The ai text generator global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI Text Generator Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 increased adoption as businesses seek specialized, increasing demand for natural language generation, growing need for high-quality engaging content, and increasing reliance on online communication channels.
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 21.0%. The growth in the forecast period can be attributed to the increasing adoption of AI technologies, growing demand for content production, growing interest in ethical AI and developing models, rising demand for personalized data, and increasing use of machine learning content. Major trends in the forecast period include technological advancements, advancements in AI Technology, advanced technological solutions, integrated content ecosystems, and integration of AI text generators.
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Scope Of AI Text Generator Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
AI Text Generator Market Overview
Market Drivers –
The increasing adoption of cloud-based platforms is expected to propel the growth of the AI text generator market going forward. Cloud-based platforms refer to services delivered over the Internet instead of hosted on local servers or personal computers. The adoption of cloud-based platforms is due to digital transformation, cost-effectiveness, security and compliance, integration and interoperability, and disaster recovery. AI text generators play a crucial role in enhancing cloud-based platforms’ functionality, efficiency, and user experience by automating content creation, improving support services, accelerating data preparation, enhancing NLP capabilities, facilitating documentation, and enabling automated reporting and insights. For instance, in December 2023, according to the European Union, a Netherlands-based international organization, the percentage of European Union businesses that bought cloud computing services increased by 4.2 percentage points in 2023 compared to 2021. Therefore, the increasing adoption of cloud-based platforms is driving the growth of the AI text generator market.
Market Trends –
Major companies operating in the AI text generator market focus on developing innovative technologies, such as text-to-video AI content generators, to offer more advanced and tailored solutions for various industries and applications. A text-to-video AI content generator is a software application or system powered by artificial intelligence (AI) algorithms that automatically converts text-based content into video format. This technology allows users to input written text, such as scripts, articles, or descriptions, and generate corresponding video content without manual video production or editing. For instance, in February 2024, OpenAI Inc., a US-based AI research and deployment company, launched Sora, an AI Text-to-Video Generator. It offers advanced algorithms to ensure smooth transitions between scenes and synchronizes visual elements with the narrative, resulting in professional-quality videos with minimal effort. Sora provides diverse customization options, allowing users to tailor video styles, themes, and visual effects to suit their specific needs. This user-friendly interface empowers individuals and businesses to create engaging video content efficiently, driving innovation and creativity in the digital landscape.
The AI text generator market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Application: Text To Text, Speech And Voice To Text, Image And Video To Text
3) By End-Use: Media And Entertainment, Healthcare, Education, Information Technology (IT) and Telecommunication, E-commerce, Social Media and Networking
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. AI Text Generator Market Report Structure
3. AI Text Generator Market Trends And Strategies
4. AI Text Generator Market – Macro Economic Scenario
5. Global AI Text Generator Market Size and Growth
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32. Global AI Text Generator Market Competitive Benchmarking
33. Global AI Text Generator Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI Text Generator Market
35. AI Text Generator Market Future Outlook and Potential Analysis
36. Appendix
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