According to the new market research report "Natural
Language Generation (NLG) Market by Application (CEM, Fraud Detection &
Anti-money laundering), Component (Software & Services), Business Function,
Deployment Model, Organization Size, Industry Vertical, and Region - Global
Forecast to 2023", published by MarketsandMarkets™, The natural language generation market is expected to
grow from USD 322.1 Million in 2018 to USD 825.3 Million by 2023, at a Compound
Annual Growth Rate (CAGR) of 20.8% during the forecast period
Don’t miss out on business opportunities in Natural Language Generation Market. Speak to our analyst and gain crucial industry insights that will help your business grow:
Factors such as the
increasing businesses’ need to understand customers’ behavior is expected to
drive the global natural language generation market.
The retail and
eCommerce industry vertical is expected to have the largest market share during
the forecast period.
In terms of industry verticals, the retail and
eCommerce industry vertical is expected to continue to have the largest market
share during the forecast period. The increasing use of internet-connected
devices impacted businesses, as online retailers are recreating personalized
store-like shopping environments for their customers. With huge volumes of
customer and product-related data, NLG software and services can generate
unique content and make product-related information more narrative.
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The cloud deployment
model is expected to grow at a higher CAGR during the forecast period.
Cloud-based deployments are witnessing a surge in
demand, because these deployments are cost-effective and available easily.
Owing to low hardware requirements, cloud-based solutions incur low maintenance
costs with 24/7 accessibility from anytime, anywhere. Due to advancements in
cloud technologies and an increase in data generation from various constituents
and customers, the cloud-based deployments would exceed on-premises
deployments. Cloud solutions simplify the applicability of NLG tools across
organizations and offer a competitive edge by allowing organizations to focus
on their competencies.
North
America is expected to constitute the largest market share, whereas Asia
Pacific (APAC) to grow at the highest CAGR during the forecast period.
In terms of market shares, North America is expected
to continue to dominate its position during the forecast period. This can be
attributed to the presence of various developed economies, such as the US and
Canada, and its focus on innovating the existing solutions. Enterprises are
implementing Artificial Intelligence (AI) and semantics, so that IT systems can
help in resolving their queries and performing daily operations. This, in turn,
increased the demand for NLG software and services among all the major industry
verticals in North America. Enterprises offer the best end-user experience and
provide the best services by using the NLG technology-based software and
services. The APAC region is expected to grow at the highest CAGR during the
forecast period. This growth can be attributed to the increasing technological
expenditure in countries such as China, Japan, and Singapore. Owing to the
increasing amount of data in numerous formats, the adoption of NLG software and
services is expected to drive the growth of the market.
Major vendors who offer NLG software and services
include Arria NLG (UK), Yseop (US), IBM (US), Automated Insights (US),
Artificial Solutions (Spain), NarrativeWave (US), Narrative Science (US),
Narrativa (UAE), Amazon Web Services (AWS) (US), Retresco (Germany), Phrasee
(UK), Conversica (Conversica) (US), Linguastat (US), NewsRx (US), vPhrase
(India), Phrasetech (Israel), CoGenTex (CoGenTex) (US), AX Semantics (Germany),
Textual Relations (Sweden), and 2txt - natural language generation GmbH (2txt)
(Germany). Other stakeholders of the natural language generation market include
vendors, such as research organizations, network, system integrators, natural
language generation managed service providers, Business Intelligence (BI)
solution providers, marketing analytics executives, third-party providers, and
technology providers.
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/natural-language-generation-market.asp
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/natural-language-generation-market.asp