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Natural Language Generation (NLG) Market Overview 2024-2033 - Market Growth Analysis, Trends And Demand
Natural Language Generation (NLG) Market
Natural Language Generation (NLG) Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1.91 billion In 2028 At A CAGR Of 21.4% :
The natural language generation (NLG) market size has grown exponentially in recent years. It will grow from $0.72 billion in 2023 to $0.88 billion in 2024 at a compound annual growth rate (CAGR) of 22.0%. The growth in the historic period can be attributed to Increased data availability, rise of big data analytics, improvements in natural language processing (NLP), demand for data-driven insights, and integration with business intelligence (BI) tools.
The natural language generation (NLG) market size is expected to see exponential growth in the next few years. It will grow to $1.91 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to rapid advances in deep learning, integration with voice assistants, increasing demand for content automation, growing importance of explain ability, and expanding use cases in healthcare. Major trends in the forecast period include AI-powered creativity, ethical ai and bias mitigation, technological advancements, product developments, and real-time language translation.
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Natural Language Generation (NLG) Market Major Segments
The natural language generation (nlg) market covered in this report is segmented -
1) By Deployment: On-Premise, Cloud
2) By Organization Size: Small and Medium Enterprises (SMEs), Large Enterprises
3) By Application: Fraud Detection, Predictive Maintenance, Risk And Compliance Management, Performance Management
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Retail And Ecommerce, Government And Defense, Healthcare And Life Sciences, Manufacturing, Telecom, IT, Media And Entertainment, Energy And Utilities
Key Driver - Data Evolution Fuels Explosive Growth In The Natural Language Generation Market
Increasing volume and variety of data are expected to propel the growth of the natural language generation (NLG) market going forward. Volume and variety of data refers to the immense quantity and diverse types of information generated, collected, and processed by systems, applications, and devices, reflecting the ever-growing scale and heterogeneity of data in each context. Natural Language Generation (NLG) is used to effectively communicate insights from the increasing volume and variety of data by transforming complex datasets into coherent and understandable narratives, enabling businesses to derive meaningful information and make informed decisions in a more accessible and human-readable format. For instance, in February 2023, G2.com, a US-based software marketplace company, revealed that 87.8% of companies increased their data investments, which is 41% up from 2022. Therefore, the increasing volume and variety of data are driving the next language generation market.
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Prominent Trend - Microsoft's Integration Of Azure OpenAI Service In Natural Language Generation (NLG)
Major companies operating in natural language generation (NLG) are developing innovative technology and products by integrating stacks purpose-built for AI-powered applications. Integrating stacks refers to the process of combining different software components or systems to work together seamlessly. A software stack is a collection of independent components that work together to support the execution of an application. For instance, in 2023, Microsoft Corporation, a US-based technology company, launched the Azure OpenAI Service. This ecosystem adapts to the growing needs of developers and organizations. Azure offers a full, integrated stack purpose-built for AI-powered applications and provides a set of pre-built task-optimized NLU/NLG capabilities powered by Azure OpenAI, giving it a competitive edge and superior performance. These models can be adapted to tasks such as content summarization, image understanding, semantic search, and natural language to code translation.
Natural Language Generation (NLG) Market Players
Major companies operating in the natural language generation (nlg) market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, SAP SE, NVIDIA Corporation, Infosys Limited, Baidu Inc., SAS Institute Inc., Conversica Inc., Automated Insights Inc., OpenAI Inc., Narrative Science Inc., Persado Inc., Arria NLG plc, Hugging Face Inc., Retresco GmbH, AX Semantics GmbH, vPhrase Analytics Solutions Pvt. Ltd., Yseop SA, Phrasetech, Narrativa, Gabriele Sarti
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Largest And Fastest Growing Region In The Market
North America was the largest region in the natural language generation (NLG) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the natural language generation (nlg) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Natural Language Generation (NLG) Market Report Structure
3. Natural Language Generation (NLG) Market Trends And Strategies
4. Natural Language Generation (NLG) Market - Macro Economic Scenario
5. Natural Language Generation (NLG) Market Size And Growth
…..
27. Natural Language Generation (NLG) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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