According to the UK Language Industry Survey and Report 2023 compiled by Nimdzi for the Association of Translation Companies, the estimated market size for language services in the UK is between £1.94 to £2.20 billion in 2022 (€2.19 – to €2.54 billion or $2.34 to $2.69 billion).
In the last two years, UK Language Service Companies (LSCs) have recorded above-average growth with the domestic market proving to be the largest revenue generator.
The study showed that UK LSCs have maintained healthy margins for both translation (49.5%, on average) and interpreting services (35.6%). Importantly, more than 40 percent of companies reported increased profitability, while for just under third profitability has remained level.
Keen observers of the UK language industry will turn straight to the section that lists the country’s top 20 LSCs, which shows, unsurprisingly, that RWS head and shoulders above all others.
The full report, which, among a myriad of topics, goes into details on pricing, AI and other trends in technology, can be downloaded free-of-charge HERE.