Verbit has been recognized in the 2024 Nimdzi 100 as a top player in language services. This annual list is read by tens of thousands of people in the translation and localization industry and is produced by international consultancy company, Nimdzi. It provides market research and deep analysis into the realm of various language service providers and offerings.
Verbit ranks 33rd on the list, marking the first year that Verbit, which was noted for its transcription, captioning and translation products, was included.
This year’s findings highlight a market ripe for growth
The annual report includes research and analysis around translation, localization, interpreting, investment and language technology and provides insight into the sector overall. It notes the language services industry reached $67.9 billion in 2023 and is expected to grow to $72.7 billion in 2024. Estimates indicate it will also exceed $95 billion by 2028.
“The language industry is still a growth market, and it would be an overstatement to declare its demise,” the report states.
The three most provided services by companies on the list are translation and localization (97%), machine translation and post-editing (83%) and subtitling (71%). Onsite interpreting and copywriting, transcreation and content creation are tied on fourth place (60%), followed by desktop publishing and graphic design (59%), dubbing, voiceovers and audio services (58.9%), remote interpreting and transcription (56%).
The report also lists the main challenges facing the buyers of localization products as quality (55%), on-time delivery (38%) and the need for a proactive, engaged and knowledgeable vendor (36%). Price, according to the report, is not high among the most valued aspects of buyers’ relationships with vendors.
Important trends noted by the Nimdzi 100
The report also highlights several tech trends and predicts how they will shape the market for language services in the coming years.
- Generative AI is among the most discussed driver of change. More than half of companies surveyed in the Nimdzi 100 anticipate the positive impact of Gen AI in 2024. “Integrating the new AI into localization processes has been gradual, as a feature rather than a disruptive new way of working,” the report notes. “On a large scale, AI seems to complement rather than replace existing workflows, technologies and human skills.”
- AI dubbing and synthetic voice technology are continuing to improve. The demand has been steady for both the service and technology. More media companies, according to the report, are working with their localization partners to bring AI dubbing solutions into their productions.
- Machine Interpreting is gaining momentum. The survey notes the demand for interpreting services likely will continue as the need for accurate communication increases and language access and equity is promoted in Europe and the United States. Though there is ground to cover in terms of accuracy, the survey notes demand from large enterprises for these technologies is increasing as they offer an alternative to multinational companies and multilingual staff.
A commitment to continuous improvement and competitive offerings
Verbit’s leading AI technology helps businesses, organizations and individuals turn spoken audio and video into accessible and actionable text. Our research and product teams are consistently innovating on our efficient and affordable captioning, transcription and audio description, translation, subtitling and dubbing services to continue to bring them to the next level for our customers.
We’re honored to have been named to the Nimdzi 100 and are committed to continuing our journey to helping customers meet their accessibility goals, reach greater audiences and put their words to work with creative solutions like Captivate™ and Gen.V. Our data-driven approach, integrations and ability to handle jobs at scale have made Verbit a go-to provider for localization needs.
Learn more from experts on our R&D team and get their insights on the market and existing technologies by reading our new whitepaper here.