Language Translation Services Sourcing and Procurement Report by Top Spending Regions and Market Price Trends - Forecast and Analysis 2022-2026

Language Translation Services Sourcing and Procurement Report by Top Spending Regions and Market Price Trends - Forecast and Analysis 2022-2026

  • Published: Jan 2022
  • Pages: 120
  • SKU: IRCMSTR22527

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Language Translation Services Procurement - Sourcing and Intelligence Report on Price Trends and Spend & Growth Analysis

The language translation services procurement category is projected to grow at a CAGR of 6.72% during 2022-2026. The prices are outlined to rise by 6%-10% during the forecast period and suppliers will have moderate bargaining power in this market. TransPerfect Global Inc., LanguageLine Solutions, and Lionbridge Technologies LLC are a few of the key suppliers in the language translation services market.

Language Translation Services Procurement - Sourcing and Intelligence Report on Price Trends and Spend & Growth AnalysisLanguage Translation Services Procurement - Sourcing and Intelligence Report on Price Trends and Spend & Growth Analysis

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Who are the Top Suppliers in the Language Translation Services Market?

This report offers detailed insights and analysis of the major cost drivers, volume drivers, and innovations of the language translation services procurement and sourcing market, which the global suppliers have been leveraging to gain a competitive edge across regions. Some of the leading language translation services suppliers profiled extensively in this report include:

Top Suppliers in the Language Translation Services Market

Furthermore, this language translation services procurement market report provides a detailed analysis of procurement strategies deployed by major category end-users across several industries while sourcing for language translation services requirements. In addition, most adopted and high potential pricing models considered by buyers have been analyzed in this report, which will help understand business scopes for revenue expansion. These data will assist buyers to realize cost savings and identify business strategies to improve sales.

What are the Most Suitable Supplier Selection Criteria, Supplier Evaluation Metrics, and SLA that Buyers Should Consider?

The language translation services procurement market report provides a detailed analysis into various supplier selection criteria, RFX questions, supplier evaluation metrics, and the service level agreements that the buyers should consider adopting to achieve significant cost savings, streamline the procurement process, and reduce category TCO while sourcing for language translation services requirements.

Language Translation Services Market Supplier Selection Criteria, Supplier Evaluation Metrics, and SLA

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What are the Most Adopted Procurement Strategies by Buyers Across Industries?

The report provides a detailed insight into the most adopted procurement strategies by buyers across industries and an analysis of these strategies with respect to innovation, regulatory compliance, quality, supply, and cost. Adoption of these procurement strategies will enable the buyers to reduce category TCO and achieve cost savings while sourcing for language translation services requirements.

What are the Major Pricing Models Adopted by Buyers in Language Translation Services Market?

The report discusses in detail each pricing model and the pros and cons attached to every pricing model prevalent in the market. Also, the report provides insights with respect to the category supply chain and the margins of various suppliers within the supply chain. These market analysis data will enable the buyers to make informed strategic sourcing decisions. Buy the full language translation services procurement market report now to get comprehensive details on pricing models

Price Strategies and Benchmark

Language Translation Services Procurement Pricing Model

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To optimize the value of the purchase, it is crucial to keep a track of current and future price trends. Price forecasts are beneficial in purchase planning, especially when supplemented by the constant monitoring of price influencing factors. During the forecast period, the market expects an incremental spend of $ 17.49 billion due to various market drivers prevalent across multiple regions. Also, the report speaks about various cost-saving factors through analysis of the below factors:

  • Identify favorable opportunities in language translation services TCO (total cost of ownership)
  • Expected changes in price forecast and factors driving the current and future price changes
  • Identify pricing models that offer the most rewarding opportunities

What will the Spend Growth and Demand be by Region?

The language translation services market will register an incremental spend of about $ 17.49 billion during the forecast period. However, only a few regions will drive the majority of this growth. Moreover, on the supply side, North America, Europe, and APAC will have the maximum influence owing to the supplier base. The growth is expected to be primarily driven by increasing demand and adoption of the category across those few regions. To get a detailed analysis of the volume drivers that are driving the adoption of the category across regions, buy the full report now!

The drivers and inhibitors that influence these global and regional outlooks are elaborated in detail in this procurement report. Our in-depth growth decomposition analysis covers details on:

  • Factors driving the growth (or lack of it) in individual geographies
  • Regions that hold the most rewarding opportunities for buyers and suppliers
  • Spend growth and regional spend segmentation over the coming years

Language Translation Services Procurement Spend Growth Analysis

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What are the Major Category Management Objectives for Language Translation Services Sourcing?

A targeted strategic approach to language translation services sourcing will provide several opportunities. However, in the absence of actionable intelligence on language translation services, buyers may end up focusing on a tactical sourcing strategy without any focus on cost-saving opportunities. Hence, this report focuses on category management initiatives such as top-line growth, scalability of inputs, and category innovations, which will assist buyers to formulate a strategic procurement strategy

The report explains the following key category management objectives that should form the base for sourcing strategy.

Category Management Objectives for Language Translation Services Sourcing

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In addition to helping buyers in identifying the strategic goals and initiatives for category management, the report also has detailed insights into the most outsourced category management activities and category enablers which can simplify the procurement process for buyers.

Scope of Language Translation Services

Report Specs

Details

Page number

120

Base year

2022

Forecast period

2022-2026

Spend growth (CAGR)

6.72%

Incremental spend

$ 17.49 billion

Pricing growth outlook

6%-10%

Pricing models

Hourly-based pricing, Project-based pricing, and Minimum Price

Supplier selection scope

Expertise in core competencies, Capability to provide creative and production functionalities, References from existing and past clientele, and Ability to deliver customized projects

Supplier opportunities

Supplier synergies, Reducing total ownership cost, Manage ad hoc spend, Negotiate on pricing and contractual terms, Conference participation, Managing labor price volatility, Level of automation, Quality management, and Cost of quality impact

Supplier selection criteria

Business needs, Technical specifications, Operational requirements, Security compliance, Regulatory mandates, Legal requirements, Quality control, Change management procedures, Pricing models, Penalty clauses, SLA nuances, Acceptance criteria, and Evaluation criteria

Category management scope

Top-line growth, Scalability of inputs, Category innovations, Supply base rationalization, Minimalization of ad hoc purchases, Adherence to regulatory nuances, Cost savings, Reduction of TCO, Customer retention, and Supply assurance

Top suppliers

TransPerfect Global Inc., LanguageLine Solutions, Lionbridge Technologies LLC, RWS Holdings Plc., Welocalize Inc., Semantix International AB, Yamagata Corp., Logos SpA, Lingotek Inc., and Alchemy Translation

Market dynamics

Regional category spend in terms of percentage with respect to North America, South America, Europe, Middle East and Africa and APAC and global category spend and CAGR in terms of percentage over a span of 5 years.

Customization scope

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Language Translation Services Procurement

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Executive Summary

    Market Insights

      Category Pricing Insights

        Cost-saving Opportunities

          Best Practices

            Category Ecosystem

              Category Management Strategy

                Category Management Enablers

                  Suppliers Selection

                    Suppliers under Coverage

                      US Market Insights

                      • Market positioning of suppliers

                      Category scope

                        Appendix

                          Research Framework

                          SpendEdge presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                          INFORMATION SOURCES

                          Primary sources

                          • Procurement heads
                          • Category managers
                          • Sourcing consortium professionals
                          • Industry experts and thought leaders
                          • Procurement managers
                          • Category heads of suppliers
                          • Client account heads/managers
                          • Client and industry consultants

                          Secondary sources

                          • Industry journals and reports
                          • Periodicals and new articles
                          • Category webinars
                          • Internal categiry playbooks
                          • Industry and government websites on regulations and compliance
                          • Internal databases
                          • Industry blogs/thought leader briefings

                          DATA ANALYSIS

                          Language Translation Services Sourcing and Procurement Report by Top Spending Regions and Market Price Trends - Forecast and Analysis 2022-2026
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