Common Sense Advisory, an independent research firm, has just published their list of the top 25 translation companies in the world, something they have been doing since 2005. As expected, the numbers show significant growth in the field of translation and localization. Indeed, the market is growing faster than ever.
It is good time to enter the translation business. In 2007, the average growth rate of the the companies being tracked was over 26%, reaching over US$12 billion in total sales. Some companies, such as Xerox Global Services, Transperfect/Translations, and SDL, are growing at a healthy 35-45% clip. In the next five years, Common Sense Advisory predicts that the revenue from translation will reach US$24 billion, a growth rate of over 14% annually.
Here is a quick list of their top five translation firms:
|Rank||Company||Country||Revenue in US$M
|1||L-3 Communications Linguist Operations||US||753.00|
|4||Language Line Holdings||US||183.20|
For a full list, please see the Common Sense Advisory website. From my perspective, such growth well illustrates the need for universities to not reduce but to increase the number of foreign languages offered and to expand their translation programs to better prepare students for this exciting new industry, especially by including courses in translation technology, localization, and the globalization.