Informed insight into the investment and development prospects of the language service industry
Overview of the global language service market
Language is the carrier of cultural exchange, and the link connecting humans across the globe. Multilingualism is an indispensable skill for enterprises on the journey of globalization.
As well as being a foundational part of brands going global, language services are a way to tell Chinese stories, carry forward Chinese spirit and spread Chinese culture.
With the impact of digital technology on traditional industries, language services have undergone fundamental changes, from production to added value. Human-computer symbiosis has also provided a new boost to growth in the industry. Language service providers now revolve around digital and intelligent development, and the industry is developing rapidly.
In the current environment, having “language+” abilities is a strong advantage for enterprises, making them highly adaptable to technological and other types of change. Besteasy's inclusive, innovative intelligent language service ecosystem enables us to freely deal with any challenge brought by digital transformation.
Deep integration of language services and artificial intelligenceProcess automation is only the tip of the iceberg of AI applications to language services. AI technologies such as intelligent content mining and intelligent function development will help suppliers and enterprises occupy a more favorable position in the future market.
The connection between language services and multimedia services is increasingly closeThe rapid expansion of Netflix, Amazon, Hulu and Google Stadia game streaming media in the global market has dramatically increased the demand for multilingual services from cloud and Internet videos. Some language service providers have entirely emerged in this field.
The demand for on-site interpretation is gradually shrinking, which challenges remote interpretation technologyIn the global market, telephone interpretation, video interpretation and remote simultaneous interpretation have quietly overwhelmed the proportion of on-site interpretation services, which has greatly reduced the cost of interpretation services, and improved accessibility. Technology has become a defining factor.
Cutting-edge industry insight
In 2022, language services entered the Catalogue of Industries for Encouraging Foreign Investment for the first time, demonstrating the determination to encourage the opening up of the Chinese service industry
On October 28, 2022, the National Development and Reform Commission and the Ministry of Commerce issued Decree No. 52, announcing the Catalogue of Industries for Encouraging Foreign Investment (2022 Edition) (hereinafter referred to as the Catalogue) which included 'language service industry' for the first time. This is of great significance for encouraging foreign investment in the language service industry, and promoting expansion and growth. It is a good sign of the high-quality development of China's language service industry.
Responsible businessWe are always doing the right thing. We strictly abide by regulatory guidelines to ensure the legitimacy and compliance of our business practices and technologies.
NEEQ listingWe are one of the first enterprises listed on the NEEQ whose primary business is language services. We have a sound management mechanism, operate legally and normatively, and are committed to maintaining a fair and just market environment. We actively cooperate with relevant departments to strictly abide by a broad series of relevant regulations, from equity structure specifications, financial requirements and corporate governance specifications to general industry standards. We aim to push the boundaries of language technology, driving development with artificial intelligence. Integrity and innovation are extremely important to us, as is promoting the standardization of China's language service industry to advance long-term, healthy industry development.
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