- 55% of LSPs reported positive growth;
- 38% reported declining revenues
- 7% remained flat, managing to match 2021 revenues
On a segment basis, growth among the Super Agencies was 1.8%, compared to Leaders at 9%, Challengers at 8.5%, and Boutiques at 2.5%. Below, we look at the top three, fastest growing LSPs per segment in 2023.
Slator 2024 Language Service Provider Index (Data as a Spreadsheet Download)
Spreadsheet with underlying data for the Slator 2024 LSPI: ca. 250 LSPs, 2023 revenues (USD), growth, ownership, headquarters, and more.
Super Agencies
Among the eight Super Agencies, the fastest growing companies in 2022 were Keywords Studios, Welocalize, and TransPerfect.
Keywords grew by 12.9% despite the “subdued performance” of its Globalize division from the US media strikes last year. Around 40-45% of Keywords’ revenues come from localization-related activities, with the remainder derived from other outsourced video game services such as development and marketing. Welocalize grew through organic growth, as did TransPerfect, thanks to demand in its contact center and over-the-phone interpreting solutions.
The honorable mention among Super Agencies goes to Lionbridge, which was the only other LSP able to increase its topline (2.1%) in this segment. STAR Group did not participate in this year’s LSPI, but recently reported revenue growth also.
Leaders
The Leader category was the fastest growing segment in 2023. Among the ca. 50 Leaders, the fastest growing LSPs in 2023 were ElaN Languages, GLOBO, and DA Languages.
ElaN Languages more than doubled its revenues in 2023 thanks to its two acquisitions, Lingua-World and AVB Vertalingen.
Meanwhile, GLOBO almost doubled its revenues after acquiring LUNA Language Services and All Access Interpreters, accelerating its already rapid growth thanks to demand for US healthcare interpreting and remote interpreting.
Meanwhile, UK-based DA Languages – which specializes in over-the-phone, remote, and in-person interpreting, grew by 83% from 2022-2023 thanks to organic growth.
Honorable mentions among Leaders go to several LSPs that specialize in virtual remote interpreting solutions. These include LanguageLine Solutions, which added a mega USD 145m in revenues to its topline, as well as AMN Language Services (USD 44m growth), and Propio Language Services (USD 27m growth).
Linguava Interpreters, Global Talk Netherlands, and Transvoice, each reported between 35% and 57% growth, as did website localization specialist Weglot, at 63%.
Challengers and Boutiques
Among the ca. 50 Challengers, Interactive Contact Center was by far the fastest growing LSP in this segment with 80% growth, followed by The Language Group and Willingjet Life Science, each with a 46% growth rate.
From a long list of 150, the fastest growing Boutique LSPs in 2023 were Interlex Media & Translations, Task Force, and certified translations specialist Translayte.
On the top end of the Boutique category, Word Class grew more in US dollar terms than any other Boutique LSP, adding USD 1.7m to its topline in 2023. Transcend Translation also saw strong growth.
The honorable mention among the Challengers goes to Hanna Interpreting Services, which added the biggest US dollar amount to its topline of any Challenger in 2023, followed by Terra Translations, which made the Inc 5000 list of fastest growing companies in both 2022 and 2023.
