Natural Language Generation (NLG) Market Exploring the Booming Trends and Insights 2028
The Global Natural language generation (NLG) market is forecast to reach USD 1,420.0 Million by 2028, according to a new report by Reports and Data. NLG can be considered as the process of producing meaningful sentences and phrases in the form of natural language. Thus, it automatically generates narratives that explain, summarize input structured data in a human-like manner at the speed of thousands of pages/second. NLG makes data easily comprehensible, providing the writing of data-driven product descriptions, financial reports, among others. The main practical present-day applications of NLG are connected with writing analysis or communicating necessary information to customers. Some of the mentionable practical applications of NLG are reporting on business data, analysis for business intelligence dashboards, personalize customer communication, among others. In context to region, Europe holds a prominent market share. The market share occupied by the region is resultant of the growth of the BFSI sector and the expansion of the healthcare sector.
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The component segment within the industry has undergone a detailed breakdown, distinguishing between services and software. In the landscape of this industry, it is evident that the Software segment is the dominant force, commanding a substantial share of 70.3% in the year 2020. What’s even more noteworthy is the robust growth trajectory it has charted, boasting an impressive growth rate of 14.2% during the forecast period. The Software segment’s meteoric rise can be attributed to a multitude of factors that underscore its significance in the modern era.
One of the key drivers of the Software segment’s rapid expansion is its versatility and widespread utility. It has found a prominent place not only among data analysis scientists but also among non-technical individuals who recognize its power in processing data and information through deep learning techniques. This democratization of access to advanced data analytics tools is particularly significant as it empowers a broader range of professionals and decision-makers to harness the potential of data-driven insights.
Furthermore, the pivotal role played by Natural Language Generation (NLG) software cannot be overstated within this context. NLG software comprises a diverse array of platforms, engines, interfaces, and tools that facilitate the transformation of complex computerized code into human-understandable language. This capability bridges the gap between technical jargon and accessible insights, making data comprehensible and actionable for individuals who may lack a deep technical background.
As a result, NLG software has seen widespread adoption across various industries and sectors. Non-technical individuals can now engage with data analysis and derive valuable insights without the need for extensive coding skills. Simultaneously, data analysis scientists benefit from the efficiency and effectiveness of NLG software in translating their findings into readily understandable formats for broader dissemination and decision-making.
In conclusion, the Software segment’s commanding presence in the industry, its remarkable growth rate, and its pivotal role in enabling data-driven decision-making highlight the transformative impact of technology in today’s data-centric world. The convergence of deep learning, data processing, and NLG software is driving innovation and accessibility, ushering in an era where data analysis and actionable insights are within reach for a broader spectrum of professionals and industries.
some leading companies operating in the global Natural Language Generation (NLG) market.
Narrative Science, IBM, AWS, Artificial Solutions, Retresco, Phrasee, CoGenTex, AX Semantics, Conversica, Linguastat.
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The global market is further segmented into type and application:
Component Type Outlook (Revenue, USD Million; 2018-2028)
- Managed Services
- Professional Services
Business Function Type Outlook (Revenue, USD Million; 2018-2028)
- Marketing and Sales
- Human Resources
Organizational size Type Outlook (Revenue, USD Million; 2018-2028)
- Large Enterprises
- Small and Medium-Sized Enterprises
Deployment mode Type Outlook (Revenue, USD Million; 2018-2028)
End-User Type Outlook (Revenue, USD Million; 2018-2028)
- Retail and Ecommerce
- Banking, Financial Services, and Insurance
- Healthcare and Life Sciences
- Government and Defense
- Telecom and IT
- Energy and Utilities
- Media and Entertainment
Application Type Outlook (Revenue, USD Million; 2018-2028)
- Predictive Maintenance
- Fraud Detection and Anti-Money Laundering
- Customer Experience Management
- Risk and Compliance Management
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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