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Translation&Localization Industry

Updated:2017-8-16 11:15:51    Source:www.tannet-group.comViews:206

The language industry is big business, with the worldwide language services market growing at an annual rate of 5.52%. 1 The Centre for Next Generation Localisation reports that localization and translation is the 4th fastest-growing industry in the United States. And, Inc. Magazine lists the language industry as one of the top industries for starting a business.

The industry is diverse and technology-driven, with an increasing impact on both global and regional economies. Here are three key facts to consider:

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

The projected growth rate is 6.5-7.5% annually through 2018 
The size of the language technology industry is estimated at €29 Billion

Language Service Providers and Employment Data
Worldwide estimates for the number of language companies vary, but Common Sense Advisory, which provides highly regarded research data on the industry, maintains a database of 18,000 provider firms worldwide.

The EU Directorate-General Report on the Status of Translators indicates that in 2012, approximately 330,000 people were employed as translators or interpreters worldwide. Seventy-eight percent of translators in Europe worked as freelancers.

In the U.S. more than 3,000 firms employ over 55,000 professionals in various aspects of language services. More than 50,000 people work as translators and interpreters, according to the U.S. Bureau of Labor Statistics.

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