The global natural language generation market size is estimated to be worth USD 1,150.9 million by 2025, according to a new report by Million Insights. The industry is expected to witness substantial growth with a CAGR of 19.8% over the forecast period. The NLG solution handles the generation and production of text and speech. Wide uses of natural language generation like converting the analytics report into natural language that can be incorporated across a dashboard and finally deliver important insights to a higher reach of a company swiftly. NLG-enabled techniques are highly adopted due to higher benefits of these techniques among companies in acquiring ease of access to critical business insights that can aid data-driven decision making.
The extensive adoption of NLG techniques is observed in chatbots. The processing features of NLG tools enhance the interaction abilities of chatbots. They further allow chatbots to provide customized user experience for booking a complaint, virtual aid for processes done online, or resolution of a query, which strengthens business potential and customer experience. Furthermore, NLG tools support creating non-technical and technical content like contracts, internal communications and product description with higher ease and lower costs.
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The use of NLG has strengthened business efficiency of several business processes. The natural language generation (NLG) market is expected to substantially grow due to the increasing demand for NLG tools in the financial services, insurance, and banking sector over the forecast period.
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Further key findings from the report suggest:
• The rising use of NLG tools in sectors like marketing analytics, machine learning, and sales analytics are poised to surge market growth in the upcoming years.
• Surging R&D activities to open potentials of natural language generation across different sectors like weather forecasting, journalism, and medicine are few of the major trends in the industry.
• Increasing development of NLG in company giants that generate huge volumes of data is expected to support market growth. The segment is anticipated to maintain its lead based on the size of enterprise from 2019 to 2025.
• North America held the largest share in the market in 2018. Asia Pacific is expected to grow at the highest CAGR over the forecast period.
• Major players include IBM Corporation, ARRIA NLG plc, Narrative Science, Phrasetech, Yseop, Artificial Solutions, Automated Insights, Inc., CoGenTex, Inc., Retresco, and AX Semantics.
Million Insights has segmented the global natural language generation market on the basis of solution, application, deployment model, enterprise size, vertical and region:
Natural Language Generation Solution Outlook (Revenue, USD Million, 2014 - 2025)
Natural Language Generation Application Outlook (Revenue, USD Million, 2014 - 2025)
• Fraud Detection and Anti-Money Laundering
• Predictive Maintenance
• Risk & Compliance Management
• Performance Management
• Customer Experience Management
Natural Language Generation Deployment Model Outlook (Revenue, USD Million, 2014 - 2025)
Natural Language Generation Enterprise Size Outlook (Revenue, USD Million, 2014 - 2025)
• Small and Medium-Sized Enterprises
• Large Enterprises
Natural Language Generation Vertical Outlook (Revenue, USD Million, 2014 - 2025)
• Banking, Financial Services, and Insurance
• Retail and Ecommerce
• Government and Defense
• Healthcare and Life Sciences
• Telecom and IT
• Media and Entertainment
• Energy and Utilities
Natural Language Generation Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South America
• Middle East and Africa (MEA)
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