Large-Scale Investment in China Boosts Demand for Intelligent Translation
With the continuous opening of the Chinese market, investment from global sources is increasing, and demand for translation, especially AI-based machine translation, is also rising. In response to the multilingual, multi-domain and mass translation needs of enterprises, NiuTrans launched an enterprise cloud service in 2022, which supports real-time translation of documents and texts in more than 380 languages, covering the languages used by 95% of the global population.
In May 2022, the British Foreign Office released its Global Business Report 2022, showing that China is the largest investment destination in the world, and investment in the country is expected to have reached $55 billion by the end of 2022. According to data released by the Ministry of Commerce of China’s Council for the Promotion of International Trade, the country’s total import and export volume reached 2.2 trillion yuan ($326 billion) in the first three quarters of 2021. According to statistics from the General Administration of Customs, the stock of China’s foreign direct investment in the first three quarters of 2021 reached $2.2 trillion, up 26.7% year-on-year.
More and more global companies are pouring into the Chinese market, which is followed by the increasing demand for multilingual translation and processing of various commercial documents. In the current market, most translation needs can be met by fast and inexpensive digital tools. Therefore, the market for machine translation has gradually expanded from the fields of scientific research and industrial production to the fields of government affairs, medical care and education.
To meet translation needs for things such as proper nouns and independent systems in different fields, NiuTrans has customized translation models for areas such as automobiles, medicine, patents, electric power, engineering, aerospace, military and others. More translation models can be trained through user needs to complete the translation in different industries and scenarios.
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As a part of language resource services, intelligent machine translation can endow enterprises with the ability of digital transformation and creativity enhancement in today’s increasingly fierce market competition, helping them obtain internal and external resources more effectively.