Remote online simultaneous interpretation services
To provide an overview of clients/market segments that would be interested in remote online simultaneous interpretation services, priced at $4,000 per day per language for a longer meeting, and $2,000 per day per language for shorter meetings.
- The overall global translation services market was valued at $39.61 billion in 2019 and is projected to reach $46.21 billion by 2027, growing at a CAGR of 2.1% from 2020 to 2027. Other reports expect the market to reach $57 billion by 2022, growing at a CAGR of 11% between 2016 and 2022.
- From a recent European Language Industry Survey, the sectors that have brought growth in the translation services market are: engineering, manufacturing (33% growth), healthcare, life sciences (30% growth), and legal, intellectual property (20% growth). Aerospace, defence saw the least growth at 4%, followed by publishers, culture, art segment with 5% growth.
- Additionally, the survey also found that simultaneous interpretting on site is far ahead of remote interpreting.
- Another survey, the Association of Translation Companies (ATC)’s Language Industry Survey 2019, focusing on translation market in the U.K. found that the highest proportion of the £1.35 billion revenues for U.K. companies in language services was in: financial, patent, market research and legal firms: 23.3%, manufacturing, engineering, automotive, energy and construction: 21.8%, and other language service companies: 12.4%. Entertainment (film, TV and games) provided the lowest proportion of the revenues at 1.2%, followed by healthcare institutions at 1.5% and software companies at 2.9%.
- Some of the notable players in the remote online simultaneous interpretation services space include: KUDO, Interprefy, VoiceBoxer, Interactio, Speakus, Verspeak, and Zoom.
- The pricing per hour for these providers ranges from $54.99 to $495, and $54.99 to $2,225 per day.
Summary of Findings
- In this preliminary hour of research, we determined that information on the market segments for the remote online simultaneous interpretation services is not readily available, as it is a relatively new segment in the language services/translation market.
- We found some insights on the proportion of business for different markets/industries from the broader language services/translation industry based on two surveys in Europe and in the U.K., that could provide indicative proportions or interest for the remote online simultaneous interpretation services.
- We suggest continued research to complement these early findings on the broader translation industry with information on the offering from the notable players in the remote online simultaneous interpretation services market, as well as insights on the outlook of the market to find additional helpful insights on pricing, as detailed below:
Proposed next steps:
You need to be the project owner to select a next step.