Market research firm Common Sense Advisory recognizes TechInput as a leader in $46.52 billion global translation, localization, and interpreting services industry
New Jersey/Moscow – TechInput announced today its official ranking as one of the largest language service providers (LSPs) in the global translation and interpreting industry. Issued June 2018 by independent market research firm Common Sense Advisory (CSA Research), “The Language Services Market: 2018” ranked TechInput as a top-grossing LSP in the US$46.52 billion global market for outsourced language services and technology. TechInput was named as the 17th largest LSP in Eastern Europe.
TechInput has been active on the Russian oil & gas translation, consulting and educational services market since 2002. TechInput offers quality written and oral translation of any degree of complexity for companies in the oil & gas sector, as well as law firms and financial companies.
As part of the primary quantitative study, CSA Research surveyed providers from around the world to collect actual reported revenue for 2016, 2017, and expected revenue for 2018. The firm details the findings in the 14th annual global industry report, “The Language Services Market: 2018,” the only comprehensive global survey of private and publicly-traded language services and technology companies. The firm found that the demand for language services and supporting technologies continues and is growing at an annual rate of 7.99%, representing an increase over last year’s rate of 6.97%.
“We are delighted to continue our committed lead along with 20 top Eastern European LSPs and look forward to grow and expand further by making the best of the opportunities offered by the global market,” said Evgenii Melnikov, Production Director, commenting on the ranking results.
Sixty-four percent of surveyed language services providers (LSPs) said revenue was up over the previous year. Factors driving this demand include content digitization, personalized customer service, and business globalization. As organizations both large and small make their products and services available in more languages, the firm predicts that the language services industry will continue to grow and that the market will increase to US$56.18 billion by 2021.
“As businesses optimize their customer experience in home markets through digitization, companies are under pressure to globalize their entire operations. Our research has long and conclusively demonstrated that people are much more likely to purchase products in their own language. In addition, that same content and product localization reduces customer care costs and increases brand loyalty,” explains Dr. Donald A. DePalma, CSA Research’s founder and Chief Strategy Officer.
TechInput undertakes major translation projects in areas such as well design, construction and testing, integrated reservoir analysis, and enhanced oil recovery, while also covering the full cycle of field development and production operations, including legal and economic aspects.
TechInput projects are handled by professional linguists, reservoir engineers, geophysicists and geologists – native speakers of foreign languages. Professional translators and editors and responsible project managers work on your assignments around the clock on a 24/7 basis. TechInput team is proud of their ability to provide immaculate and timely translations of any size. www.techinput.ru
About Common Sense Advisory
Common Sense Advisory (CSA Research) is the premier market research firm specializing in the language services and technology industry. It provides primary data and insight to assist companies with planning, brand strategy, innovation, competitive positioning, and better understanding of global markets. www.commonsenseadvisory.com
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