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No Recession for Language Industry: MTM LinguaSoft and other firms continue to grow
While many sectors have been hit hard by the current worldwide economic problems, the language industry continues to thrive. MTM LinguaSoft, a language services provider in Philadelphia has seen continuing growth through the first half of 2009.
By: MTM LinguaSoft
MTM LinguaSoft's gross revenue increased by over 40 percent in 2008. Revenues in the first half of 2009 were up by 22 percent over the same period last year.
Revenues have also continued to rise for the industry as a whole. Common Sense Advisory, a research and consulting organization that follows the language industry worldwide, reports that growth among the world's top language companies did decline during the last half of 2008, falling from about 27 percent to almost 20 percent - still a rate almost any business would envy.
Reports that Common Sense Advisory has gathered from individual translators confirm that the language industry's strength goes beyond large firms. A large majority of the translators surveyed reported that their income had either remained steady or increased during the first part of 2009. Similar reports appear on various translation blogs.
Myriam Siftar, the president of MTM LinguaSoft, is not surprised to learn that the industry is doing so well. "When sales are slow, business reach out to new markets, including overseas markets and minority communities in the United States," she points out. "This means increased demand for language services."
Of course, growth has not been totally uniform across the industry. Siftar also attributes her firm's continuing growth to an aggressive marketing and networking campaign, to specialized services, such as website translation, and to attention to personal service and quality control.
Other factors have contributed to the strong showing of the U.S. language industry in the current recession. Government agencies at all levels (federal, state and local) have been paying greater attention to communicating with the growing number of non-English-
One translation blog argues that a surprising number of translation jobs have actually been generated by the bad economy. The increase in the number of mortgage foreclosures has involved many homeowners who are not proficient in English, and banks and courts have to communicate with these homeowners.
Strong economic growth explains why, as Common Sense Advisory's newsletter Global Watchtower recently reported, LSPs have become more attractive targets to outside investment firms.
The language industry definitely represents a bright spot in the generally gloomy economic picture.
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MTM LinguaSoft is a language service provider in Philadelphia, PA, providing a full range of document translation and multilingual desktop publishing in all languages. Specialties: