The global natural language generation market size is expected to reach USD 1,150.9 million by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 19.8% from 2019 to 2025. The NLG technique deals with the production and generation of speech and text. There is a wide range of applications of natural language generation such as the conversion of an analytics report in natural language, which can be directly embedded within a dashboard and used to deliver critical insights to more people within an organization quickly. NLG-based tools are finding applications across an increasing set of applications as companies realize the vast benefits of these tools in gaining easy access to rich business information that can help in making data-driven decisions.
An increased use of NLG tools is being found in chatbots. The natural language processing capabilities of these tools make chatbots interact more humanly. NLG enables chatbots to deliver personalized user experience for resolution of a query, booking a complaint, or virtual assistance for processes done online, which enables businesses to enhance their customer experience. NLG capabilities also help create technical as well as non-technical content such as product description, contracts, and internal communications with much ease and at a lower cost.
The adoption of NLG has helped in increasing business efficiency across various business processes. This has significantly increased the adoption of natural language generation across several sectors. The NLG market is likely to significantly benefit from the rising demand for NLG tools in the banking, financial services, and insurance sector in the near future.
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Further key findings from the report suggest:
- Increasing adoption of natural language generation in areas such as marketing analytics, sales analytics, and machine learning are expected to drive the growth of the natural language generation market in the near future
- Increasing research and development activities to unlock potentials of NLG across diversified verticals such as medicine, weather forecasting, and journalism are some of the key trends in the market
- Rising deployment of NLG in large enterprises that generate large volumes of data is likely to drive the growth of the market. The segment of large enterprises is likely to remain the dominant segment in terms of enterprise size over the forecast period
- The North America regional market dominated the market in 2018. The Asia Pacific region is projected to register the highest CAGR from 2019 to 2025
- Some of the key companies in the market are IBM Corporation, Narrative Science, ARRIA NLG plc, Phrasetech, Automated Insights, Inc., CoGenTex, Inc., Yseop, Artificial Solutions, AX Semantics, and Retresco.