Natural Language Generation Market: Global Industry Analysis and Forecast (2023-2029)

Natural Language Generation Market size was valued at US$ 685.86 Mn. in 2022 and the total revenue is expected to grow at a CAGR of 20.8% from 2023 to 2029, reaching nearly US$ 2574.6 Mn.
Global Natural Language Generation Market Overview:
Natural Language Generation Market is expected to reach US$ 2574.6 Mn. by 2029. NLG is a software procedure that allows electronic data to be converted into natural language. It aids in the communication of ideas and the conversion of raw data into insights. Most modern analytics and business intelligence platforms now include natural language generation as a standard function. This report focuses on the different segments of the Natural Language Generation market (Solution, Application, Business Function, Deployment Mode, Organization Size, Vertical, and Region). This report examines the major market players and regions in depth (North America, Asia Pacific, Europe, Middle East & Africa, and South America).

It's a thorough examination of today's quick advances in a variety of sectors. Facts and figures, visualisations, and presentations are utilised to demonstrate the core data analysis from 2018 through 2022. The market drivers, restraints, opportunities, and challenges for Natural Language Generation are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the Natural Language Generation market.To know about the Research Methodology:-Request Free Sample Report
Natural Language Generation Market Dynamics:
Artificial intelligence (AI) technologies such as machine learning and natural language generation are increasingly being used by businesses in a variety of industries. Furthermore, AI is becoming increasingly important in applications that rely on data-driven knowledge. To deal with changes in digital infrastructure such as high computer power, high data volumes, and data storage devices with higher storage capacities and processing speeds, AI has begun to replace traditional technologies in a variety of applications. As a result, rising investments in research & development of an effective way of interaction between machines and humans are likely to increase demand for AI technologies, supporting the Natural Language Generation market growth during the forecast period.

AI is used to drive NLG software, which pulls data from diverse sources to provide natural language insights. NLG also employs machine learning technology, which allows it to emulate the method of analysis used by human analysts. Natural language generation solutions have grown in popularity because they assist customers streamline processes inside their enterprises by automatically generating data in the form of texts and information with high accuracy, enhancing an organization's efficiency. The technology also aids in improving target marketing based on consumer interests by tailoring information to the needs of customers and providing a personalised digital experience.

As so many new natural language generation companies focus on introducing advanced products to benefit from the promising growth opportunities across several industries, today's NLG solutions provide such a wide range of capabilities, and newer products continue to see improvements over their predecessors. Vendors of NLG software are combining written and visual analysis to create more powerful data visualisations. Self-service platforms for data discovery and insights based on data, such as Wordsmith, are being introduced by natural language generation firms. During the forecast period, the market for natural language generation is expected to be driven by the easy availability of NLC products and solutions with such increased capabilities.

In terms of NLP, a transformer was used. They became well-known for translation jobs, but they are now being employed for picture and text recognition in Computer Vision. Without a sure, greater results are being obtained all the time, and it's even being used in speech recognition.

Big corporations will (almost) democratise their technology. Big companies like Google will develop their tools so that even people who have no prior expertise of artificial intelligence may utilise them. To gain or maintain market share, they will strive to make their assortment of technologies as accessible as feasible.
Natural Language Generation Market Segment Analysis:
The Natural Language Generation Market is segmented by Solution, Application, Business Function, Deployment Mode, Organization Size, and Vertical.

Based on the Solution, the market is segmented into Software, and Services. Software segment is expected to hold the largest market share in 2029. The conversion of computerised code to human-understandable language is handled by NLG software, which comprises of numerous engines, platforms, tools, and interfaces. Natural language creation software assists data analysts and non-technical persons in processing information and data using deep learning and generating actionable insights from digital data.

Services segment is expected to grow rapidly during the forecast period 2023-2029. It covers a wide range of services aimed at businesses that use natural language generating software. Because these services aid firms in efficiently deploying and exploiting natural language generation tools and making full use of the NLG software's potential, their demand is expected to develop in tandem with the increased use of NLG software across a variety of industries.

Based on the Application, the market is segmented into Fraud Detection and Anti-Money Laundering, Predictive Maintenance, Risk & Compliance Management, Performance Management, Customer Experience Management, and Others. Risk & Compliance Management segment is expected to grow rapidly during the forecast period 2023-2029. Natural language generation (NLG) tools are progressively being used in risk and compliance management activities, as sentiment analysis, topic tagging, and other techniques help compliance teams analyse and identify critical information stored in structured data, as well as uncover anomalies and hidden patterns from massive datasets. The trend is expected to continue, with the risk and compliance management segment dominating the market during the forecast period.

Predictive Maintenance segment is expected to grow with a hghest CAGR during the forecast period 2023-2029. Natural language generation is expected to become increasingly popular in predictive maintenance applications during the forecast period. Data analysis teams can use NLG solutions to embed their expertise immediately within a dashboard that can be used to swiftly provide vital insights to more individuals within a company. During the forecast period, the segment is expected to be driven by greater awareness of these benefits in the realm of predictive maintenance applications.

Based on the Deployment Mode, the market is segmented into Cloud, and On-Premise. Cloud Deployment Mode segment is expected to grow at a highest CAGR during the forecast period 2023-2029. Customer-hosted NLG solutions are included in the cloud segment, which includes deployment on a public or private cloud. The advantages of cloud deployment, such as quick setup, cheap operational costs, and operational and pricing model flexibility, continue to enhance its appeal among users.

On-Premise Deployment Mode segment is expected to grow rapidly during the forecast period 2023-2029. An organisation with an on-premise deployment has complete control over all data processed in its IT environment. This reduces the chance of third parties having direct access to the data. Furthermore, some firms must host all processes in-house due to legal requirements, necessitating the implementation of natural language generating tools and solutions on-premise.

Based on the Organization Size, the market is segmented into Small and Medium-Sized Enterprises, and Large Enterprises. Large Enterprises segment is expected to grow rapidly at a CAGR of 20.8% during the forecast period 2023-2029. One of the key drivers and investors in the NLG Market is large enterprises. The usage of NLG is expected to boost as these firms adopt deep learning, as well as supervised and unsupervised machine learning technologies for various applications. For a range of factors, including cost and risk, large businesses are adopting these technologies.

The majority of significant end-user companies across a wide range of industries are largely utilising these technologies to better their internal and external operations. Furthermore, most small firms regard technology to be a risky investment because the return on investment is not always monetary.

Based on the Vertical, the market is segmented into Banking, Financial Services, and Insurance (BFSI), Retail and e-commerce, Government and Defence, Healthcare and Life Sciences, Manufacturing, and Others. Banking, Financial Services, and Insurance (BFSI) segment is expected to grow rapidly at a CAGR of 20.8% during the forecast period 2023-2029. The deployment of automation and AI tools has increased across banks, insurance businesses, and investment management organisations as a result of more rigorous laws, increased competition among banks, and increased need for transparency. The BFSI vertical can use NLG solutions to automate the process of reporting and determining any fraudulent behaviour within the company. These tools also assist users in developing interesting and individualised communication. These concerns have prompted the use of NLG tools in the banking, financial services, and insurance industries.
Natural Language Generation Market Regional Insights:
The North American region is expected to dominate the Natural Language Generation Market during the forecast period 2023-2029. The North American region is expected to hold the largest market share by 2029. This is due to the region's widespread adoption of new technologies and increased investment by various investment firms in NLG firms to capitalise on the market's great potential. For example, NextStage AM, a management firm, announced an investment in Yseop, a developer of NLG solutions, in July 2021. This investment would help the company extend its international market and speed the development of NLG solutions in the United States for multiple verticals.

Asia Pacific region is expected to grow rapidly at a healthy CAGR during the forecast period 2023-2029. Cloud-based technology is being adopted by countries such as China, India, Japan, South Korea, and Australia. The increased awareness is due to an increase in firms' focus on improving consumer service in order to drive competitive differentiation and revenue growth in the Asia Pacific region.

The objective of the report is to present a comprehensive analysis of the Global Natural Language Generation Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Natural Language Generation Market dynamic and structure by analyzing the market segments and projecting the Global Natural Language Generation Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Natural Language Generation Market make the report investor’s guide.
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Global Natural Language Generation Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 685.86 Mn.


Forecast Period 2023 to 2029 CAGR:
20.8%
Market Size in 2029:
US $ 2574.6 Mn


 Segments Covered:
by Solution
Software
Services


by Application
Fraud Detection and Anti-Money Laundering
Predictive Maintenance
Risk & Compliance Management
Performance Management
Customer Experience Management
Others


by Business Function
Finance
Legal
Operations
HR
Marketing and Sales


by Deployment Mode
Cloud
On-Premise


by Organization Size
Small and Medium-Sized Enterprises
Large Enterprises


by Vertical
Banking, Financial Services, and Insurance (BFSI)
Retail and e-commerce
Government and Defence
Healthcare and Life Sciences
Manufacturing
Others



Natural Language Generation Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Natural Language Generation Market Key Players are:
1.Arria NLG (UK)
2.Yseop (France)
3.Narrative Science (US)
4.Automated Insights (US)
5.Retresco (Germany)
6.CoGenTex (US)
7.Phrasetech (Israel)
8.Veritone (US)
9.NewsRx (US)
10.Conversica (US)
11.Narrtiva (UAE)
12.2txt – natural language generation GmbH (Germany)
13.AX Semantics (Germany)
14.AWS (US)
15.IBM (US)
16.Narrative Wave (US)
17.Artificial Solutions (Spain)
18.vPhrase (India)
19.Linguastat (US)

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Natural Language Generation Market?
Ans. North America is expected to hold the highest share in the Natural Language Generation Market.

2] Who are the top key players in the Natural Language Generation Market?
Ans. Arria NLG (UK), Yseop (France), Narrative Science (US), Automated Insights (US), Retresco (Germany), and CoGenTex (US) are the top key players in the Natural Language Generation Market.

3] Which segment is expected to hold the largest market share in the Natural Language Generation Market by 2029?
Ans. Software segment is expected to hold the largest market share in the Natural Language Generation Market by 2029.

4] What is the market size of the Natural Language Generation Market by 2029?
Ans. The market size of the Natural Language Generation Market is expected to reach US $ 2574.6 Mn. by 2029.

5] What was the market size of the Natural Language Generation Market in 2022?
Ans. The market size of the Natural Language Generation Market was worth US $ 685.86Mn. in 2022.