Publication researched and written by Gabriel Karandysovsky.
The interest in doing business is mutual. What should both sides know in order to take advantage of it?
It’s early 2020 and by now it’s not exactly news when you hear someone declaring China as a land of opportunity. Most macro- and micro-economic indicators put the country at the top (or close to the top) of any list of the most dynamic economies of the world. Furthermore, barring a catastrophic event that would alter its trajectory, China is projected to surpass the United States as the world’s number one economy sometime later this decade. Really, the fact of the matter is that China IS a land of opportunity, and businesses know it. This applies to any industry, and the language business is no different.
What many Western companies don’t know, however, is how to successfully gain entry into and navigate the Chinese market. The same can be said of Chinese companies – they are well aware of the interest in their domestic market, and are facing increased competition, but they are equally interested in flexing their muscles internationally.
While researching the Chinese localization market, we noted that the fear of the unknown is still pervasive and looms large over any decision of doing business in China. In this article, we’ll be taking a top-down look at the Chinese language market to put to bed any lingering doubts whether it makes sense to do business there. We will also examine the currents at play influencing expansion strategies – whether those of domestic companies or international organizations looking to do business in the country.
Size matters… because competition abounds
Figures by the Translators Association of China (TAC), the main syndicated body of Chinese language service providers (LSPs), translators and buyers of localization, position China as arguably the largest single market for language services worldwide.
The TAC estimates the size of the Chinese language services market in 2019 at USD 5.3 billion.
Size of the language services market in 2019, in USD billion
Source: TAC & Nimdzi Insights
This has been a preview. The full report can be accessed online by Nimdzi Partners.
This publication was researched and written by Nimdzi's Managing Editor, Gabriel Karandysovsky. If you wish to learn more about the Chinese language market and the opportunities it presents, please reach out to Gabriel at [email protected].
