AI Text Generator Global Market Report 2024

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 increasing demand for natural language generation, increased adoption as businesses seek specialized, increasing reliance on online communication channels and growing need for high-quality engaging content.

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%. The projected growth during the forecast period can be attributed to the rising adoption of AI technologies, the growing demand for content production, heightened interest in ethical AI and model development, increased demand for personalized data, and the expanding use of machine learning for content creation. Key trends in this period include technological advancements, progress in AI technology, advanced technological solutions, integrated content ecosystems, and the incorporation of AI text generators.

The growing adoption of cloud-based platforms is anticipated to drive the AI text generator market's growth in the future. Cloud-based platforms deliver services over the Internet rather than on local servers or personal computers. This adoption is driven by factors such as digital transformation, cost-effectiveness, security and compliance, integration and interoperability, and disaster recovery. AI text generators significantly enhance the functionality, efficiency, and user experience of cloud-based platforms by automating content creation, improving support services, speeding up data preparation, enhancing NLP capabilities, facilitating documentation, and enabling automated reporting and insights. For example, in December 2023, according to the European Union, the percentage of businesses in the EU that purchased cloud computing services increased by 4.2 percentage points compared to 2021. Thus, the rising adoption of cloud-based platforms is fueling the growth of the AI text generator market.

Leading companies in the AI text generator market are focusing on developing innovative technologies, such as text-to-video AI content generators, to provide more advanced and tailored solutions for various industries and applications. A text-to-video AI content generator is a software application or system that uses AI algorithms to automatically convert text-based content into video format. This technology enables users to input written text, such as scripts, articles, or descriptions, and generate corresponding video content without the need for manual video production or editing. For example, in February 2024, OpenAI Inc., a US-based AI research and deployment company, launched Sora, an AI Text-to-Video Generator. Sora utilizes advanced algorithms to ensure smooth transitions between scenes and synchronizes visual elements with the narrative, resulting in professional-quality videos with minimal effort. It also offers a variety of customization options, allowing users to tailor video styles, themes, and visual effects to their specific needs. This user-friendly interface empowers individuals and businesses to efficiently create engaging video content, fostering innovation and creativity in the digital landscape.

In November 2023, Adobe Inc., a US-based computer software company, acquired Rephrase.ai for an undisclosed amount. This acquisition aims to integrate Rephrase.ai's capabilities into Adobe's in-house video-editing platform, Creative Cloud, thereby enhancing its AI-powered video content tools for customers. Rephrase.ai, based in India, provides a platform for generating text-to-video and video-to-text content.

Major companies operating in the AI text generator market are 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.

North America was the largest region in the AI text generator market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI text generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the AI text generator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An artificial intelligence (AI) text generator is a computer program or system that employs AI algorithms to produce human-like text from input data or prompts. These systems are trained on extensive text datasets to understand patterns, language structures, and semantic relationships, enabling them to create coherent and contextually appropriate text in diverse styles and formats.

The AI text generator market primarily consists of solutions and services. Solutions refer to comprehensive software packages or platforms providing a variety of functionalities for generating text content using AI techniques. The applications include text-to-text, speech and voice-to-text, and image and video-to-text, catering to various end-users such as media and entertainment, healthcare, education, information technology (IT) and telecommunications, e-commerce, and social media and networking.

The AI text generator market research report is one of a series of new reports that provides AI text generator market statistics, including AI text generator industry global market size, regional shares, competitors with an AI text generator market share, detailed AI text generator market segments, market trends, and opportunities, and any further data you may need to thrive in the AI text generator industry. This AI text generator research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The AI text generator market consists of revenues earned by entities by providing services such as copywriting, content generation, voice assistance, translation, summarization, and creative writing. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI text generator market also includes sales of summarization tools, content creation platforms, creative writing apps, code generation tools, and academic writing software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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