LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Translation and Localization Services Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the professional services industry. This report breaks down the data and analysis behind the procurement of translation and localization services and acts as an all-inclusive guide for making smart purchasing decisions.
“The need to bridge the communication gap between clients and businesses worldwide is driving the growth of translation services,” says SpendEdge procurement analyst Tridib Bora. “APAC is the fastest growing region in this market, it is driven by a rapid escalation of foreign-owned businesses, lucrative customer base with growing income levels, and the existence of several non-English languages such as Japanese, Chinese, and Korean,” added Tridib.
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Key Report Features
| Supply Market Insights | Negotiation Strategies | |
| Procurement Best Practices | Category Risk Analysis | |
| Cost Saving Opportunities | Key Supplier Analysis | |
| Pricing Models | Supplier Capability Matrix |
Report Insights
- E-commerce, mobile, and social media continue to be the areas that are fueling the growth of localization and translation services. E-commerce companies procure services of global localization providers that can culturally adapt products and services and get them ready for the entirely new audience. Also, new initiatives and regulations from different governments have helped increase the demand for localization and translation services.
- The buyers should assess suppliers based on certain KPI metrics for successful translation of the source content. For effective translation and localization, buyers should identify and engage with suppliers that adopt latest technologies. Some of the essential technologies include translation management system, translation memory tools, machine translation, computer-aided translation tool, and quality assurance tools.
- One of the key challenges faced by the buyers in this market includes difficulty in identifying suppliers that assure highest translation quality. Therefore adoption of machine translation technologies by suppliers of these services to address the lack of qualified professionals and to cope with increasing amounts of data would benefit the buyers in this market.
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Translation and Localization Services Market Pricing Trends
The hourly pricing model is a widely-adopted pricing model in the translation and localization services industry as the buyer pays only for the amount of content translated whereas performance-based pricing model ensures high performance of the service as the invoice to the customer is linked to the performance of the service delivered. The other pricing model includes fixed-pricing and cost-plus pricing models. The fixed-pricing model eases the payment process as the buyer is charged a set price for a service offered. The cost-plus pricing model ensures the competitiveness of the buyer in the industry.
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SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.
