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2024 U.S. Industry Statistics & Market Forecast - Translation and Interpretation Services
Market Size & Industry Statistics
The total U.S. industry market size for Translation and Interpretation Services:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|
| Market Forecast ($ millions) | |||||
| Projected Industry Growth Rate (%) | |||||
Industry Insights
Major trends affect the Translation and Interpretation Services industry include:- Increasing demand for localization services
- Rise of machine translation and AI technologies
- Growing globalization of businesses
- Heightened focus on real-time translation solutions
- Expansion of video remote interpreting (VRI)
- Surge in e-learning and digital content
- Stringent quality control and certification standards
- Emergence of niche language services
- Impact of geopolitical tensions on language demands
- Adoption of cloud-based translation management systems
- Enhanced emphasis on data security and privacy in translations
- Shift towards telehealth increasing demand for medical interpreters
- Demand for interpretation services in legal and immigration contexts
Product & Services Breakdown
Research products and services in the Translation and Interpretation Services industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Translation And Interpretation Services |
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Translation Services |
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Interpretation Services |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) |
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|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Translation and Interpretation Services company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Translation and Interpretation Services industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Translation and Interpretation Services measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 7% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 4% | |||
| Business and Financial Operations Occupations | 9% | |||
| Business Operations Specialists | 7% | |||
| Arts, Design, Entertainment, Sports, and Media Occupations | 7% | |||
| Healthcare Practitioners and Technical Occupations | 23% | |||
| Healthcare Diagnosing or Treating Practitioners | 9% | |||
| Veterinarians | 9% | |||
| Veterinarians | 9% | |||
| Health Technologists and Technicians | 14% | |||
| Health Practitioner Support Technologists and Technicians | 13% | |||
| Veterinary Technologists and Technicians | 13% | |||
| Healthcare Support Occupations | 12% | |||
| Other Healthcare Support Occupations | 12% | |||
| Miscellaneous Healthcare Support Occupations | 12% | |||
| Veterinary Assistants and Laboratory Animal Caretakers | 12% | |||
| Office and Administrative Support Occupations | 21% | |||
| Information and Record Clerks | 12% | |||
| Receptionists and Information Clerks | 7% | |||
| Receptionists and Information Clerks | 7% | |||
Translation and Interpretation Services Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Translation and Interpretation Services industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Translation and Interpretation Services industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Translation and Interpretation Services industry. |
Source:
Innovation News
- Mar 07, 2024: SDL patents Systems And Methods Of Generating Analytical Data Based On Captured Audit Trails
- Feb 15, 2024: Language Line patents Computer-implemented Method For Connecting A User To A Mobile Telephone-based Language Interpretation Session
- Feb 15, 2024: Language Line patents Computer-implemented Method For Connecting A User To A Mobile Telephone-based Language Interpretation Session
- Jan 18, 2024: Universal Cinergia Dubbing trademarks "TURKISH DRAMA GALA" - Conducting entertainment exhibitions in the nature of parties and galas; Entertainment services in the nature of arranging social entertainment events; Entertainment services in the nature of hosting social entertainment events; Entertainment services in the nature of organizing social entertainment events; Hosting social entertainment events
- Jan 16, 2024: Boostlingo trademarks "BOOSTLINGO ONDEMAND" - Language interpretation; Sign language interpretation
- Nov 10, 2023: Boostlingo trademarks "BOOSTLINGO EVENTS" - Live interpretation and real-time simultaneous interpretation for multi-lingual web conferencing
- Oct 17, 2023: Speakeasy Labs raises $20 million in funding.
- Oct 17, 2023: Speakeasy Labs raises $16 million in funding.
- Oct 17, 2023: Speakeasy Labs raises $27 million in funding.
Recent Federal Contracts for Translation and Interpretation Services
- Apr 02, 2024: ISABEL FIERROS, PLLC (Phoenix, AZ) awarded $42,000
- Apr 02, 2024: PRISMA INTERNATIONAL, INC. (Minneapolis, MN) awarded $101,000
- Apr 02, 2024: GLOBAL IMPACT CONSULTING LLC (Asheville, NC) awarded $93,503
- Apr 02, 2024: MISCELLANEOUS FOREIGN AWARDEES (Washington, DC) awarded $14,499
- Apr 02, 2024: ACCESS INTERPRETING INC. (Vienna, VA) awarded $1,263,507
- Apr 02, 2024: SHERI DELUDOS & ASSOCIATES, INC (Clearwater, FL) awarded $420,240
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