The Global Natural Language Generation Market, By Application (Fraud Detection and Anti-Money Laundering, Predictive Maintenance, Risk & Compliance Management, Performance Management, Customer Experience Management and Others), By Deployment (On-premise and Cloud), By Organization Size (SME’s and Large Enterprises), By Vertical (BFSI, Retail and Ecommerce, Government and Defense, Healthcare and Life Sciences, Manufacturing, Telecom and IT, Media and Entertainment, Energy and Utilities and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 1,915.8 Million by 2027, exhibiting a CAGR of 21.2% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Overview
Natural language generation (NLG) is the utilization of artificial intelligence (AI) programming to produce spoken or written narrative from a dataset. NLG is typically associated with natural language understanding (NLU), natural language processing (NLP), and computational linguistics. Automated NLG can be compared to the process humans utilize while turning ideas into speech or writing. Furthermore, NLG is required to choose a specific and sophisticated textual representation from several potential representations.
The global Natural Language Generation Market was accounted for US$ 411.5 Mn in terms of value in 2019 and is expected to grow at CAGR of 21.2% for the period 2020-2027.
Market Driver
Growing deployment of NLG in large enterprises is expected to propel the global natural language generation market growth over the forecast period
Natural language is being used in various end-use sectors such as healthcare, pharmaceutical, marketing analytics, and more. Researchers are increasingly adopting NLG solutions for qualitative research purposes. The development of NLP-driven qualitative methods can help clinical researchers with novel tools for exploring research questions. Furthermore, medical researchers are utilizing NLG and machine learning to enhance care coordination by analyzing vast sets of unstructured health data and gain actionable insights. Thus, these factors are expected to drive growth of the global natural language generation market growth over the forecast period.
Natural Language Generation Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 Pandemic have adversely affected economies of many countries around the globe. The global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019, according to International Monetary fund data published in 2020. Due to the reduction in the size of global economy the spending or purchasing power of people also decreases. Currently people less likely to buy retail products such as electronics items and appeals. The Natural language generation tools are majorly used in the retail industry to identify the consumer insights and traits. Retail industry may face losses which can hamper the growth of the Natural Language generation market growth in the year 2020-2021.
Market Opportunity
Growing adoption in the travel and hospitality sector can present lucrative growth opportunities in the global natural language generation market
NLG software is being increasingly used in the travel and hospitality sectors. NLG software can provide an easy and time-saving way to automate hotel and room listings using the same data currently being used. Furthermore, online booking platforms offer businesses the opportunity to generate automatic descriptions for a vast number of listings in multiple languages. In fact, new accommodations, hotel descriptions, and offers including unique text that is easily listed in a short period of time as per target groups.
Market Restraint
Concerns regarding data security and quality issues are expected to hamper the global natural language generation market
Although there are various benefits of natural language generation, many end users are hesitant about its adoption due to data security and quality issues. In fact, many end users are concerned about data theft or unauthorized access. Hence, these factors are expected to hamper the global natural language generation market growth over the forecast period.
Key Takeaways
- Predictive maintenance sub-segment is expected to show highest CAGR in the application segment over the forecast period 2020-2027. This sub-segment enable organizations in their decision making process. The predictive maintenance helps organizations to identify future events and upcoming trends by analyzing the data. In addition this, continuous product development in the predictive maintenance field owing to the rapidly increasing demand of predictive maintenance tools from manufacturing industries is also expected to propel the market growth. For instance, In April 2018, Nikola Labs launched predictive maintenance sensors to reduce the downtime of machines by capturing the temperature and vibrations of the machines.
- Retail and ecommerce sub-segment among vertical segment dominated the Natural Language Generation market in 2019, according to CMI study in 2020 . SME’s and Large enterprises in ecommerce industry are rapidly adopting the Natural Language Genration tools to identify consumer traits and insights by analyzing the data.
- North America region dominated the natural Language Generation market in the year 2019 owing to the product developments done by the pioneer companies in Natural language generation field in this region. For instance, In February 2018, Amazon web Services partnered with Word Press, a online website designing platform to convert text files into audio files. North America region is also expected to dominate the Natural Language generation market during the forecast period.
Market Trends
- North America Trends
Among regions, North America is expected to witness significant growth in the global natural language generation market during the forecast period. This is owing to large presence of major market players such as IBM Corporation, Automated Insights, and more.
- Asia Pacific Trends
Asia Pacific is expected to register a robust growth rate in the global natural language generation market over the forecast period. This is owing to rising adoption of NLG for chatbots and automated content creation in various sectors across the region.
To know the latest trends and insights prevalent in the Global Natural Language Generation Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/natural-language-generation-market-4285
Competitive Section
Key players operating in the global natural language generation market are Retresco, Narrative Science, AX Semantics, IBM Corporation, Artificial Solutions, Yseop, Narrative Science, CoGenTex, Inc., ARRIA NLG plc, Automated Insights, Inc., and Phrasetech.
Key Developments
- Major companies are focused on product launches, in order to enhance the product portfolio. For instance, in November 2020, Automated Insights, Inc. introduced Wordsmith Go, a Tableau extension that generates natural language.
- Key companies are involved in collaborations and partnerships, in order to gain a competitive edge in the market. For instance, in May 2020, IBM Corporation collaborated with the Indian Council of Medical Research (ICMR) to bring its artificial intelligence-powered Watson to boost testing facilities for COVID-19.
Segmentation
Market Taxonomy:
- By Application
- Fraud Detection and Anti-Money Laundering
- Predictive Maintenance
- Risk & Compliance Management
- Performance Management
- Customer Experience Management
- Others
- By Deployment
- On-premise
- Cloud
- By Organization Size
- SME’s
- Large Enterprises
- By Vertical
- BFSI
- Retail and Ecommerce
- Government and Defense
- Healthcare and Life Sciences
- Manufacturing
- Telecom and IT
- Media and Entertainment
- Energy and Utilities
- Others
- By Region
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East and Africa
