RWS Annual Report 2022 web - Flipbook - Page 11
LIFE SCIENCES – LOCALISATION
The Life Sciences industry broadly comprises
pharmaceutical companies, clinical research organisations
and medical device firms. Each has its own unique
requirements for translation and linguistic expertise,
largely driven by regulatory requirements. These
industries are also exploring more innovative digital
approaches to their business.
The Life Sciences localisation market is forecast to grow at
an approximate CAGR of 8% between FY22-26, according to
OC&C research, which estimates the market size at £3bn.
FINANCIAL AND LEGAL – LOCALISATION
Financial institutions and legal services organisations
have a broad range of requirements for language
services and content technology – ranging from secure
communications and digital marketing through to
regulatory filings, eDiscovery (the process of identifying
and delivering electronic information that can be used as
evidence in legal cases) and content intelligence.
The market for localisation services within the financial
and legal sectors is estimated at £4bn, according to
OC&C research. This market has an expected CAGR
of 5% between FY22-26, driven by demand for crossborder M&A and international expansion of customers.
These established growth drivers have been joined
in recent years by a rapidly expanding demand for
content supporting sustainability initiatives; both
corporates and financial institutions are instrumental
in the decarbonisation of the global economy and
this is contributing to increased demand for external
communications and regulatory reporting content.
LANGUAGE TECHNOLOGY
Enterprises and translators (both freelance and
in-house) typically work with translation management
systems, collaboration platforms and computer-assisted
translation tools. These enable localisation teams – who
often work with multiple stakeholders – to efficiently
create, manage and deliver high-quality translations for
global audiences. Historically these three technologies
have grown at 5-10% pa, according to OC&C. The
market size for translation management systems is
estimated to be £140-180m, while the market size for
computer assisted translation tools is £50-60m. The total
addressable market for Language Technology is estimated
at £300m, according to OC&C.
CONTENT TECHNOLOGY
LINGUISTIC AI
Linguistic AI and machine translation ("MT") technology
enables organisations of all sizes to translate and
understand large volumes of content securely, efficiently
and cost effectively. Recent advances in MT technology
have driven significant improvements in the quality of
translations, alongside the availability of more language
combinations.
The addressable market for MT, estimated at £3bn, is
projected to grow c.20-25% CAGR, according to OC&C
estimates – with favourable tailwinds from increasing
client comfort with MT solutions given the improving
accuracy of engines.
Enterprises need to ensure that they provide customers,
partners and employees with an engaging, intuitive
experience across any digital device. They also need
to differentiate themselves from the competition, cost
effectively and efficiently, while managing huge volumes
of content and information.
OC&C estimates the total addressable market size at £2.8bn.
IP SERVICES
Organisations looking to monetise and protect their ideas
and intellectual property require the expertise of a partner
that understands all aspects of the patent process. This
typically covers patent translation, patent filing, renewals
and IP research.
According to OC&C, the total addressable market for RWS’s
IP Services is c.£2bn (including £0.8-1bn from renewals)
and has grown c.3% pa on average in 2016-21, with forecast
growth projected at c.2% CAGR between 2022-26.
STRATEGIC REPORT RWS — Annual Report 2022
11
