The Natural Language Generation (NLG) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Natural Language Generation (NLG) Global Market Report 2024, The natural language generation (NLG) market size is expected to see exponential growth in the next few years. It will grow to $1.91 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to rapid advances in deep learning, integration with voice assistants, increasing demand for content automation, growing importance of explain ability, and expanding use cases in healthcare. Major trends in the forecast period include AI-powered creativity, ethical ai and bias mitigation, technological advancements, product developments, and real-time language translation.
Increasing volume and variety of data are expected to propel the growth of the natural language generation (NLG) market going forward. Volume and variety of data refers to the immense quantity and diverse types of information generated, collected, and processed by systems, applications, and devices, reflecting the ever-growing scale and heterogeneity of data in each context. Natural Language Generation (NLG) is used to effectively communicate insights from the increasing volume and variety of data by transforming complex datasets into coherent and understandable narratives, enabling businesses to derive meaningful information and make informed decisions in a more accessible and human-readable format. For instance, in February 2023, G2.com, a US-based software marketplace company, revealed that 87.8% of companies increased their data investments, which is 41% up from 2022. Therefore, the increasing volume and variety of data are driving the next language generation market.
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The natural language generation (nlg) market covered in this report is segmented –
1) By Deployment: On-Premise, Cloud
2) By Organization Size: Small and Medium Enterprises (SMEs), Large Enterprises
3) By Application: Fraud Detection, Predictive Maintenance, Risk And Compliance Management, Performance Management
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Retail And Ecommerce, Government And Defense, Healthcare And Life Sciences, Manufacturing, Telecom, IT, Media And Entertainment, Energy And Utilities
Major companies operating in natural language generation (NLG) are developing innovative technology and products by integrating stacks purpose-built for AI-powered applications. Integrating stacks refers to the process of combining different software components or systems to work together seamlessly. A software stack is a collection of independent components that work together to support the execution of an application. For instance, in 2023, Microsoft Corporation, a US-based technology company, launched the Azure OpenAI Service. This ecosystem adapts to the growing needs of developers and organizations. Azure offers a full, integrated stack purpose-built for AI-powered applications and provides a set of pre-built task-optimized NLU/NLG capabilities powered by Azure OpenAI, giving it a competitive edge and superior performance. These models can be adapted to tasks such as content summarization, image understanding, semantic search, and natural language to code translation.
The natural language generation (nlg) market report table of contents includes:
1. Executive Summary
2.Natural Language Generation (NLG) Market Characteristics
3.Natural Language Generation (NLG) Market Trends And Strategies
4.Natural Language Generation (NLG) Market analysis
5.Natural Language Generation (NLG) Market Size And Growth
6.Natural Language Generation (NLG) Segmentation
7.Natural Language Generation (NLG) Regional And Country Analysis
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27.Natural Language Generation (NLG) Competitive Landscape And Company Profiles
28.Natural Language Generation (NLG) Key Mergers And Acquisitions
29.Natural Language Generation (NLG) Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Amazon.com Inc.
- Alphabet Inc.
- Microsoft Corporation
- International Business Machines Corporation
- Deloitte Touche Tohmatsu Limited
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