Natural Language Generation (NLG) Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The natural language generation (NLG) market, a subfield of artificial intelligence (AI) and natural language processing (NLP), has experienced exponential growth in recent years. It is projected to grow from $0.72 billion in 2023 to $0.88 billion in 2024 at a compound annual growth rate (CAGR) of 22.0%. The growth in the historic period can be attributed to Increased data availability, rise of big data analytics, improvements in natural language processing (NLP), demand for data-driven insights, and integration with business intelligence (BI) tools.
Rising Demand for Data-Driven Insights Drives Market Growth
The increasing volume and variety of data are expected to propel the growth of the NLG market going forward. NLG effectively communicates insights from 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.
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Major Players and Market TrendsKey players in the NLG market such as Amazon.com Inc., Alphabet Inc., Microsoft Corporation, and others, are developing innovative technology and products by integrating purpose-built AI-powered applications. For example, in 2023, Microsoft Corporation launched the Azure OpenAI Service, offering a full, integrated stack purpose-built for AI-powered applications with pre-built task-optimized NLU/NLG capabilities powered by Azure OpenAI.Innovations in the NLG market are focused on AI-powered creativity, ethical AI, bias mitigation, technological advancements, product developments, and real-time language translation, driving the market forward.
Market Segments The NLG market is segmented by deployment (On-Premise, Cloud), organization size (Small and Medium Enterprises (SMEs), Large Enterprises), application (Fraud Detection, Predictive Maintenance, Risk And Compliance Management, Performance Management), and 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).
Geographical InsightsNorth America led the NLG market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Natural Language Generation (NLG) Global Market Report 2024 from TBRC covers the following information:• Market size date for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Natural Language Generation (NLG) Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on natural language generation (NLG) market size, natural language generation (NLG) market drivers and trends, natural language generation (NLG) market major players, competitors' revenues, market positioning, and market growth across geographies. The natural language generation (NLG) market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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June 21, 2024, 14:48 GMT
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