Moving into adjacent markets is a powerful growth strategy for language service providers (LSPs). Many opportunities exist for LSPs to expand beyond translation and localization while leveraging existing resources, technology, and client relationships.
An expanded services portfolio can allow LSPs to access new revenue streams, increase profitability, and gain an enhanced position in the industry’s competitive landscape. Adjacent services also offer an avenue for LSPs to future-proof the business in the broader context of rapid technological change and macroeconomic uncertainty.
The 25-page Slator Pro Guide: Finding Growth in Adjacent Services is a valuable tool for LSPs to identify and assess adjacent service opportunities. The report lists more than 150 core and adjacent services in a one-page infographic, using data from an analysis of service portfolios of companies in Slator’s 2022 Language Services Provider Index (LSPI).
The report then profiles 15 adjacent services, providing LSPs with a starting point to develop a clear and methodical strategy for identifying and entering these new markets.
To help LSPs make sense of the diverse range of services that can be pursued, services are organized into five categories: Content Creation; Access / Compliance / Quality; Content Publication & Distribution; AI / NLP; and Advisory & Business Processes.
Slator hosted a panel discussion on “How LSPs Can Enter and Scale in Fast-Growing Adjacent Markets” at SlatorCon Remote December 7, 2022, where the report’s findings were discussed. A recording will be available for Slator Pro and Enterprise Subscribers.
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The report profiles three upstream services: Multilingual Content Origination, Medical Writing, and Technical Authoring. Access services — Audio Description, Captioning, and Sign Language Interpreting — are also analyzed, along with Medical and Legal Transcription.
The report inspects the potential synergies and challenges for LSPs moving into three quality and compliance services: Game Testing, Linguistic Validation, and Language Assessment. The report also reviews the complementarity of Multilingual SEO services with localization and investigates the potential for LSPs to gain a foothold in the Data-for-AI space.
Finally, the report analyzes two potential avenues for LSPs to provide consulting and business process support to enterprises: Cultural and Linguistic Consulting and In-house Staffing.
For each service, the report comments on the type and size of the market opportunity and ranks the barriers to entry — whether low, medium, or high — from the perspective of a small-to-medium, multi-vertical LSP.
A synergies section looks at the potential for LSPs to leverage existing supply chains and technology platforms, as well as utilize linguistic and buyer-vertical expertise. The key benefits of delivering a service — whether operational or related to enhanced client partnerships — are also considered.
The report also identifies the main challenges and risks for new entrants as they pursue new markets, and the competitive landscape is illustrated with examples of key providers and buyers per service.
Table of Contents
|Core & Adjacent Services Map
Cultural and Linguistic Consulting
Multilingual Content Origination
Sign Language Interpreting
How to Use This Report
Slator’s easy-to-digest Pro Guide: Finding Growth in Adjacent Services offers the very latest industry and data analysis, providing language service providers and end clients the confidence to make informed and time critical decisions. It is a cost-effective, credible resource for busy professionals.