What is Global Natural Language Generation (NLG) Software Market?
The Global Natural Language Generation (NLG) Software Market is a rapidly evolving sector that focuses on the development and distribution of software that can convert structured data into natural language. This technology is designed to create narratives that are indistinguishable from those written by humans, making it a powerful tool for businesses and organizations looking to automate their content creation processes. The market is driven by the increasing demand for enhanced customer experience, the growing need for data-driven insights, and the rising adoption of advanced analytics. The NLG software market is not just confined to one region or country but is a global phenomenon, with key players spread across the world. The software is used in various industries including finance, healthcare, retail, and more, making it a versatile and valuable tool in today's digital age.
On-Premises, Cloud Based in the Global Natural Language Generation (NLG) Software Market:
The Global Natural Language Generation (NLG) Software Market is segmented into two types based on deployment: On-Premises and Cloud-Based. On-Premises NLG software is installed and run on computers within the premises of the organization using the software. This type of deployment offers full control over the software and data, making it a preferred choice for organizations with strict data security regulations. On the other hand, Cloud-Based NLG software is hosted on the vendor's server and accessed through the internet. This type of deployment offers scalability, cost-effectiveness, and easy accessibility, making it a popular choice for small and medium-sized enterprises (SMEs). Both these deployment types have their own advantages and are chosen based on the specific needs and resources of the organization.
Large Enterprises, SMEs in the Global Natural Language Generation (NLG) Software Market:
The Global Natural Language Generation (NLG) Software Market finds usage in various areas, including Large Enterprises and SMEs. Large Enterprises use NLG software to automate their content creation process, generate insights from large volumes of data, and enhance their customer experience. The software helps these enterprises to save time and resources, improve their decision-making process, and stay competitive in the market. On the other hand, SMEs use NLG software to scale their content creation process, generate insights from their data, and improve their customer engagement. The software helps these businesses to grow, stay competitive, and make data-driven decisions. The usage of NLG software in these areas is driven by the increasing need for automation, the growing demand for data-driven insights, and the rising adoption of advanced analytics.
Global Natural Language Generation (NLG) Software Market Outlook:
The Global Natural Language Generation (NLG) Software Market outlook is promising. In 2023, the market was valued at US$ 2208 million. It is projected to reach a value of US$ 2618.2 million by 2030. This indicates a steady growth rate, with a Compound Annual Growth Rate (CAGR) of 2.5% expected during the forecast period from 2024 to 2030. This growth can be attributed to the increasing demand for enhanced customer experience, the growing need for data-driven insights, and the rising adoption of advanced analytics. The market's growth is also driven by the increasing adoption of NLG software in various industries including finance, healthcare, retail, and more.
| Report Metric | Details |
| Report Name | Natural Language Generation (NLG) Software Market |
| Accounted market size in 2023 | US$ 2208 million |
| Forecasted market size in 2030 | US$ 2618.2 million |
| CAGR | 2.5% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | IBM, Amazon, Google, Automated Insights, ARRIA NLG, AX Semantics, Yseop, Artificial Solutions, Narrativa, Retresco, Phrasee, Conversica, VPhrase, Phrasetech, CoGenTex, Textual, 2txt - natural language generation |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
