We are excited to announce our 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 Appen as a top-grossing LSP in the US$46.52 billion global market for outsourced language services and technology. Appen was named as the largest LSP in APAC and the 13th largest in the world.
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%.
Our CEO Mark Brayan said, “We are very pleased to be recognized by the Common Sense Advisory as a leading global LSP. With the rapid adoption of artificial intelligence by companies all over the world, our experience as a leading provider of high-quality language data has positioned us to capitalize on this market trend. We look forward to continuing our work with firms that are leveraging machine learning and AI to penetrate new markets.”
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.
To learn more about how we help our clients improve their data for machine learning-based products that rely on natural language, contact us at firstname.lastname@example.org.