Language industry analyst, Nimdzi Insights, has released its top 100 list of language service providers based on annual revenue. Once again Skrivanek is on it for our business activity in 2022!
Language services include translation, localization, transcreation, multllingual DTP, interpreting, video remote interpreting, subtitling, cultural consulting, and much more. Nimdzi’s calculations rely on the assistance of in-country experts to identify LSPs with USD 10 million or more in revenue and Nimdzi also confirms the information they gather with each company’s management.
After the lockdowns of 2020 when businesses of all kinds flailed and revenues were down, growth in 2021 increased by almost 23% for the top 100 LSPs. Expansion in 2022 was not as huge, but the combined growth of the top 100 was still just over 17%. Nimdzi estimates that the language services industry reached USD 64.7 billion in 2022 and they expect it to grow to USD 69.3 in 2023.
Market changes during the pandemic lockdowns led to innovation and a stronger language industry as LSPs adapted to travel and trade limitations by strengthening services that were still viable and seeing increased demand, like online conferencing. Skrivanek’s strong customer service and communication, always an asset to our customers, benefits our company’s bottom line by providing the knowledge and flexibility for us to grow our efforts in the precise areas that our customers most need services.
Skrivanek management is grateful to our team of brilliant, tireless professionals who are the foundation of our revenue growth. We also wish to express gratitude to Nimdzi Insights for high quality, valuable industry information that helps us see where we are and where we may be headed.