The Global Natural Language Generation Market, By Application (Fraud Detection and Anti-Money Laundering, Predictive Maintenance, Risk & Compliance Management, Performance Management, Customer Experience Management and Others), By Deployment (On-premise and Cloud), By Organization Size (SME’s and Large Enterprises), By Vertical (BFSI, Retail and Ecommerce, Government and Defense, Healthcare and Life Sciences, Manufacturing, Telecom and IT, Media and Entertainment, Energy and Utilities and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 1,915.8 Million by 2027, exhibiting a CAGR of 21.2% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Natural language generation (NLG) is the utilization of artificial intelligence (AI) programming to produce spoken or written narrative from a dataset. NLG is typically associated with natural language understanding (NLU), natural language processing (NLP), and computational linguistics. Automated NLG can be compared to the process humans utilize while turning ideas into speech or writing. Furthermore, NLG is required to choose a specific and sophisticated textual representation from several potential representations.
The global Natural Language Generation Market was accounted for US$ 411.5 Mn in terms of value in 2019 and is expected to grow at CAGR of 21.2% for the period 2020-2027.
Growing deployment of NLG in large enterprises is expected to propel the global natural language generation market growth over the forecast period
Natural language is being used in various end-use sectors such as healthcare, pharmaceutical, marketing analytics, and more. Researchers are increasingly adopting NLG solutions for qualitative research purposes. The development of NLP-driven qualitative methods can help clinical researchers with novel tools for exploring research questions. Furthermore, medical researchers are utilizing NLG and machine learning to enhance care coordination by analyzing vast sets of unstructured health data and gain actionable insights. Thus, these factors are expected to drive growth of the global natural language generation market growth over the forecast period.
Natural Language Generation Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 Pandemic have adversely affected economies of many countries around the globe. The global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019, according to International Monetary fund data published in 2020. Due to the reduction in the size of global economy the spending or purchasing power of people also decreases. Currently people less likely to buy retail products such as electronics items and appeals. The Natural language generation tools are majorly used in the retail industry to identify the consumer insights and traits. Retail industry may face losses which can hamper the growth of the Natural Language generation market growth in the year 2020-2021.
Growing adoption in the travel and hospitality sector can present lucrative growth opportunities in the global natural language generation market
NLG software is being increasingly used in the travel and hospitality sectors. NLG software can provide an easy and time-saving way to automate hotel and room listings using the same data currently being used. Furthermore, online booking platforms offer businesses the opportunity to generate automatic descriptions for a vast number of listings in multiple languages. In fact, new accommodations, hotel descriptions, and offers including unique text that is easily listed in a short period of time as per target groups.
Concerns regarding data security and quality issues are expected to hamper the global natural language generation market
Although there are various benefits of natural language generation, many end users are hesitant about its adoption due to data security and quality issues. In fact, many end users are concerned about data theft or unauthorized access. Hence, these factors are expected to hamper the global natural language generation market growth over the forecast period.
Among regions, North America is expected to witness significant growth in the global natural language generation market during the forecast period. This is owing to large presence of major market players such as IBM Corporation, Automated Insights, and more.
Asia Pacific is expected to register a robust growth rate in the global natural language generation market over the forecast period. This is owing to rising adoption of NLG for chatbots and automated content creation in various sectors across the region.
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Key players operating in the global natural language generation market are Retresco, Narrative Science, AX Semantics, IBM Corporation, Artificial Solutions, Yseop, Narrative Science, CoGenTex, Inc., ARRIA NLG plc, Automated Insights, Inc., and Phrasetech.
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