Worldwide Globalization Services Market to Exceed $8.9 Billion by 2007, Reflecting a Growth Rate of 12.5%, IDC Reveals
FRAMINGHAM, MA – APRIL 9, 2003 – The worldwide globalization services (GS) market is slowly emerging from a sluggish 2002, brought on by the weak global and U.S. economies and the slower-than-expected pace of recovery in spending, a new report from IDC reveals. However, after a period of reorganization and restructuring for many vendors, IDC forecasts that GS spending will return to a double-digit growth rate in 2004 and will increase to nearly $9 billion by 2007, representing a compound annual growth rate (CAGR) of 12.5%.
"Despite today's economic challenges, globalization services present a growing industry opportunity around enabling and helping organizations – from governmental entities and large multinationals to small but globally aspiring companies – to better understand the opportunities and complexities involved with positioning their organizations' people, processes, and technologies internationally," said Alexander Motsenigos, senior analyst for Globalization Services at IDC.
Among the key trends in the Globalization Services market presented in IDC’s study are the following:
Service providers must establish and maintain high levels of customer intimacy and interaction to understand and continue to meet their needs at a high level and to demonstrate measurable results.
Both buyers and service providers need to embrace a partnership approach around localization.
Localization vendors with extensive project management capabilities and experience should proactively make a case (educate the customer) on how they can help minimize the transaction and coordination costs involved in dealing with multiple service providers' costs.
Service providers must also consider important business process outsourcing (BPO) opportunities unfolding in the GS market over the next 6 to 12 months.
To create and sustain competitive advantage, service providers must continuously invest in their people, processes, and technology. All these become important factors that affect service delivery and quality.
Service providers should move toward embracing open standards for translation processes (e.g., XLIFF, TMX, and OLIF) to ensure ease of interchange of data with their clients.
The IDC study, Worldwide and U.S. Globalization Services Forecast and Analysis, 2003-2007 (IDC #29001), defines the opportunities available to service providers that are looking to capitalize on the growing demand for globalization, internationalization, and localization services. Specifically, this analysis presents a comprehensive and multidimensional market sizing and forecast of the worldwide GS, which is segmented according to the following three major service categories:
Localization, translation, and interpretation (LTI) services, further segmented to software localization, Web localization, translation/content localization, and interpretation
Globalization application services
The study also forecasts the GS market opportunities by the following geographic regions:
Europe, Middle East and Africa
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