Independent market research firm Common Sense Advisory recognizes Ciklopea as a leader in $43.08 billion global translation, localisation, and interpreting services industry.
(Zagreb) – Ciklopea announced today its official ranking as one of the largest language services providers (LSPs) in the global translation and interpreting industry. Issued July 2017 by independent market research firm Common Sense Advisory (CSA Research), the report titled “The Language Services Market: 2017” ranked Ciklopea as a top-grossing LSP in the US$43.08 billion global market for outsourced language services and technology. Ciklopea was named as the 17th largest language services vendor in Southern Europe.
As part of the study, the firm surveyed providers from every continent to collect actual reported revenue for 2015, 2016, and expected revenue for 2017. CSA Research, which has published market size estimates and global rankings for the past 13 years, found that the demand for language services and supporting technologies continues and is growing at an annual rate of 6.97%, representing an increase over last year’s rate of 5.52%.
Comments the Chief Strategy Officer of Ciklopea, Mladen Stojak,
“Our ranking among the largest LSPs in Southern Europe – the region stretching from Portugal and Spain to Greece and Turkey – is the result of years of quality work and smart investing in people, technology and processes. There will be more good news coming from Ciklopea in the near future.”
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$47.46 billion by 2021. Factors driving this demand include mobile, wearables, and the internet of things (IOT); on-demand offerings to support live chat, texts, tweets, and other short-shelf content bits; and legislation requiring access to language services.
“The sheer number of countries, people, and languages – many of them in markets experiencing tremendous economic growth – assures that demand for language services will only increase over time. As our research conclusively demonstrates, people are much more likely to purchase products in their own language. In addition, localization reduces customer care costs and increases brand loyalty,” explains Don DePalma, CSA Research’s founder and Chief Strategy Officer.
Ciklopea is an industry-focused provider of linguistic solutions enabling companies to reach, engage and support global clients and customers. Our linguistic products have been developed to accommodate the specific requirements, dynamics and prospects of the life sciences, IT & software and technology and manufacturing industries.
About Common Sense Advisory
Common Sense Advisory is an independent market research company specializing in translation, localisation, interpreting, globalization, and internationalisation analysis and consulting. www.commonsenseadvisory.com / @CSA_Research
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