The Future of Natural Language Generation Market

Northbrook, IL, USA, 2020-Mar-25 —

The increasing volume and variety of data has resulted in a complex business environment. Owing to this, businesses are facing challenges in collecting and collaborating the vast amounts of data accumulated from organizations and system landscapes. Moreover, manually documenting information is tedious and time-consuming, and incurs additional operational expenses.

Regulatory disclosures carry the risk of errors while consolidating and publishing financial statements, and hence, to mitigate the human errors and other discrepancies, companies are adopting Artificial Intelligence (AI)-based solutions.

The natural language generation market is expected to grow from USD 322.1 Million in 2018 to USD 825.3 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period. Factors such as the increasing businesses’ need to understand customers’ behavior is expected to drive the global natural language generation market.

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The retail and eCommerce industry vertical is expected to have the largest market share during the forecast period.

In terms of industry verticals, the retail and eCommerce industry vertical is expected to continue to have the largest market share during the forecast period. The increasing use of internet-connected devices impacted businesses, as online retailers are recreating personalized store-like shopping environments for their customers. With huge volumes of customer and product-related data, NLG software and services can generate unique content and make product-related information more narrative.

The cloud deployment model is expected to grow at a higher CAGR during the forecast period.

Cloud-based deployments are witnessing a surge in demand, because these deployments are cost-effective and available easily. Owing to low hardware requirements, cloud-based solutions incur low maintenance costs with 24/7 accessibility from anytime, anywhere. Due to advancements in cloud technologies and an increase in data generation from various constituents and customers, the cloud-based deployments would exceed on-premises deployments. Cloud solutions simplify the applicability of NLG tools across organizations and offer a competitive edge by allowing organizations to focus on their competencies.

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