Natural Language Generation Market -By Solution (Software And Services), By Application (Fraud Detection & Anti-Money Laundering, Predictive Maintenance, Risk & Compliance Management, Performance Management, Customer Experience Management, And Others), By Enterprise (SME And Large Enterprise), By Deployment Mode (Cloud And On-Premise), By End User (Telecom & It, BFSI (Banking, Financial Services, And Insurance), Government & Defense, Health Care & Life Science, Media & Entertainment, Manu

Natural Language Generation Market size accounted 435.52 billion in 2020 is estimated to reach 2543.354 billion by 2030 growing with a CAGR of 19.30% during the forecast period. Natural language generation is a software process that exploits artificial intelligence and computational linguistics to transform structured data into natural language. Natural language generation software can simplify complex tasks by converting machine language into natural language. Furthermore, it is the major component in spoken dialogue system utilized to reduce the communication gap between humans and machines. The types of natural language generation software available in the market are basic natural language generation, template natural language generation, and advanced natural language generation. Basic natural language generation software uses excel functions to translate data into text. Template natural language generation software exploits template driven mode to produce the output. Advanced natural language generation software can communicate as humans as well as understands the intent, increases the intelligence of the product, and displays result in understandable & readable form. Rising research and development activities to explore the potential of NLG among several industries such as weather forecasting, healthcare, and journalism are some of the major trends in the market. Nowadays, this software is a necessary feature for most of the modern analytics and business intelligence platforms. For instance, Pollen forecast system for Scotland utilizes template natural language generation software to predict pollen levels in various parts of Scotland. NLG system takes six numbers as input from historical data and generates a brief textual summary of estimated pollen levels as output.

Market Segmentation:

On the basis of solution, global natural language generation market is bifurcated into software and services. Based on application, market is categorized into fraud detection & anti-money laundering, predictive maintenance, risk & compliance management, performance management, customer experience management, and others. Based on enterprise, natural language generation market is divided into small & medium enterprises and large enterprise. Based on deployment mode, market is bifurcated into cloud and on-premise. On the basis of end user, market is segmented into telecom & IT, BFSI (banking, financial services, and insurance), government & defense, health care & life science, media & entertainment, manufacturing, retail & e-commerce, and others. On the basis of region, natural language generation market is categorized into North America, Europe, Asia Pacific, and RoW.

Market Dynamics and Factors:

NLG based tools are widely being used among enterprises as it provides business information that helps to make data driven decisions.  For instance, NLG tools are extensively used in chatbots. The natural language capabilities possessed by these tools helps chatbots to interact more humanly. NLG permits chatbots to deliver individualized user experience to customers for resolving queries, complaints, and virtual assistance for online processes. Therefore, companies are increasingly adopting NLG software to enhance their customer experience and satisfaction. Furthermore, NLG also utilizes machine learning algorithms to imitate the analysis technique done by human analysts.  NLG solutions help organizations in automatic data generation in textual formats with high precision and accuracy. This data generation streamlines the business operations, thereby increasing the efficiency of the organizations. However, lack of expertise coupled with the lack of awareness among the customers regarding the benefits of NLG technology act as a major threat for the natural language generation market growth.

Geographic Analysis:

North America dominated in the natural language generation market owing to the presence of major players such as Amazon Web Services, Inc., IBM Corporation, and Automated Insights. Rising adoption of innovative technologies and increased awareness among the populace regarding the advantages of NLG technology also fuels the natural language generation market growth in this region.

Competitive Scenario:

Some of the major players in global natural language generation industry are Arria NLG, Amazon Web Services, Inc., IBM Corporation, Narrative Science, Automated Insights, Artificial Solutions, YSEOP, Conversica, Inc., NarrativeWave, Inc., vPhrase Analytics Solutions Pvt. Ltd, and Linguastat Inc.

Natural Language Generation Market Report Scope