Global procurement intelligence advisory firm, SpendEdge, has announced the release of some new research for the translation & localization industry.
‘Translation and Localization Services Market Procurement Research Report’
The insights and data in the new report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the professional services industry.
This report breaks down the data and analysis behind the procurement of translation and localization services and acts as an all-inclusive guide for making smart purchasing decisions.
The need to bridge the communication gap between clients and businesses worldwide is driving the growth of translation services..
says SpendEdge procurement analyst Tridib Bora.
“…APAC is the fastest growing region in this market, it is driven by a rapid escalation of foreign-owned businesses, lucrative customer base with growing income levels, and the existence of several non-English languages such as Japanese, Chinese, and Korean.”
- E-commerce, mobile, and social media continue to be the areas that are fueling the growth of localization and translation services. E-commerce companies procure services of global localization providers that can culturally adapt products and services and get them ready for the entirely new audience. Also, new initiatives and regulations from different governments have helped increase the demand for localization and translation services.
- The buyers should assess suppliers based on certain KPI metrics for successful translation of the source content. For effective translation and localization, buyers should identify and engage with suppliers that adopt latest technologies. Some of the essential technologies include translation management system, translation memory tools, machine translation, computer-aided translation tool, and quality assurance tools.
- One of the key challenges faced by the buyers in this market includes difficulty in identifying suppliers that assure highest translation quality. Therefore adoption of machine translation technologies by suppliers of these services to address the lack of qualified professionals and to cope with increasing amounts of data would benefit the buyers in this market.
Translation and Localization Services – Category Spend Analysis
According to SpendEdge analysts, one of the key drivers for growth of the global translation and localization services market is the increased use of content localization as a marketing tool to enhance customer satisfaction and increase brand awareness.
Moreover, the growth is fueled by an increasing need for multilingual content for marketing purpose as most competitive organizations provide sales, product, service, and support in a variety of languages.
Procurement Best Practices
Buyers must engage with suppliers who can help them set objectives for the translation and localization services. This will help the buyers evaluate the length of the content to be translated, whether it is word conversion translation or broad localization needs.
Based on the analysis in this report, a major procurement pain point experienced by the buyers is the lexical and structural mismatches in the translated content. SpendEdge’s procurement specialists predict that the buyers should engage with suppliers that use dictionaries, glossaries, terminology banks, and experts.
Interested in buying the report? Then hop on over to SpendEdge.