AI Text Generator Market Size Reach USD 2.2 Billion by 2032, Key Factors behind Market’s Hyper Growth
Prime factors propelling the market growth of AI text generators are rising use of social media, content creation and growing demand for SEO tools in marketing.
PORTLAND, PORTLAND, OR, UNITED STATE, April 9, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The AI Text Generator Market Size Reach USD 2.2 Billion by 2032, Key Factors behind Market’s Hyper Growth.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global AI text generator market was valued at USD 423.8 million in 2022, and is projected to reach USD 2.2 billion by 2032, growing at a CAGR of 18.2% from 2023 to 2032.
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Growing trends in Natural Language Processing (NLP) technology and rising demand for cost-effective and quality content generator tools propel growth of the global AI text generator market. In addition, increasing demand for personal assistants and chatbots fuels the growth of the market. Rise in the adoption of multi-modal text generation is expected to provide lucrative opportunities for the market during the forecast period.
The AI text generator market is segmented on the basis of offering, deployment mode, application, industry vertical, and region. On the basis of offering, the market is categorized into solutions and services. On the basis of deployment mode, the market is fragmented into on-premise and cloud. On the basis of application, the market is divided into text-to-text, speech/voice-to-text, and image/video-to-text. By end-user, it is classified into media & entertainment, healthcare, education, telecommunication, social media & networking, E-commerce, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Covid-19 Scenario:
● The AI text generator market witnessed stable growth during the COVID-19 pandemic, owing to an increase in the adoption of digital and remote research technologies as schools and universities went online during the pandemic situation.
● In addition, the COVID-19 pandemic resulted in the deployment of technology across various academic institutions for online classes and learning, which, in turn, drove the development of advanced machine-learning models.
● Moreover, the growing demand for the AI text generator market in healthcare education and learning and increasing application in healthcare diagnosis and screening is expected to boost the market growth in the post-pandemic.
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Based on application, the Text-to-Text segment accounted for the largest share in 2022, contributing to nearly half of the global AI text generator market revenue, as it is used to automatically compose articles, blog posts, product descriptions, and other sorts of content that produce texts in just a few seconds. However, the Speech/Voice to Text segment is expected to portray the largest CAGR of 20.4% from 2023 to 2032.
Based on the solution, the quality management segment held the highest market share in 2022, accounting for around two-thirds of the global AI text generator market revenue, as it provides personalized services, accelerates throughput, and reduces operational costs. However, the service segment is projected to manifest the highest CAGR of 19.9% from 2023 to 2032.
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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global AI text generator market revenue, owing to a rise in the adoption of digitization as well as the other latest technologies, political, and corporate sectors. However, the Asia-Pacific region is expected to witness the fastest CAGR of 21.3% from 2023 to 2032. It is likely to dominate the market during the forecast period, owing to the rise in the trend of online voting pilot projects and demand for fair & safe counting.
The key players profiled in the AI text generator market analysis are OpenAI AI Writer, CopyAI, Inc., Writesonic, Inc., Pepper Content Inc., Frase, Inc., HyperWrite (Otherside AI), Hypotenuse AI, INK Inc., and Jasper AI, Inc.
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