Analysis featured in Slator’s 2023 Language Industry Market Report unveiled some of the top terms and most popular themes that appear in the names of companies in the global language services and language technology industry.
The infographic included in Slator’s annual flagship report shows patterns in business names of language service providers (LSPs) based on Slator’s analysis of the 2023 Language Service Provider Index (LSPI).
The LSPI is a ranking and index of nearly 350 translation, localization, interpreting, and language technology providers.
The word cloud highlights the top 30 words used in the names of LSPs in the LSPI. The greater the size of the bubble, the more frequently the term was found in the names of LSPs. The top three terms are language, translations, and services.
Almost half (47.4%) of the highest-ranking LSPs, the Super Agencies and Leaders, do not use any of the words identified in our analysis.
The three most dominant themes across all the LSPs were words related to language and communication, written (as opposed to spoken) language, and translation. This implies that most LSPs aim for a transparent name that explicitly states what they offer.
Given the globalized landscape of the language services industry, it is perhaps unsurprising that the theme of worldwide scale is often present in LSPs’ names. The vast majority do not limit themselves to just one country or even one language market. Even those focusing on a particular region will often be covering several languages and cultures.
Balancing Pragmatism and Creativity
There are an extensive number of factors behind a company name. Some are non-negotiable pragmatic or legal considerations, such as ensuring a name is not already in use, the domain name is available, and that it is legally viable according to the state’s or country’s requirements.
How the name sounds (e.g., on the phone), how it looks (e.g., on a business card), and how it reads as part of a URL are also important aspects. Businesses aim for a name that is easy to say, visually appealing and if using initials or abbreviations, they must ensure the letters do not spell anything unfortunate. All of this is hugely complicated by the industry’s linguistically and culturally diverse character.
Aside from legalities and practicalities, company names consider an array of other aspects, meet target market expectations, and reflect the organization’s values.
Slator 2023 Language Industry Market Report
Other considerations made by companies include recognizability and memorability (how easy is the name to say, spell, repeat, and remember), engagement and likeability (will the name be well-received by your target customers), and adaptability and scalability in order to be future-proof.
For a 360° view of the global language services and language technology industry, Slator’s 2023 Language Industry Market Report is now available. As well as unique analyses, the report offers insights into various areas of the industry, including highlight chapters on Captioning and Transcription, AI Dubbing, Large Language Models (LLMs), and the market outlook for 2023.
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