According to the Regional Research Reports, the global Natural Language Generation (NLG) Software market size was valued at USD 559.9 million in 2021 and is estimated to grow to reach over USD 1245.2 million by 2030 at a CAGR of 20.12% over the forecast period (2022-2030).
Natural Language Generation (NLG) Software Market Definition
Natural language generation (NLG) is the process of artificial intelligence interpreting data and presenting or displaying the data in a digestible, easily understood manner. These tools are used when processing large data sets, structured or unstructured, to create business actions based on the data. The data is presented as a written report or a dashboard of charts and graphs, among other presentation types. The generation is entirely done by artificial intelligence and is best aligned with business needs of the specific user. NLG solutions can work as a tool for data scientists or analysts and in some cases even supplement the need for such positions. They can also be used by less technical job positions when attempting to apply meaning to data. Often these projects work in conjunction with a business intelligence solution or a big data analytics platform, among other software.
Natural Language Generation (NLG) Software Market Pricing
The Natural Language Generation (NLG) Software pricing is estimated to range from USD 100 to USD 350. The pricing depends on the features and specifications integrated into the software. The main features for the software include emotional intelligence, conversational ability, broad knowledge base, personal, and personality.
Market Scope
The research study provides an in-depth analysis of the Natural Language Generation (NLG) Software market along with the current market trends and future estimations to elucidate the imminent investment pockets. Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided. Porter’s five forces analysis illuminates the potency of suppliers and buyers operating in the market. The quantitative analysis of the Natural Language Generation (NLG) Software market from 2022 to 2030 is provided to determine the market potential.
This report also contains the market size, untapped opportunity index, and forecasts of Natural Language Generation (NLG) Software in the global market, including the following market information:
- Global Natural Language Generation (NLG) Software Market Revenue, 2018-2021, 2022-2030, (USD Millions)
- Global Natural Language Generation (NLG) Software Market Sales, 2018-2021, 2022-2030, (Units)
- Global top five Natural Language Generation (NLG) Software companies in 2021 (%)
Regional Research Reports has surveyed the Natural Language Generation (NLG) Software manufacturers, suppliers, distributors, and industry experts in this end-use industry, involving the consumption, production, revenue generators, demand-side, supply-side, price change, product type analysis, recent development and strategies, industry trends, drivers, challenges, obstacles, and potential risks.
Natural Language Generation (NLG) Software Market Segmentation
Global Natural Language Generation (NLG) Software Market, By Deployment Model, 2018-2021, 2022-2030 (USD Millions)
Global Natural Language Generation (NLG) Software Market Segment Percentages, By Deployment Model, 2021 (%)
- On-Premise
- Cloud
- Hybrid
Global Natural Language Generation (NLG) Software Market, By Component, 2018-2021, 2022-2030 (USD Millions)
Global Natural Language Generation (NLG) Software Market Segment Percentages, By Component, 2021 (%)
- Solution
- Services
Global Natural Language Generation (NLG) Software Market, By End User, 2018-2021, 2022-2030 (USD Millions)
Global Natural Language Generation (NLG) Software Market Segment Percentages, By End User, 2021 (%)
- Small Business
- Mid Market
- Enterprise
Global Natural Language Generation (NLG) Software Market, By Industry, 2018-2021, 2022-2030 (USD Millions)
Global Natural Language Generation (NLG) Software Market Segment Percentages, By Industry, 2021 (%)
- BFSI
- Healthcare
- Energy & Utility
- IT & Telecommunication
- Retail & E-commerce
- Manufacturing
- Government & Defense
- Media & Entertainment
- Others
Global Natural Language Generation (NLG) Software Market, By Region and Country, 2018-2021, 2022-2030 (USD Millions)
Global Natural Language Generation (NLG) Software Market Segment Percentages, By Region and Country, 2021 (%)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- The U.K.
- Italy
- Russia
- Nordic Countries
- Benelux
- Rest of Europe
- Asia
- China
- Japan
- South Korea
- Southeast Asia
- India
- Rest of Asia
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Turkey
- Israel
- Saudi Arabia
- UAE
- Rest of the Middle East & Africa
Challenges with Natural Language Generation (NLG) s
A software can come with its own set of challenges. Natural Language Generation (NLG) s, which are changing many industries and use cases (such as customer support and e-commerce), have some key issues which one should keep in mind.
Preference for human agents: Although Natural Language Generation (NLG) s are great at many tasks, some contexts, such as those which require a significant amount of empathy, may be better served by a human agent.
Handoffs to humans: There might come a time when a Natural Language Generation (NLG) does not have an answer to a question from the user. It is critical that the system is designed in a way to successfully resolve this problem. Typically, the best way to solve this is to transition the user to a human agent.
Global Natural Language Generation (NLG) Software Market Trend
In addition, artificial intelligence techniques such as NLP software help make Natural Language Generation (NLG) solutions easier to use and more powerful, providing more accurate results. Below are the trends relevant to this software.
Conversational interfaces
In general, users are looking to conversational interfaces to get answers to their burning questions. For example, they are looking to query their data in a more natural way. Since natural language understanding has improved, people can talk to their data, finding and exploring insights using natural, intuitive language. With this powerful technology, users can focus on discovering patterns and finding meaning hidden in the data as opposed to memorizing SQL queries.
Data-focused businesspeople, like data analysts, can benefit from conversational interfaces like Natural Language Generation (NLG) s. Users can uncover the material they are looking for using intuitive language. Intuitive methods of querying data mean a larger user base that can access and make sense of company data.
Voice
Voice is a primal method of interacting with others. It is only natural that we now converse with our machines using our voice and that the platforms for said voicebots have seen great success. Voice makes technology feel more human and allows people to trust it more. Voice will prove to be an important natural interface that mediates human communication and relationships with devices, and ultimately, within an AI-powered world.
Artificial intelligence
AI is quickly becoming a promising feature of many, if not most, types of software. With machine learning, end users can identify patterns in data, allowing them to make sense of content and help them understand what they are seeing. This pattern recognition is fueling the rise of more powerful, contextually-aware Natural Language Generation (NLG) s.
Competitor Analysis of the Global Natural Language Generation (NLG) Software Market
Analysis on leading market companies and participants, including:
- Key companies Natural Language Generation (NLG) Software revenues in the global market, 2018-2021 (Estimated), (USD Millions)
- Key companies Natural Language Generation (NLG) Software revenues share in global market, 2021 (%)
- Key companies Natural Language Generation (NLG) Software sales in the global market, 2018-2021 (Estimated), (MT)
- Key companies Natural Language Generation (NLG) Software sales share in global market, 2021 (%)
Further, the report deatiled out about the leading competitors in the market, namely:
- vPhrase
- AX Semantics
- Wordsmith
- Article Forge
- Quill
- Persado
- Textengine.io
- Arria
- BeyondWords
- Alana
- Magnet
- Trinity Audio
- Contentyze
- Curo Speech
- NLP AI
- ServisBOT
Why do you need to purchase this report?
- Get the clear understanding on the market's current and future in both established and emerging markets.
- Complete information on the entry-level research study as the report consists of considerable information focusing on market size estimations, key players, development, and market trends.
- The report showcase deep-dive segmental market analysis of all key geography and countries around the globe.
- The most recent developments and news within the market and statistics on the market leaders along with their market share and techniques.
- Current, Historical, and forecasted market size from both value (USD million) and volume (units).
- 3-months of analyst support to understand the market objective, along with the market estimate sheet (in excel)
Key Questions Answered in This Report:
- What will the market forecast and the growth rate from 2022 to 2030?
- What are the key dynamics and trends of the market?
- What are the primary driving elements for the market growth?
- What are the obstacles developed to the market?
- Who are the leading companies with their market positioning share?
- How much can incremental dollar investment opportunities can be witnessed in the market during the forecast period?
- Analysis of the market players and the market anslysis through SWOT, PORTER's, and PESTEL study.
