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Natural Language Generation Market Is Expected To Reach a Revenue Of USD 25.1 Bn By 2033, At 24.5% CAGR: Dimension Market Research

By Globenewswire September 10, 2024 • 12:59 am

Advancements and Projections in the Natural Language Generation Market: Insights, Trends, Opportunities, and Recent Developments

New York, Sept. 09, 2024 (GLOBE NEWSWIRE) — Market Overview

Global Natural Language Generation Market size is expected to reach USD 3.5 billion by 2024 and is further anticipated to reach USD 25.1 billion by 2033 at a CAGR of 24.5%.

Natural language generation is a specialized form of artificial intelligence dedicated to automatically generating human-like text from input data. It employs various algorithms and models to convert structured data into coherent, contextually relevant language. NLG’s expansion is fueled by significant advancements in machine learning, deep learning, and neural network architectures.

The increasing demand for NLG stems from the exponential growth in data availability, the development of sophisticated language models such as OpenAI’s GPT series, and the widespread adoption of automated content creation across multiple sectors.

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Important Insights

  • Market Growth Projection: Global natural language generation (NLG) market is anticipated to expand by USD 20.8 billion, growing at a CAGR of 24.5% from 2025 to 2033.
  • Software Component Dominance: Software is expected to lead the NLG market based on components in terms of revenue share by 2024.
  • On-Premise Deployment Leadership: On-premise deployment is predicted to dominate the NLG market based on deployment models, capturing a revenue share of 53.1% by 2024.
  • Dominance of Large Organizations: Large organizations are projected to hold the largest market share in the NLG market based on organization sites by 2024.
  • Finance Sector Dominance: The finance sector is predicted to dominate the global market, commanding the largest revenue share by 2024.
  • BFSI Sector Leadership in Industry Verticals: Banking, Financial Services, and Insurance (BFSI) are set to lead the NLG market among industry verticals, capturing the largest revenue share by 2024.
  • Application Focus: Fraud detection and anti-money laundering applications are expected to dominate the NLG market with the largest revenue share of 27.1% by 2024.
  • Regional Market Analysis: North America is anticipated to lead the global natural language generation market, holding 34.1% of the market share by 2024.

Latest Trends

  • Companies are increasingly investing in AI technologies to expand the Natural Language Generation market.
  • Collaboration between technology firms and government entities is contributing to market growth. These partnerships primarily aim to develop advanced NLG solutions that comply with regulatory standards and improve public service delivery.

Competitive Landscape

  • Natural Language Generation (NLG) Market automates data collection and produces detailed reports, facilitating predictive analytics for forecasting future trends and events.
  • Market leaders are actively utilizing NLG to revolutionize data analysis, communication of insights, and automation of decision support systems across various global industries.
  • Major market leaders have a global presence and serve a diverse customer base ranging from small businesses to large enterprises.

Some of the prominent market players:

  • AWS
  • IBM
  • CoGenTex
  • Artificial Solutions
  • 2txt – Natural Language Generation GmbH.
  • vPhrase
  • Phrasetech
  • NewsRx
  • Textual Relations
  • Retresco
  • Narrative Science
  • Others

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Natural Language Generation Market Scope 

Report Highlights Details
Market Size (2024) USD 3.5 Bn
Forecast Value (2033) USD 25.1 Bn
CAGR (2025-2033) 24.5%
Leading Region in terms of Revenue  Share North America
Percentage of Revenue Share by Leading Region 34.1%
Historical Data 2018 – 2023
Forecast Data 2025- 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Deployment Model, By Organization Size, By Business Function, By Application, By Industry Vertical
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Market Analysis

Fraud detection and anti-money laundering are anticipated to dominate the natural language generation market with a revenue share of 27.1% in 2024, driven by their growing importance across industries such as BFSI, retail, healthcare, manufacturing, and government due to frequent fraudulent incidents.

NLG-powered platforms can analyze user activities in real-time and through batch analysis to protect customer and enterprise data, utilizing AI and related technologies for high accuracy. Stricter global regulatory requirements are pushing financial institutions and regulatory bodies to adopt NLG solutions to comply with regulations and effectively combat financial crimes.

Drivers

  • The rise of digital platforms and social media has heightened the demand for fresh and compelling content at scale. NLG-powered automated content creation technologies enable companies to swiftly produce content with minimal manual effort, saving both time and resources.
  • AI technologies are essential for businesses requiring content across diverse formats, languages, and channels, bolstering the NLG market’s growth.
  • Chatbots and virtual assistants leverage NLG to interpret user inputs accurately, providing contextually relevant responses in real-time. Integration of NLG enhances user engagement and satisfaction through natural interactions, driving market expansion in this sector.

Restraints

  • NLG market encounters challenges due to a shortage of proficient consultants skilled in deploying NLG solutions effectively.
  • Skilled consultants are crucial for comprehending client needs, designing customized NLG solutions, and implementing them seamlessly within organizational structures.
  • The scarcity of qualified professionals results in project deployment delays and heightened costs for businesses.

Opportunities

  • NLG market is set for significant growth as global enterprises increasingly adopt AI-driven solutions. Advances in AI technology is improving NLG systems, allowing them to produce meaningful and natural-sounding content for reports, conversational agents, and other communication tools.
  • Industries such as healthcare, media, and finance are increasingly leveraging NLG’s potential, driving significant market expansion. These technologies are applied to automate tasks like creating patient reports, medical summaries, and personalized healthcare recommendations based on data analysis, bolstering growth in the healthcare sector.

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Natural Language Generation Market Segmentation

By Component

  • Software
  • Services
    • Managed services
    • Professional services
      • Consulting services
      • Training and Support

 By Deployment Model

  • On-premises
  • Cloud

 By Organization Size

  • Small and Medium-sized Enterprises (SMEs)
  • Large enterprises

By Business Function

  • Finance
  • Legal
  • Operations
  • HR
  • Marketing and Sales
  • Others

By Application

  • Fraud Detection and Anti-money Laundering
  • Customer Experience Management (CEM)
  • Predictive Maintenance
  • Risk and Compliance Management
  • Performance Management
  • Others

By Industry Vertical

  • Banking, Financial Services, and Insurance (BFSI)
  • Retail and eCommerce
  • Government and Defense
  • Healthcare and Life Sciences
  • Media and Entertainment
  • Telecom and IT
  • Others

Regional Analysis

North America is expected to lead the natural language generation market, capturing a revenue share of 34.1% in 2024. This dominance is driven by the rising demand for automated content creation and the necessity for businesses in the region to rapidly produce large volumes of content.

The presence of the global leading technology companies, which are heavily investing in NLG technology, contributes significantly to this region’s growth. They benefit from a large pool of skilled professionals and advanced infrastructure, creating an optimal environment for NLG development.

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By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Recent Developments

  • In May 2024, Yseop, a leading AI software company, announced a new Generative AI application for the biopharma industry, developed with the support of AWS. They leverages AWS’s security and scalability to enhance its large language model (LLM) ecosystem and infrastructure as a member of the AWS Partner Network.
  • In December 2023, OpenAI introduced ChatGPT, marking a significant advancement in natural language understanding and generation. This state-of-the-art NLG technology focuses on improving conversational abilities, and context awareness, and generating more coherent, human-like responses.
  • In March 2023, Syndigo, a prominent SaaS company specializing in product information and syndication, launched enhanced generative AI features. The new SmartPrompts feature allows Syndigo clients to speed up content creation for product detail listings, enhancing existing generative AI integrations to boost conversions, reduce returns, and significantly improve brand interactions.
  • In June 2022, Yseop, a leading AI software company and pioneer in Natural Language Processing (NLP), announced that Sanofi, a global healthcare company, selected Yseop to enhance its natural language generation (NLG) capabilities.

About Dimension Market Research (DMR):

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts into work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world.

We also believe that our clients don’t always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.

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