Global Natural Language Generation Market, By Component (Software and Services), Application (Fraud Detection and Anti-Money Laundering, Predictive Maintenance, Risk and Compliance Management, Customer Experience Management and Others), Business Function (Finance, Legal, Marketing and Sales, Operations and Human Resources), Deployment Model (Cloud and On-Premises), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), Industry Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Government and Defence, Healthcare and Life Sciences, Manufacturing, Telecom and IT, Media and Entertainment, Energy and Utilities and Others)– Industry Trends and Forecast to 2029
Market Analysis and Size
Natural language generation (NLG) could be a sub a part of computer science (AI) that produces a specific variety of a language that is peculiar to a selected region or group as output supported info input. By victimization this linguistic communication generation, we will build many inventions to boost the profit via coverage activities. this can be used for mechanizing time-intensive information analysis and to create the estimation of knowledge driven product by drawing in purchasers with self-generated linguistic communication interfaces.
Data Bridge Market Research analyses that the natural language generation market value, which was USD 596.47 billion in 2021, is expected to reach the value of USD 3,084.41 billion by 2029, at a CAGR of 22.80% during the forecast period 2022-2029. The natural language generation market report also covers pricing analysis, patent analysis, and technological advancements in depth.
Market Definition
It is a sub-section of artificial intelligence which produces dialect as output based on information input is known as natural language generation. The innovation is utilized in order to enhance profitability through mechanizing time-intensive data analysis and building the estimation of information driven products by drawing in clients with instinctive natural language interfaces.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Software and Services), Application (Fraud Detection and Anti-Money Laundering, Predictive Maintenance, Risk and Compliance Management, Customer Experience Management and Others), Business Function (Finance, Legal, Marketing and Sales, Operations and Human Resources), Deployment Model (Cloud and On-Premises), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), Industry Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Government and Defence, Healthcare and Life Sciences, Manufacturing, Telecom and IT, Media and Entertainment, Energy and Utilities and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Amazon Web Services, Inc. (US) ,Narrative Science,(US) ,Narrativa.(California) ,IBM (US) ,Yseop.(France), AX Semantics (Germany),2txt - natural language generation GmbH (Germany), Linguastat Inc.(US) ,Textual Relations AB.( Gothenburg) ,newsrx. (US)
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Market Opportunities
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Global Natural Language Generation Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers:
- Growing need to understand customers’ behavior is expected to drive growth of the global natural language generation market during the forecast period
Understanding customer ’ buying behavior has come pivotal for business possessors. Since products are made to feed to consumers ’needs and wants, the product should be designed and retailed consequently. The study of client behavior helps associations to dissect different factors that impact buying opinions of consumers. Natural language generation can produce unlimited content variations for every existent for an individualized experience with better client engagement. It also helps companies to execute targeted marketing and give personalized content for increased deals. This also means lower quantum of time is spent on routine tasks, which can be else used for perfecting digital gests. Natural language generation can make different variations of product descriptions precisely in multiple languages veritably efficiently. Therefore, these factors are anticipated to drive growth of the global natural language generation request during the cast period.
- Growth in investment for research and development to carve way for innovations
The rising number of strategic market collaborations has led to the rise in funds to be allocated for the growth and development of advanced and automated technology to manage high volume of structured and unstructured data. Further, growth in the level of investment for research and development proficiencies would carve the way for innovations in information technology. Rising integration of artificial intelligence and machine learning technologies coupled with rise in remote working, as well as growing digital transformation will further prove to be a boon for the market.
- Rising penetration of big data and related technologies is expected to propel the global natural language generation market growth over the forecast period
Big data refers to an effective way to dissect and totally prize precious perceptivity from a vast quantum of unshaped data. Big data is far more effective than conventional data processing operation software. Natural language generation is a slice- edge technology that can boost data visualization results. By using natural language generation interpretation of data visualization software similar as SAP, Tableau, and Qlik has come significantly easy. In fact, it also reduces mortal cognitive sweats, enabling end druggies to make opinions grounded on precious perceptivity. Thus, these factors are anticipated to propel the global natural language generation request growth over the cast period.
Opportunities:
- Emerging options in application areas can present lucrative growth opportunities in the global natural language generation market
Natural language generation is being used in various operations similar as automated tract content creation, e-commerce content creation, chat bots, bus-generated software patent operation, fiscal assessment robotization, and more. In this, chat bots are one of the most recent operations of NLG where they're needed to discourse or interact with people in a way that a human would. The stylish chat bots would the bones that can give druggies the print that they're interacting with factual humans.
- Rising demand for intelligent business processes can provide major business opportunities in the global natural language generation market
NLG is chancing operations in intelligent business processes. NLG tools can dissect, interpret, and identify the most significant data and induce reports in simple English. Likewise, NLG offers artificial intelligence (AI) to business intelligence by automating the routine analysis, which saves both time and plutocrat for the business.
Restrictions/ challenges:
- Lack of skilled personnel to deploy NLG solutions is expected to hinder the global natural language generation market growth over the forecast period
Understanding and planting natural language generation requires professed help. Similar moxie is scarcely available, especially in arising regions similar as Latin America, Asia Pacific, and MEA. As a result of this, the relinquishment of NLG is significantly hindered. Therefore, these factors are anticipated to hamper the global natural language generation request growth over the cast period
- Low awareness regarding NLG solutions is expected to restrain growth of the global natural language generation market during the forecast period
Despite its multitudinous advantages, the relinquishment of NLG is significantly low. This is owing to low mindfulness regarding NLG results and their advantages among numerous business possessors. Therefore, these factors are anticipated to restrain growth of the global natural language generation request during the cast period.
This Natural Language Generation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Natural Language Generation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Natural Language Generation Market
The recent outbreak of coronavirus has proven to be a boon for the market. The COVID-19 pandemic has made a severe impact on the growth of the global natural language processing market. The increasing need for enhancing customer experiences amidst the COVID-19 crisis has fueled the demand for such products and services, especially in the healthcare sector, during the pandemic period. The pandemic, though, has led to the suspension of business activities on account of the coronavirus pandemic but there seems to be a high growth in demand for natural language generation systems on account of increased focus towards digitizing the economies.
Global Natural Language Generation Market Scope
The natural language generation market is segmented on the basis of component , application business function ,deployment model ,organization size ,industry vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Solution
- Services
Application
- Fraud Detection and Anti-Money Laundering
- Predictive Maintenance
- Risk and Compliance Management
- Customer Experience Management
- Others
Business Function
- Finance
- Legal
- Marketing and Sales
- Operations
- Human Resources
Deployment Model
- Cloud
- On-Premises
Organization size
- Large Enterprises
- Small and Medium-Sized Enterprises
Industry Vertical
- Banking
- Financial Services
- Insurance
- Retail and Ecommerce
- Government and Defence
- Healthcare and Life Sciences
- Manufacturing
- Telecom and IT
- Media and Entertainment
- Energy
- Utilities
- Others
Natural Language Generation Market Regional Analysis/Insights
The natural language generation market is analysed and market size insights and trends are provided by country, component, application business function ,deployment model ,organization size ,industry vertical as referenced above.
The countries covered in the Natural Language Generation market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
The North America region dominated the NLG market in 2018, attributed to the numerous adoption of advanced technologies within the region and increasing investment by varied investment corporations in NLG corporations to learn from the immense potentials of the market. as an example, In Gregorian calendar month 2019, NextStage AM, a management company, proclaimed AN investment in Yseop, a supplier of NLG solutions. This investment would support the latter to develop its international market and accelerate the rollout of NLG solutions suited to numerous verticals within the U.S.
Asia-Pacific will dominate the natural language generation market because it focuses more on improving their consumer service for driving competitive differentiation and revenue growth in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Natural Language Generation Market Share Analysis
The natural language generation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to natural language generation market.
Some of the major players operating in the natural language generation market are:
- Amazon Web Services, Inc. (US)
- Narrative Science,(US)
- Narrativa.(California)
- IBM (US)
- Yseop.(France)
- Conversica, Inc.(US)
- AX Semantics (Germany)
- 2txt - natural language generation GmbH (Germany)
- Linguastat Inc.(US)
- Textual Relations AB.( Gothenburg)
- newsrx.s(US)
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