Natural Language Generation Market: Moving Towards Brighter Future| IBM

Posted by Andre on September 3rd, 2019

The Global Natural Language Generation Market accounted for USD 279.5 million in 2017 and is projected to grow at a CAGR of 21.1% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025. Some of the major players in the market are IBM Corporation, Automated Insights, Inc., Amazon Web Services, Inc., AX Semantics, Phrasetech, NARRATIVEWAVE, Yseop, Narrativa, Artificial Solutions, CoGenTex, Narrative Science, Conversica, Linguastat, Textual Relations, Phrasee, Retresco, 2txt - natural language generation GmbH

Market Segmentation: Global Natural Language Generation Market

  •          The natural language generation market is segmented based on component, business function, deployment model, organization size, application end-users and geographical segments.
  •          Based on component, the market is segmented into software, services. Services are sub segmented into professional services and managed services. Professional services are further sub segmented into consulting services and training and support.
  •          On the basis of business function, the market is segmented into finance, operations, marketing and sales, human resources and legal.
  •          On the basis of deployment model, the market is segmented into cloud and on premises.
  •          On the basis of organization size, the market is segmented into small and medium sized and large sized enterprise.
  •          On the basis of application, the market is segmented into predictive maintenance, fraud detection and anti-money laundering, customer experience management, risk and compliance management and others.
  •          On the basis of end-users, the market is segmented into banking, financial services, and insurance (BFSI), healthcare, government, telecom, retail, manufacturing, energy and utilities, transportation and logistics and others

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Natural language generation (NLG) is a sub section of artificial intelligence (AI) which produces dialect as output based on information input. There are assortments of ways the innovation is being utilized, essentially to enhance profitability via reporting activities, mechanizing time-intensive data analysis and to build the estimation of information driven products by drawing in clients with instinctive natural language interfaces. Development of NLG Product will act as driving factor which will lead the natural language generation market.

Major Market Drivers and Restraints:

  •          Proliferation of big data and the related technologies
  •          Rising demand for intelligent business processes
  •          Strong necessity with respect to recognize customers behavior
  •          Lack of skilled professionals

Competitive Landscape: Global Natural Language Generation Market

The global natural language generation market is consolidated due to the presence of limited number of players concentrated in few countries. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

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Joined: August 28th, 2019
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