Akorbi is one of the premier language service providers (LSPs) in the United States. We take pride in this accomplishment, as we’ve come from humble beginnings to work in more than 170 languages around the world! In today’s blog, we look at some statistics about our industry, language service providers.
Billion-Dollar Industry in the U.S. and Worldwide
In the United States, language service providers account for more than $7 billion in revenue. Worldwide, the LSP market boasts a total revenue of around $50 billion. What do these numbers mean? They mean language service providers represent a vital industry that keeps the world connected. Akorbi is proud to be a part of this push for globalization.
The industry has doubled in size over the past 10 years in terms of revenue. Many new companies continue to grow and add to our industry. In 2020 alone, 70 boutique, or highly specialized and smaller LSPs, were added to Slator’s index of the world’s largest LSPs in the company’s annual reports and statistics. The industry is expected to grow to more than $56 billion in revenue in 2021.
Why Are LSPs Growing?
Two things fuel the growth of LSPs: technology and demand.
As the world becomes more technologically advanced, telecommunications continue to be a vital link for companies looking to partner, innovate, and grow. For example, an American company may have a dedicated engineering team in Germany and another one in China to help deliver its next big product. Surgeons in India may consult with specialists in Great Britain and Japan on how to best handle a complicated procedure.
Demand for language services is also increasing. As the world becomes more mobile, people are moving from country to country. Tourism also has increased, even though COVID-19 has put a severe damper on that industry. Governments, agencies, and companies must find new ways to cater to foreign-language speakers in their target audience.
Where Akorbi Ranks
Akorbi ranks as the 27th-largest LSP in the world, according to Slator’s 2020 LSPI. We’re also the largest women-led LSP in the United States. We have annual revenue of more than $50 million, employ 350 full-time workers across the globe, and work with certified and qualified interpreters and translators. Our company seeks growth in the emerging African market.