The global natural language generation market size is expected to reach USD 1,150.9 million by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 19.8% from 2019 to 2025. The NLG technique deals with the production and generation of speech and text. There is a wide range of applications of natural language generation such as the conversion of an analytics report in natural language, which can be directly embedded within a dashboard and used to deliver critical insights to more people within an organization quickly. NLG-based tools are finding applications across an increasing set of applications as companies realize the vast benefits of these tools in gaining easy access to rich business information that can help in making data-driven decisions.
An
increased use of NLG tools is being found in chatbots. The natural language
processing capabilities of these tools make chatbots interact more humanly. NLG
enables chatbots to deliver personalized user experience for resolution of a
query, booking a complaint, or virtual assistance for processes done online,
which enables businesses to enhance their customer experience. NLG capabilities
also help create technical as well as non-technical content such as product
description, contracts, and internal communications with much ease and at a
lower cost.
The
adoption of NLG has helped in increasing business efficiency across various
business processes. This has significantly increased the adoption of natural
language generation across several sectors. The NLG market is likely to
significantly benefit from the rising demand for NLG tools in the banking,
financial services, and insurance sector in the near future.
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Further key
findings from the report suggest:
- Increasing
adoption of natural language generation in areas such as marketing
analytics, sales analytics, and machine learning are expected to drive the
growth of the natural language generation market in the near future
- Increasing
research and development activities to unlock potentials of NLG across
diversified verticals such as medicine, weather forecasting, and
journalism are some of the key trends in the market
- Rising
deployment of NLG in large enterprises that generate large volumes of data
is likely to drive the growth of the market. The segment of large
enterprises is likely to remain the dominant segment in terms of
enterprise size over the forecast period
- The North
America regional market dominated the market in 2018. The Asia Pacific
region is projected to register the highest CAGR from 2019 to 2025
- Some of the
key companies in the market are IBM Corporation, Narrative Science, ARRIA
NLG plc, Phrasetech, Automated Insights, Inc., CoGenTex, Inc., Yseop,
Artificial Solutions, AX Semantics, and Retresco.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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