The global natural language generation revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing need to understand customers’ behavior coupled with proliferation of big data is the major factor expected to boost growth of the global natural language generation market.
Natural language generation (NLG) is a sub part of artificial intelligence (AI) which produces a particular form of a language which is peculiar to a specific region or social group as output based on information input. The global natural language generation market report has been segmented on the basis of component, application, business function, deployment model, organization size, industry vertical, and region.
On the basis of component, the global natural language generation is segmented into software and services. Further the services segment is sub segmented into managed services and professional services. The solutions segment is expected to contribute significant share in terms of revenue in the global market.
On the basis of application, the global natural language generation is segmented into customer experience management (CEM), fraud detection and anti-money laundering, risk and compliance management, performance management, predictive maintenance, and others.
On the basis of business function, the global natural language generation is segmented into finance, legal, operations, HR, marketing and sales.
On the basis of deployment mode, the global natural language generation is segmented into premises and cloud.
On the basis of organization size, the global natural language generation is segmented into small and medium-sized enterprises and large enterprises.
On the basis of industry vertical, the global natural language generation is segmented into banking, financial services, and insurance (BFSI), retail and ecommerce, government and defense, healthcare and life sciences, manufacturing, energy and utilities, telecom and IT, media and entertainment, and others (research, travel and hospitality, and real estate).
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On the basis of region, the global natural language generation is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific market is expected to dominate in the global natural language generation market, and is projected to maintain its dominance over the forecast period. This can be attributed to increasing companies’ focus on improving their customer service for driving competitive differentiation and revenue growth in countries in the region. North America market is projected to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. The global natural language generation markets in Europe, Latin America and Middle East & Africa are projected to witness moderate growth over the forecast period.
Prominent players in the global natural language generation include Arria NLG plc, Narrative Science, Automated Insights, Retresco GmbH, Cogentex Inc., Veritone Inc., NewsRx, Conversica, Inc., 2txt – natural language generation GmbH, AX Semantics, Amazon Web Services, and International Business Machines Corporation.