- The global market for language services is estimated at $43 billion in 2017, up from $40 billion in 2016 and $38 billion in 2015
- Demand for machine translations is growing at 20% YoY, and will reach $2.3 billion by 2023
- The vast majority of the world’s population does not have ready access to affordable, accurate translation services
- Europe and the U.S., Canada & Mexico market generate 91% of global language services revenue, while accounting for only 16% of the world’s population
- Fast-growing consumer demand for faster, cheaper, highly accurate translations remains largely unsatisfied due to the limitations of existing technologies
- NMT technology will enable the faster and cheaper translations that will power unlock the rapid growth in the global market
- NMT will open translation services to new markets by providing affordability and accessibility
- The industry is highly fragmented, with small vendors claiming the bulk of the industry’s revenue
- Most vendors are too small and resource constrained to invest in the technologies that will define the industry; thus, most current players will not participate in the explosive growth opportunities
- Price elasticity for translation services is high
- For example, if a language service provider (LSP) can generate accurate translations twice as fast for half the price, many consumers will purchase approximately twice the volume
- The high price elasticity of demand across translation consumers opens the entire translation market for disruption and the capture of market share
