Natural Language Generation (NLG) Market is Expected To Reach USD 1,420.0 Million By 2028

Natural Language Generation (NLG)Market– USD 456.1 Million in 2020, Market Growth – CAGR of 15.0%,The elevated demand for big data and the related technologies.

NEW YORK, NY, UNITED STATES, April 18, 2022 /EINPresswire.com/ — The rising need to perceive the behavior of customers in various industries is one of the factors boosting Natural Language Generation Market. 

The Global Natural language generation (NLG) market is forecast to reach USD 1,420.0 Million by 2028, according to a new report by Reports and Data. NLG can be considered as the process of producing meaningful sentences and phrases in the form of natural language. Thus, it automatically generates narratives that explain, summarize input structured data in a human-like manner at the speed of thousands of pages/second. NLG makes data easily comprehensible, providing the writing of data-driven product descriptions, financial reports, among others. The main practical present-day applications of NLG are connected with writing analysis or communicating necessary information to customers. Some of the mentionable practical applications of NLG are reporting on business data, analysis for business intelligence dashboards, personalize customer communication, among others. In context to region, Europe holds a prominent market share. The market share occupied by the region is resultant of the growth of the BFSI sector and the expansion of the healthcare sector. 

Key participants Narrative Science, IBM, AWS, Artificial Solutions, Retresco, Phrasee, CoGenTex, AX Semantics, Conversica, Linguastat.

Further key findings from the report suggest

The NLG market held a market share of USD 456.1 Million in the year 2020 and forecasted to witness a CAGR of 15.0% during the forecast period.
In context to Component, the Services segment is projected to occupy 34.0% of the market by 2028, with a faster CAGR of 16.8% during the forecast period. The growing deployment of NLG software and associated increasing demand for NLG services that assist the deploying companies on enjoying the complete potential of the deployed software contributes to the market share occupied by the Services segment.
In regards to Business Function, the Marketing and Sales segment is projected to witness the fastest CAGR of 15.6% during the forecast period, which occupies the second-largest of 25.0% in 2020. The growth rate experienced by this segment is resultant of the rising popularity of NLG tools in the retail and eCommerce industry, wherein it is applied in customer experience management (CEM).
In context to End-User, the Banking, Financial Services, and Insurance [BFSI] segment held the largest market share of 24.0% in 2020, with a CAGR of 15.3% during the forecast period. The extensive application of NLG tools in the BFSI sector for determining & reporting any fraudulent activities contributes to the market share occupied by the segment.
In regards to region, Asia Pacific is forecasted to witness the fastest growth rate of 16.1% during the forecast period, which occupied 24.0% of the market in 2020.

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For the purpose of this report, global NLG market according to Component, Business Function, Organizational Size, Deployment Mode, End-User, Application, and Region:

Component Type Outlook (Revenue, USD Million; 2018-2028)

Services
Managed Services
Professional Services
Software

Business Function Type Outlook (Revenue, USD Million; 2018-2028)

Legal
Finance
Operations
Marketing and Sales
Human Resources

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Organizational size Type Outlook (Revenue, USD Million; 2018-2028)

Large Enterprises
Small and Medium-Sized Enterprises

Deployment mode Type Outlook (Revenue, USD Million; 2018-2028)

On-premises
Cloud

End-User Type Outlook (Revenue, USD Million; 2018-2028)

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

Application Type Outlook (Revenue, USD Million; 2018-2028)

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

Regional Outlook (Revenue, USD Million; 2018-2028)

North America
Europe
Asia Pacific
MEA
Latin America

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Key Advantages of Natural Language Generation (NLG) Report:

Identification and analysis of the market size and competition
Qualitative and quantitative analysis of the market data
Data validated by industry experts after extensive primary and secondary research
Extensive regional analysis of the Natural Language Generation (NLG) industry
Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
Feasibility analysis and investment analysis to enable strategic investment decisions
Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Thank you for reading the report. The report can be customized as per requirements of the clients. For further information or query about customization, please reach out to us and we will offer you the report best suited for your needs.

Tushar Rajput
Reports and Data
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