AI Text Generator Market: Analysis By Component, By Application, By End User, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2029

The global AI text generator market value in 2023 stood at US$424.69 million, and is likely to reach US$1145.31 million by 2029.

One of the key drivers behind the growth of AI text generator market is the growing demand for automated content generation solutions across various industries, including marketing, journalism, customer service, and content creation. Other factors such as advancements in AI technology, increasing volumes of textual data, and the need for efficiency and scalability in content production contribute to the expansion of this market. Also, the global shift towards digitalization and the reliance on online communication channels have created a favorable environment for the growth of AI text generators, driving their adoption. Furthermore, AI text generator market is predicted to grow due to integration of AI text generators with multimodal capabilities, personalization and customization trends, multilingual text generation etc. The global AI text generator market value is projected to grow at a CAGR of 17.98%, during the forecast period of 2024-2029.

Market Segmentation Analysis:

By Component: According to the report, the global AI text generator market is bifurcated into two segments based on the type of component: solutions and services. The solutions segment in the AI text generator market acquired majority of share in 2023 due to the increasing demand for end-to-end platforms, customizable models, and integrated systems that cater to diverse applications. Businesses prefer all-encompassing solutions that address their specific needs, driving the dominance of this component. While, services segment is the fastest growing segment due to the increasing demand for customized and professional services that cater to specific business needs. As businesses seek to leverage AI text generators for their unique requirements, the demand for specialized services such as consulting, integration, and maintenance is on the rise. These services help businesses optimize their AI text generator usage, ensuring maximum efficiency and effectiveness.

By Application: According to the report, the global AI text generator market is bifurcated into three types of applications: text-to-text, speech/voice-text and image/video-to-text. Text-to-text segment acquired majority of share in the market in 2023 due to the increasing demand for AI-powered content creation tools that can generate human-like text based on input data. The text-to-text segment includes AI tools that can generate various types of text, such as articles, blog posts, product descriptions, and more. These tools are widely used in industries such as media and entertainment, healthcare, education, IT and telecommunications, social media and networking, and e-commerce, among others. While, Speech/Voice-to-text segment is the fastest growing segment due to the increasing demand for high accuracy, low cost, and faster transcription solutions. This segment is expected to expand significantly due to the rising cancellation of in-person events and the holding of digital conferences, as well as the increasing adoption of speech-to-text solutions in various devices such as smartphones, tablets, and laptops. Additionally, the government is promoting the use of these technologies in education, further driving the growth of the speech-to-text segment.

By End User: According to the report, the global AI text generator market is bifurcated into seven end users: e-commerce, media and entertainment, social media and networking, IT and telecommunication, healthcare, education and others. E-commerce segment acquired majority of share in the market in 2023. The e-commerce industry relies heavily on content creation to attract and engage customers, and AI text generators offer a cost-effective and efficient solution for creating high-quality content. The e-commerce industry is highly competitive, and businesses must constantly innovate and improve their marketing strategies to stay ahead. AI text generators offer a powerful tool for creating engaging and personalized content that can help e-commerce businesses stand out in a crowded market. While, media and entertainment segment is expected to grow fastest among all during forecasted period due to the increasing adoption of data journalism. Data journalism allows content producers to turn insights from available data into publishable structured content. Publishers use natural language generation (NLG) software for election reporting or data-driven journalism, pollution monitoring, stock table earnings, sports scores, and crime blotters, freeing journalists to work on more creative and engaging journalism material.

By Region: The report provides insight into the AI text generator market based on the geographical operations, namely North America, Europe, Asia Pacific, and rest of the world. North America AI text generator market enjoyed the highest market share in 2023 due to several factors. The region has a high adoption rate of advanced technologies, including AI and machine learning, which are essential for the development and deployment of AI text generators. The region is home to several leading technology companies, including Google, Microsoft, and Amazon, which are investing heavily in AI research and development. Moreover, the region has a well-established e-commerce industry, which is a significant end-user of AI text generators.

On the other hand, Asia Pacific is expected to register the fastest growth in the AI text generator market because the region is witnessing a significant growth in the content industries, such as media and entertainment, e-commerce, and social media and networking. These industries are increasingly leveraging AI text generators to create engaging and personalized content for their customers. Additionally, the region is witnessing a significant growth in the adoption of cloud-based solutions. The cloud-based deployment model offers several advantages, such as scalability, flexibility, and cost-effectiveness, which are driving the adoption of cloud-based AI text generators in the region. Also, Asia Pacific is home to several rapidly growing economies, such as China and India, which are investing heavily in digital transformation and AI technologies. This is creating a favorable environment for the growth of the AI text generator market in the region.

Global AI Text Generator Market Dynamics:

Growth Drivers: The rise of social media platforms and content generation serves as a significant growth driver for the AI text generator market due to several key factors outlined in the research. AI content generation tools assist content creators in producing effective text content for captions, posts, blogs, and other forms of digital communication, enabling them to generate human-like text by analyzing vast datasets and understanding context, grammar, and semantics. This automation not only saves time and resources for content creators but also enables personalized user experiences by analyzing user data to tailor content. Other significant growth drivers driving the market growth includes advancements in natural language processing, expansion of applications, rising demand for cost-effective and quality content, growing awareness and acceptance, etc.

Challenges: The main drawback of this technology is it is a difficult task to transcribe audio from different sources. This challenge arises from the fact that AI text generators rely on speech recognition software to transcribe audio to text, and this software can sometimes produce inaccurate or incomplete transcriptions. It usually leads to inaccurate captions or transcriptions. Other challenges might include data biasedness, ethical considerations etc.

Trends: Multilingual text generation is expected to drive the global AI text generator market growth further by expanding the reach of AI text generators to cater to diverse audiences across different languages. The versatility of AI text generators to support multiple languages enables businesses to create content that resonates with global audiences effectively. This capability enhances customer engagement, improves user experience, and facilitates better communication with a broader demographic. The demand for multilingual content creation tools is also increasing as businesses aim to reach international markets and communicate with customers in their native languages. More trends are believed to augment the growth of AI text generator market during the forecasted period include, multimodal text generation, enhanced user experience and personalization, growing demand for personal assistants and chatbots, adoption of capable and powerful small language models, rise of cloud-based text generation solutions, etc.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic has positively impacted the global AI Text Generator market, particularly with the increased growth of conversational AI-based technology, such as conversational bots. The pandemic has led to an increased demand for digital and remote research technologies, with schools and universities going online during the pandemic, driving the development of advanced machine-learning models.

The post-COVID-19 pandemic has significantly impacted the global AI text generator market, driven by the need for automated content creation, improved customer engagement, and enhanced efficiency. The shift towards digitalization and remote research technologies, as well as the increased focus on IoT, AI, machine learning, and voice assistants, has further expanded the market. The pandemic has also led to advancements in text generator technologies, enhancing features to meet evolving business and user needs.

Competitive Landscape and Recent Developments:

AI text generator industry exhibits high fragmentation, with numerous players contributing to a diverse landscape. The market is characterized by many companies offering a wide range of innovative solutions, creating a competitive environment.

Key players of global AI text generator market are:

• Anyword
• Writer
• CopyAI, Inc.
• Hyperwrite AI
• Jasper, INC
• Chat GPT by Open AI
• CopyAI (Rytr and Frase)
• Writesonic, Inc.
• Long Shot
• Article Forge
• Simplified
• Scalenut

The key players are constantly investing in strategic initiatives, such as adoption of new technologies, introducing their services to emerging markets and more, to maintain a competitive edge in this market. For instance, in February 2023, Wix.com, Inc. introduced a novel AI-driven text generation feature within its Wix Editor platform. This feature has the capability to produce personalized taglines, titles, and paragraph content, elevating the content creation process for its users by seamlessly incorporating OpenAI's GPT-3 technology.