According to the latest procurement intelligence report from Technavio, the global translation and localization services marketis expected to grow at a CAGR of close to 3% over the next five years due to the rise in number of regulated industries.
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Technavio has published a new report on the global translation and localization services market from 2017-2021. (Graphic: Business Wire)
The research report titled 'Global Translation and Localization Services: Procurement Intelligence Report 2017-2021' provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
"The global translation and localization services market is growing rapidly. The need for businesses to grow globally has created a demand to bridge communication gap and cultural differences to establish a better connect with clients and stakeholders that are based in different country," said lead Technavio procurement expert Angad Singh, specializing in research on category spend intelligence
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Cost saving opportunities in the Translation and Localization Services Market
Adoption of cost optimization levers helps employers save costs and enhance their value proposition in terms of quality translation and localized content.
Technavio procurement experts have segmented the cost saving opportunities in the translation and localization services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology
Organizations face a major challenge of translating a large volume of content across distributed divisions and product lines into multiple languages. The high scalability and complexity of this challenge results in a high level of difficulty to manage and streamline translation activities and processes on a global basis.
Translation memory tools enhance the quality and efficiency of the localization process by storing translations for future use, so that the same sentence never needs to be translated twice.
Optimization of procurement practices
Buyers should check the suppliers' subject matter or sector-specific expertise for successful engagement. For example, to translate engineering or medical text, service providers that are familiar with these terminologies will be required. Buyers should assess suppliers based on certain KPI metrics for successful translation of the source content.
Bundling of services
For effective translation and localization, buyers look for the adoption of the latest technologies by suppliers. Some of the essential technologies include translation management system, translation memory tools, machine translation, computer-aided translation tools, and quality assurance tools.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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