Houston, TX, August 08, 2017 --(PR.com
)-- MasterWord Services, Inc. announced today its official ranking as one of the largest language services providers (LSPs) in the global translation, localization, 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 MasterWord Services as a top-grossing LSP in the US$43.08 billion global market for outsourced language services and technology. MasterWord Services was named as the 47th largest LSP in the world and the 13th largest in North America. This marks the fifth and consecutive time for MasterWord Services to be ranked by CSA, both globally and regionally.
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%.
President of MasterWord Services, Ludmila Golovine has guided MasterWord Services’ scope from a college start-up to a world-ranked Top 50 company that supports language access and enables success of international organizations, projects, and initiatives in over 250 languages. “True to its mission of Connecting People Across Language and Culture®,” comments Golovine, “the company has grown from one to 140 full-time employees serving Fortune 500 energy, engineering, healthcare, insurance and social services companies and supporting clients across four continents.” MasterWord Services will celebrate their 25th anniversary in 2018.
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.
About MasterWord Services
MasterWord Services, Inc., founded in Houston, Texas in 1993, is currently providing language access solutions in more than 250 languages representing more than 50 countries. The company serves energy, engineering, healthcare, government, insurance and social services organizations around the world including Fortune 500 companies. Certified to the prestigious ISO 9001:2008 and ISO 13611:2014 standards, as designated by the Geneva, Switzerland-based International Organization for Standardization (ISO). MasterWord is also recognized as a Top Workplace in Houston Chronicle rankings, one of the “Top 100 Women Owned Businesses” in Texas, and one of the “Top 500 Women-Owned Businesses” in the United States by DiversityBusiness.com. www.masterword.com / @masterword
About Common Sense Advisory
Common Sense Advisory is an independent market research company specializing in translation, localization, interpreting, globalization, and internationalization analysis and consulting. www.commonsenseadvisory.com / @CSA_Research
Company Media Contact:
Jacqueline Altobelli, MasterWord Services
Global Marketing & Strategic Projects Manager, Business Development
(281) 589- 0810 ext.8108
CSA Research Contact: