Natural Language Generation Market

Natural Language Generation Market Analysis (2023 - 2030)

The market value of the Natural Language Generation Market was worth USD 10 million in 2021 and is projected to reach USD 1.8 billion by 2027, recording a Compound Annual Growth Rate (CAGR) of 18.4% over the forecast period.

A software method called Natural Language Generation (NLG) is used to convert coded data into natural language. It falls within the umbrella of artificial intelligence (AI). NLG performed automatically corresponds with human analysts’ custom material is made available through it for both web-based and mobile apps. This program performs well when it is used to automate time-saving data analysis tasks. Applications for them may be found in risk and compliance management, customer experience management, fraud detection, and anti-money laundering. This language is primarily utilized in several different fields and businesses, including manufacturing, healthcare, life sciences, retail, government, banking, financial services, and insurance (BFSI). The development of artificial intelligence (AI) as a result of technological advancements has made it easier for businesses to comprehend the actions and behavior of their consumers, which is a crucial element in driving market expansion. Additionally, the market's growth was accelerated by the rise in the acceptance of the big data concept and other associated technologies. In addition, the rising need for applications for customer experience management, fraud detection, and anti-money laundering would help the NLG industry flourish. Several limitations and difficulties will impede the expansion of the market as a whole. The inability to adopt NLG products and services due to issues including a lack of qualified trainers and consultants. Additionally, difficulties with data security and quality as well as a lack of knowledge of NLG solutions might hinder the market's overall expansion for natural language generation (NLG).

Key Market Insights:

• By 2027, the market is anticipated to register USD 1.1 billion, with the Software sector dominating. During the projection period, the category is anticipated to expand at a CAGR of almost 19%. The NLG software consists of a variety of platforms, tools, engines, and interfaces that translate computer code into a language that is understandable by humans. Data analysts and non-technical people may analyze information and data using deep learning and get useful insights from digital data with the help of software that generates natural language.
• Based on the application segment, the use of natural language generation (NLG) technologies in risk and compliance management processes is a key factor in the segment's growth. The compliance teams analyze and identify crucial data from enormous databases, as well as unearth inconsistencies and find patterns, using techniques like sentiment analysis, subject tagging, and other ways. The field of risk and compliance management is anticipated to continue to dominate the industry for the foreseeable future.
• The cloud-based deployment model contributed the maximum to the market share and is anticipated to expand with a CAGR of 14.3% over the forecast period. The market growth is credited to the inherent benefits of the cloud-based model such as quick installation, economical operational cost and flexibility in terms of pricing models and operations. 
• In terms of market share, the large enterprise segment has taken the lead, and they are anticipated to expand at a CAGR of 14.4% throughout the projection period. The small and medium-sized enterprise category is anticipated to expand at a CAGR of more than 22% throughout the forecast period. Small and medium-sized businesses have been sluggish to adopt natural language generation technologies due to the significant expenditure required to build up the infrastructure and a lack of knowledge about the enormous benefits of NLG on numerous fronts.
• In 2021, the BFSI industry dominated the market. Over the projection period, it is projected to grow at a CAGR of 15.4% and contributed to over 38% of the market share. Due to stricter regulations, growing competition among banks, and a greater need for operational transparency, automation and AI technology implementation have risen across banks, insurance companies, and investment management firms. To automate the process of recognizing and detecting any fraudulent behavior that happens within the business, the BFSI vertical may leverage NLG solutions. Additionally, these technologies help in the development of a personalized and interesting customer care experience. These qualities have made NLG instruments more and more well-liked in the banking, financial services, and insurance sectors.
• Based on region, North America dominated the natural language generation market. The North American market accounted for over 45% of the market share in 2021. The surge in adoption of advanced technologies as well as increased investment by various investment companies in NLG enterprises to take advantage of the market's immense potential are credited with the expansion.

Market Segmentation

By product outlook

• Software
• Services

By application

• Fraud Detection and Anti-Money Laundering
• Predictive Maintenance
• Risk & Compliance Management
• Performance Management
• Customer Experience Management
• Others

By deployment type

• Cloud
• On-Premise

By enterprise size

• Small & Medium size Enterprises
• Larger Enterprises

By end-user

• Banking, Financial Services, and Insurance
• Retail and Ecommerce
• Government and Defense
• Healthcare and Life Sciences
• Manufacturing
• Telecom and IT
• Media and Entertainment
• Energy and utilities
• Others

By Region

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

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