STP is ranked the 72nd largest translation company in the global industry’s $43.08bn market, according to independent market research firm Common Sense Advisory (CSA).
The research saw STP’s ranking rise one place despite a challenging global environment – a fact not lost on STP’s executive chairman and co-founder, Jesper Sandberg.
‘’Advances in language technology, corporate acquisitions, changing political landscapes and constantly evolving client requirements all have an impact on the translation industry and they very much shape its future.’’
‘’For STP to have secured our place among the top 100 LSPs [language service providers] for a fifth year in a row, in such a competitive market, illustrates the strength of our business model and the skills and professionalism of our talented staff and suppliers,’’ he said.
As part of its comprehensive study, CSA surveyed providers from every continent to collect actual reported revenue for 2015 and 2016, and expected revenue for 2017.
The representative sample from the 18,000 LSPs in its database showed that the demand for language services and supporting technologies is growing at an annual rate of 6.97%, representing an increase over last year’s rate of 5.52%.
Jesper said this growing demand for LSPs is an exciting and potentially lucrative opportunity for STP and its clients.
‘’STP, with its strong focus on in-house linguistic production capacity and expertise, is in a unique position to be able to help meet this growing demand,’’ he said.