Changes in Language Services Industry Boost MTM LinguaSoft
According to Common Sense Advisory, one of the primary sources for research on industry trends, growth rates in the language services industry have slowed recently, with growth in demand estimated at 12.17% in 2012 and only 5.13% in 2013. At the same time, MTM LinguaSoft, a language services company in Philadelphia which is celebrating its tenth anniversary this year, saw its revenues rise by 26% in 2012 and its customer base grow by close to 50%. The first half of 2013 has been even bigger, with growth of 68% over the same period in 2012.
Many factors account for this exceptional performance, but a big part of the story has been changes in the language services industry itself – both on the demand and supply sides – that have played to MTM LinguaSoft’s strength in technology.
On the supply side, the role of computer technology has skyrocketed. While computer-aided translation (CAT) tools have been around for over 20 years, choices of tools and their capabilities have expanded at an ever-increasing rate over the past few years. At the same time, other kinds of software applications have emerged that help with various aspects of the translation and localization process from preparing files, to assigning work, to review and layout. The staff members at MTM LinguaSoft have been continually assessing and adopting new software applications that have increased efficiency and brought down costs. This, along with expanding the company’s service menu to meet new needs, has helped make the company a strong competitor in the new industry environment.
Meanwhile, the services that clients are looking for have also been changing rapidly; in particular, the last few years have seen ever increasing demand for website and software localization. MTM LinguaSoft has always specialized in these services, but much of its work for several years still consisted of document translation. Recently there has been a big shift. In 2012, while overall revenue increased by 26%, revenue from website and software localization increased 531%. The first half of 2013 has again seen an almost 500% increase in these areas.
Related services, such as foreign language voice recording, have also seen increases with revenue in 2013 already 133% higher than in all of 2012.
For MTM LinguaSoft president Myriam Siftar this is the achievement of her long-standing “goal for the company was to become the mid-sized language services provider known for client satisfaction and information technology savvy.“ Having been an IT professional for 15 years before founding MTM LinguaSoft, Siftar was sure that her technological expertise would form a strong basis for a company in an industry that was becoming increasing reliant on digital technology.