Neotech ranking as one of the largest language services providers (LSPs) in the translation and interpreting industry. Issued July 2016 by independent market research firm Common Sense Advisory (CSA Research), the report titled "The Language Services Market: 2016" ranked Neotech as a top-grossing language service provider in global market for outsourced language services and technology. Neotech was named as the 4th largest translation vendor in all of Eastern Europe.
CSA Research, which has published market size estimates and global rankings for the past 11 years, found that the demand for language services continues, and is growing at an annual rate of 5.52%. As part of the study, the firm surveyed language service providers to collect actual reported revenue for 2014, 2015, and expected revenue for 2016.
As organizations both large and small address more languages, the firm predicts that the language services industry will continue to grow and that the market will increase to US$45 billion by 2020. Factors driving this demand include continued growth in global mobile and ecommerce; the internet of things (IOT); and legislation requiring access to language services for immigrants, refugees, in the courts, and for public safety.
“Demand continues because the market for outsourced language services and supporting technology is immensely important to the businesses, government agencies, non-profits, and individuals that produce or consume information,” adds DePalma.
About Common Sense AdvisoryCommon Sense Advisory is an independent market research company helping companies profitably grow their international businesses and gain access to new markets and new customers. Its focus is on assisting its clients to operationalize, benchmark, optimize, and innovate industry best practices in translation, localization, interpreting, globalization, and internationalization. For more information, visit: http://www.commonsenseadvisory.com
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