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The natural language generation (NLG) market is undergoing significant growth, propelled by various key factors and market drivers. In an optimistic scenario, the market is evaluated at a valuation of $1.18 billion in 2024 and is projected to expand at a CAGR of 19.20% to reach $6.86 billion by 2034.
A primary driver for this growth is the increasing integration of advanced artificial intelligence and machine learning technologies. These technologies enhance the NLG capabilities, enabling the creation of more sophisticated, contextually aware textual content directly from data. This transformation is further fueled by the growing demand across various industries such as finance, healthcare, and media for automating content production, which not only speeds up the process but also reduces costs and improves accuracy. As companies continue to recognize the benefits of automated insights and report generation, the adoption of NLG solutions is expected to accelerate, reshaping how businesses interact with data and derive value from it.
Another driving factor contributing to the growth of the NLG market is the rising need for personalized and targeted communication. With consumers increasingly expecting tailored experiences across various touchpoints, businesses are leveraging NLG to generate customized content at scale. This enables companies to engage their audience more effectively, delivering messages that resonate with individual preferences and behaviors.
Furthermore, in terms of major leading companies driving innovation in the NLG space, stalwarts such as OpenAI, Arria NLG, and Narrative Science continue to push the boundaries of what's possible with automated content generation. These companies invest heavily in research and development to enhance the capabilities of NLG systems, making them more intuitive, adaptable, and capable of understanding nuanced contexts. Additionally, tech giants including Google, Microsoft, and IBM are integrating NLG functionalities into their broader suite of AI-powered services, democratizing access to advanced language generation capabilities for businesses of all sizes.
Overall, the NLG market's remarkable growth trajectory is propelled by a convergence of factors, including advancements in AI and machine learning technologies, increasing demand for automated content production across industries, the need for personalized communication, and the growing importance of extracting insights from big data. With leading companies driving innovation and adoption, NLG is poised to revolutionize how businesses interact with data and leverage the power of language to drive value and competitive advantage.
Market Segmentation:
Segmentation 1: by Application
- Customer Experience Management
- Fraud Detection and Anti-money Laundering
- Risk and Compliance Management
- Performance Management
- Predictive Maintenance
- Others
Segmentation 2: by Industries
- Banking, Financial Services, and Insurance (BFSI)
- Retail and eCommerce
- Government and Defense
- Healthcare and Life Sciences
- Manufacturing
- Energy and Utilities
- Telecom and IT
- Media and Entertainment
- Others
Segmentation 3: by Business Function
- Finance
- Legal
- Operations
- HR
- Marketing and Sales
Segmentation 4: by Component
- Software
- Services: Managed Services and Professional Services
Segmentation 5: by Technology
- Rule-Based NLG
- Statistical NLG
- Hybrid NLG
Segmentation 6: by Deployment Model
- On-Premises
- Cloud
Segmentation 7: by Organization Size
- Small and Medium-sized Enterprises (MSE)
- Large Enterprises
Segmentation 8: by Region
- North America
- Europe
- Asia-Pacific
- Rest-of-the-World
How can this report add value to an organization?
Product/Innovation Strategy: The global natural language generation (NLG) market has been extensively segmented based on various categories, such as application, industries, business function, component, technology, deployment model, and organization size. This can help readers get a clear overview of which segments account for the largest share and which ones are well-positioned to grow in the coming years.
Competitive Strategy: A detailed competitive benchmarking of the players operating in the global natural language generation (NLG) market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts.
Some of the prominent companies in this market are:
- ARRIA NLG Limited
- Yseop
- Narrative Science
- IBM
- AWS
- Retresco
- Conversica
- Phrasetech
Key Questions Answered in this Report:
- What are the main factors driving the demand for natural language generation (NLG) market?
- What are the major patents filed by the companies active in the natural language generation (NLG) market?
- Who are the key players in the natural language generation (NLG) market, and what are their respective market shares?
- What partnerships or collaborations are prominent among stakeholders in the natural language generation (NLG) market?
- What are the strategies adopted by the key companies to gain a competitive edge in natural language generation (NLG) market?
- What is the futuristic outlook for the natural language generation (NLG) market in terms of growth potential?
- What is the current estimation of the natural language generation (NLG) market and what growth trajectory is projected from 2024 to 2034?
- Which application, and product segment is expected to lead the market over the forecast period (2024-2034)?
- Which regions demonstrate the highest adoption rates for natural language generation (NLG) market, and what factors contribute to their leadership?
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Table of Contents
Companies Mentioned
- ARRIA NLG Limited
- AWS
- IBM
- Narrative Science
- Automated Insights
- Narrativa
- Yseop
- Retresco
- Artifical Solutions
- Phrasee
- AX Semantics
- CoGen Tex
- Phrasetech
- NewsRx
- Conversica
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | July 2024 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 1.18 Billion |
| Forecasted Market Value ( USD | $ 6.86 Billion |
| Compound Annual Growth Rate | 19.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
