Dublin, May 03, 2024 (GLOBE NEWSWIRE) -- The "Natural Language Generation (NLG) Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The natural language generation (NLG) market size has grown exponentially in recent years. It will grow from $0.72 billion in 2023 to $0.88 billion in 2024 at a compound annual growth rate (CAGR) of 22%. 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 witnessed in the historic period can be attributed to several key factors, including increased data availability, the emergence of big data analytics, advancements in natural language processing (NLP) technology, the growing demand for data-driven insights, and the integration of these insights with business intelligence (BI) tools. 
The projected growth in the forecast period is driven by rapid advances in deep learning, integration with voice assistants, a growing demand for content automation, the increasing importance of explainability, and expanding use cases in healthcare. Major trends expected during this period include AI-powered creativity, efforts towards ethical AI and bias mitigation, ongoing technological advancements, continuous product developments, and the emergence of real-time language translation capabilities. These trends highlight the evolving landscape of AI applications, emphasizing innovation, ethics, and the pursuit of enhanced capabilities to meet diverse industry needs.
The projected surge in the volume and variety of data is poised to drive the growth of the natural language generation (NLG) market in the coming years. This increase in data encompasses vast quantities and diverse types of information generated, collected, and processed by systems, applications, and devices, reflecting the expanding scale and heterogeneity of data in various contexts.
NLG plays a crucial role in effectively communicating insights derived from this growing volume and variety of data by transforming complex datasets into coherent and understandable narratives. This enables businesses to extract meaningful information and make informed decisions in a more accessible and human-readable format. For example, in February 2023, G2.com, a US-based software marketplace company, reported that 87.8% of companies had increased their data investments, marking a 41% rise from 2022. Consequently, the escalating volume and variety of data are propelling the growth of the natural language generation market.
Major players in natural language generation (NLG) are innovating by developing advanced technology and products through the integration of purpose-built stacks for AI-powered applications. Integrating stacks involves combining various software components or systems to seamlessly work together. A software stack comprises independent components that collaborate to support application execution. For example, in 2023, Microsoft Corporation, a US-based technology company, introduced the Azure OpenAI Service.
This ecosystem is tailored to meet the evolving needs of developers and organizations, offering a comprehensive, integrated stack designed specifically for AI-powered applications. Azure incorporates a range of pre-built, task-optimized natural language understanding (NLU) and NLG capabilities powered by Azure OpenAI, providing a competitive edge and superior performance. These models can be adapted for tasks such as content summarization, image understanding, semantic search, and natural language to code translation.
In November 2023, Straive, an information technology company based in Singapore, acquired Gramener for an undisclosed sum. The acquisition is intended to bolster Straive's capacity to develop distinctive customer experiences, offerings, and operations by integrating distinctive data-driven insights and expert knowledge into digital and AI technologies. Gramener, headquartered in the US, is a data infrastructure and analytics company known for its natural language generation-based app.
North America was the largest region in the natural language generation (NLG) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the natural language generation (nlg) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the natural language generation (nlg) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Natural Language Generation (NLG) constitutes a subset of artificial intelligence (AI) and natural language processing (NLP) dedicated to automatically generating human-readable text or speech from structured data or other non-linguistic formats. Its primary objective is to convert data into coherent and contextually relevant narratives easily comprehensible by humans.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $0.88 Billion |
| Forecasted Market Value (USD) by 2028 | $1.91 Billion |
| Compound Annual Growth Rate | 21.4% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Natural Language Generation (NLG) Market Characteristics
3. Natural Language Generation (NLG) Market Trends And Strategies
4. Natural Language Generation (NLG) Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Natural Language Generation (NLG) Market Size and Growth
5.1. Global Natural Language Generation (NLG) Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Natural Language Generation (NLG) Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Natural Language Generation (NLG) Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Natural Language Generation (NLG) Market Segmentation
6.1. Global Natural Language Generation (NLG) Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- On-Premise
- Cloud
6.2. Global Natural Language Generation (NLG) Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Small and Medium Enterprises (SMEs)
- Large Enterprises
6.3. Global Natural Language Generation (NLG) Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Fraud Detection
- Predictive Maintenance
- Risk And Compliance Management
- Performance Management
6.4. Global Natural Language Generation (NLG) Market, Segmentation By Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 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
7. Natural Language Generation (NLG) Market Regional And Country Analysis
7.1. Global Natural Language Generation (NLG) Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Natural Language Generation (NLG) Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
A selection of companies mentioned in this report includes
- Amazon.com Inc.
- Alphabet Inc.
- Microsoft Corporation
- International Business Machines Corporation
- Deloitte Touche Tohmatsu Limited
- Oracle Corporation
- SAP SE
- NVIDIA Corporation
- Infosys Limited
- Baidu Inc.
- SAS Institute Inc.
- Conversica Inc.
- Automated Insights Inc.
- OpenAI Inc.
- Narrative Science Inc.
- Persado Inc.
- Arria NLG plc
- Hugging Face Inc.
- Retresco GmbH
- AX Semantics GmbH
- vPhrase Analytics Solutions Pvt. Ltd.
- Yseop SA
- Phrasetech
- Narrativa
- Gabriele Sarti
For more information about this report visit https://www.researchandmarkets.com/r/txj614
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