Language Services Industry – Importance
The language services industry has never been more important and relevant than it is now.
The globalization, migration and telecommunications / technology have transformed the market and society in all levels to such and extend that languages barriers must be and are being removed.
- The size of the overall global language industry in 2016 is estimated at $40 Billion (USD), with estimates of up to $45 Billion by 2020. Source: GALA (Globalization and Localization Association)
- Common Sense Advisory Research (CSA Research) shows an annual growth rate of 6.46% for the language services market.
- Inc. Magazine lists the language industry as one of the top industries for starting a business.
- Localization is the 4th fastest-growing industry in the United States (Language localization is the process of adapting a product that has been previously translated into multiple languages to a specific country or region) .
- Revenues from digital English language learning products in Asia are projected to nearly double from 2013 (US$863.1 million) to US$1.6 billion by 2018. ICEF Monitor
- Outsourcing is the preferred method for managing language services for domestic, multicultural, or global use. (Full-service LSPs or freelancers.)
- The number of foreign students in the US has surpassed the one million mark to reach 1,043,839.
- The United States Census Bureau Reports at Least 350 Languages Spoken in U.S. Homes.
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