Sharing this article from EUATC written by Eva Hussain about the LS Market: https://www.euatc.org/news/item/502-the-future-of-the-ls-market-diversify-or-die

We quote :

“With low barriers to entry, we do operate in a complex, fragmented and volatile environment with millions of players, big and small. Technological advances also mean we can no longer laugh at the machine translation; pretend video interpreting isn’t the next big thing or file away artificial intelligence as science fiction.

The continued pressure on pricing and quality has already kicked off a wave of consolidation and acquisitions. We’re seeing more and more LSP’s being swallowed

by the bigger fish who outsource everything from their customers care to project management to translation.

The clients want everything to be done cheaper, faster and better, too. Remember when our aim was to educate them?

We can tick that box: they’ve educated themselves, raised the bar and expectations which many of LSP’s can no longer meet.

All in all, a pretty bleak picture. The truth is many of us have been flying by the seat of our pants for a long time, offering mediocre quality and service, We’ve been selling the same thing packaged differently, But before closing shop, lets look at that diversification again, Surely there is something we can do since language services are one of the most progressive industries to be in today.

Diversification doesn’t mean doing more of the same: it means doing something different. It’s a strategy allowing a company to develop additional lines of business, and to extend and broaden service range to boost sales. Diversification is also about exploring new markets and taking new risks. The key to diversifying successfully is having a well-established core business, conducting research on new opportunities and ensuring you have the right people behind you.

Whether you decide to diversify or not and what it’s going to look like is up to you, Just mind that companies that don’t adjust to the agile business environment of today may struggle. So, if death isn’t an option for you, get the creative juices flowing. It’s a decision business owners are making every day in every business sector – diversify or die.”