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AI Text Generator Market Report 2024 - AI Text Generator Market Size And Trends
AI Text Generator Market
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According to The Business Research Company's, The AI text generator market size has grown exponentially in recent years. It will grow from $0.51 billion in 2023 to $0.61 billion in 2024 at a compound annual growth rate (CAGR) of 20.7%. The growth in the historic period can be attributed to increased adoption as businesses seek specialized, increasing demand for natural language generation, growing need for high-quality engaging content, and increasing reliance on online communication channels.
The AI text generator market size is expected to see exponential growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%. The growth in the forecast period can be attributed to the increasing adoption of AI technologies, growing demand for content production, growing interest in ethical AI and developing models, rising demand for personalized data, and increasing use of machine learning content. Major trends in the forecast period include technological advancements, advancements in AI Technology, advanced technological solutions, integrated content ecosystems, and integration of AI text generators.
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Market Drivers and Trends:
The increasing adoption of cloud-based platforms is expected to propel the growth of the AI text generator market going forward. Cloud-based platforms refer to services delivered over the Internet instead of hosted on local servers or personal computers. The adoption of cloud-based platforms is due to digital transformation, cost-effectiveness, security and compliance, integration and interoperability, and disaster recovery. AI text generators play a crucial role in enhancing cloud-based platforms' functionality, efficiency, and user experience by automating content creation, improving support services, accelerating data preparation, enhancing NLP capabilities, facilitating documentation, and enabling automated reporting and insights. For instance, in December 2023, according to the European Union, a Netherlands-based international organization, the percentage of European Union businesses that bought cloud computing services increased by 4.2 percentage points in 2023 compared to 2021. Therefore, the increasing adoption of cloud-based platforms is driving the growth of the AI text generator market.
Major companies operating in the AI text generator market focus on developing innovative technologies, such as text-to-video AI content generators, to offer more advanced and tailored solutions for various industries and applications. A text-to-video AI content generator is a software application or system powered by artificial intelligence (AI) algorithms that automatically converts text-based content into video format. This technology allows users to input written text, such as scripts, articles, or descriptions, and generate corresponding video content without manual video production or editing. For instance, in February 2024, OpenAI Inc., a US-based AI research and deployment company, launched Sora, an AI Text-to-Video Generator. It offers advanced algorithms to ensure smooth transitions between scenes and synchronizes visual elements with the narrative, resulting in professional-quality videos with minimal effort. Sora provides diverse customization options, allowing users to tailor video styles, themes, and visual effects to suit their specific needs. This user-friendly interface empowers individuals and businesses to create engaging video content efficiently, driving innovation and creativity in the digital landscape.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Google LLC, Microsoft Corporation, Meta Platforms, Huawei Technologies Co. Ltd., International Business Machines Corporation, System Analysis Program, Salesforce.com Inc., Adobe Systems Incorporated, OpenAI Inc., Palantir Technologies Inc., AI Writer Technologies FZ-LLC, Frase Inc., LONGSHOT AI INC., Orpheus Technology Ltd., Course Hero Inc., Jasper AI INC., OthersideAI Inc., CopyAI Inc., AISense Inc., Writesonic Inc., Scalenut Technologies Pvt. Ltd., Pepper Content Pvt. Ltd., INK Content Inc., Hypotenuse Technologies Pte. Ltd., Sassbook AI Pte. Ltd
AI Text Generator Market 2024 Key Insights:
• The AI text generator market size is expected to see exponential growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%.
• Impact Of Cloud-Based Platforms On The Growth Of The AI Text Generator Market
• OpenAI Unveils Sora, A Groundbreaking AI Text-to-Video Generator For Seamless Content Creation
• North America was the largest region in the AI text generator market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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