in the global marketplace.”
In 2021, the market research firm reported that RWS became the new de facto leader in the industry after its acquisition of former rival SDL. Nimdzi reported in March 2021, that the combined 2020 revenues of RWS and SDL stood at USD 937.5 million and outperformed TransPerfect by USD 85.1 million, but this year, TransPerfect officially took the position of the world’s largest LSP (language service provider) once again.
While Nimdzi’s research for the market analysis is still ongoing, it is already becoming evident that 2021 was a positive year for language services. In research briefings to date, 9 out of 10 LSPs reported record growth and some businesses even had the best year since their founding. Nimdzi has identified factors contributing to the growth including:
Increased demand fueled by the pandemic, especially in areas such as remote interpreting, Life Sciences and Technology.
Backlog of requests coming in after lockdowns and meeting restrictions were lifted, e.g. in media localization but also for court hearings and events.
Reaping the rewards after adjusting the business to the new challenges and client requests that came with the pandemic, e.g. having added new service lines, technological innovation, increased digital offering, more automation.
Although this is just a snapshot of the industry at this stage, it is looking like the market may have outperformed growth expectations in 2021.
About Nimdzi Insights
Nimdzi Insights is an international market research and consulting firm, based in Seattle, Washington. Nimdzi advises on mergers and acquisitions, investments in the language services and localization industry, localization programs, and provides business resources for global professionals.