Market research firm Common Sense Advisory recognises Folio Online as a leader in the $46.52 billion global translation, localisation, and interpreting services industry.
(Cape Town) – Folio Online (Folio) announced today its official ranking as one of the largest language service providers (LSPs) in the global translation and interpreting industry. Issued June 2018 by independent market research firm Common Sense Advisory (CSA Research), “The Language Services Market: 2018” ranked Folio as a top-grossing LSP in the US$46.52 billion global market for outsourced language services and technology. Folio was named as the third largest LSP in Africa.
As part of the primary quantitative study, CSA Research surveyed providers from every continent to collect actual reported revenue for 2016, 2017, and expected revenue for 2018. The firm details the findings in the 14th annual global industry report, “The Language Services Market: 2018,” the only comprehensive global survey of private and publicly-traded language services and technology companies. The firm found that the demand for language services and supporting technologies continues and is growing at an annual rate of 7.99%, representing an increase over last year’s rate of 6.97%. Folio is a leader in the language services market in Africa, which CSA Research states has a projected growth rate of 8.1% for 2019 and 2020.
Sixty-four percent of surveyed language services providers (LSPs) said revenue was up over the previous year. Factors driving this demand include content digitisation, personalised customer service, and business globalisation. As organisations both large and small make their products and services available in more languages, CSA Research predicts that the language services industry will continue to grow and that the market will increase to US$56.18 billion by 2021.
“As businesses optimise their customer experience in home markets through digitisation, companies are under pressure to globalise their entire operations. Our research has long and conclusively demonstrated that people are much more likely to purchase products in their own language. In addition, that same content and product localisation reduces customer care costs and increases brand loyalty,” explains Dr. Donald A. DePalma, CSA Research’s founder and Chief Strategy Officer.
About The Folio Group
Folio is a Language Services Provider located in Cape Town, South Africa. The founding company, Folio Translation Consultants, was established in 1988 with a new division, Folio Online, established in 2000 in order to serve international clients. Folio InterTel, a telephone interpreting system, was launched in 2010, and currently assists state hospitals and clinics with the demand for interpreting services for its patients.
The Folio Group is a global leader and specialist in the provision of African language services. Currently providing clients access to over 100 languages, Folio’s in-house project managers deal with a network of vetted independent translators, interpreters, voice-over artists, copywriters, editors, proofreaders, transcribers and search engine optimisation specialists.
Contact: Johan Botha, johan.botha@folio-online.co.za