Project management. Automation. At first glance, these aren\u2019t the most exciting terms in the industry. Spreadsheets, status reports, and workflows probably come to mind. But, behind every great translation services company is an all-star project translation management team, powered by an incredibly efficient translation management software system (TMS).<\/p>\n
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Here\u2019s why: the industry has become more competitive than ever. Since 2009, market size has doubled from $23.5 billion to $46.5 billion in 2018 \u2014 and it\u2019s still growing. And, the number of language service providers (LSPs) is rising in accordance with the market \u2014 from freelance translators, to small and large translation agencies.<\/p>\n
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According to a 2018 industry report, \u201cIn some cases, the competition in a specific market is quite consistent, year over year, as it is with translation.\u201d (1) 95% of providers in the translation industry offer translation services. And, 65% of them derive more than half of their revenue from these services (1). As global markets and the need for translated content continues to expand, we expect even more companies will jump into an already saturated, highly competitive industry.<\/p>\n
The answer is automation.<\/i> LSPs must become more efficient and productive. Otherwise, they won\u2019t stand out among the competition. When a company can deliver outstanding translation services, but do so in a streamlined, flawless manner, they\u2019ll quickly become a preferred vendor for global companies. And, they\u2019ll have more time to win business.<\/p>\n\t