The global natural language generation market size is expected to grow from USD 322.1 million in 2018 to USD 825.3 million by 2023, at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period.
A strong necessity to understand customers' behavior has led to a rise in delivering better customer experience across different industry verticals. This factor is driving organizations to build personalized relationships based on customers' activities or interactions. Moreover, the proliferation of big data created an interest among organizations to derive insights from collected data for taking better, real-time, and fact-based decisions. Thus, NLG solutions have gained significance in extracting insights into human-like languages that are easy to understand. However, the lack of skilled workforce to deploy NLG solutions is a major factor restraining the growth of the market.
The customer experience management segment is expected to grow at the highest CAGR during the forecast period. The adoption of NLG software and services is rapidly increasing in various applications, as these software and services automate processes, thereby facilitating organizations to focus more on their business strategies to gain competitive advantages. The proliferation of big data and related technologies assist in fact-based business decision-making at a faster rate.
The natural language generation market growth in the Asia Pacific (APAC) region is gaining momentum and is expected to grow at the highest CAGR in the coming years. The rising awareness can be attributed to an increase in companies' focus on improving their customer service for driving competitive differentiation and revenue growth in this region. . In addition to this, major APAC economies, such as China, India, Japan, South Korea, and Australia, are adopting the cloud technology
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Natural Language Generation Market 4.2 Market By Industry Vertical and Region 4.3 Investment Opportunities in the Market
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Strong Need to Understand Customers' Behavior 188.8.131.52 Proliferation of Big Data and the Related Technologies 5.2.2 Restraints 184.108.40.206 Lack of Skilled Consultants to Deploy NLG Solutions and Services 5.2.3 Opportunities 220.127.116.11 Emerging Options in Application Areas 18.104.22.168 Increasing Demand for Intelligent Business Processes 5.2.4 Challenges 22.214.171.124 Lack of Awareness of NLG Solutions 126.96.36.199 Data Security and Quality Issues 5.3 Industry Trends 5.3.1 Use Cases 188.8.131.52 Introduction 184.108.40.206 Use Case: NLG Solutions Increased the Efficiency of Creating and Iterating Detection Models 220.127.116.11 Use Case: Increase in Efficiency of Report Generation With NLG Solutions 18.104.22.168 Use Case: Ease of Business Processes With NLG Solutions 22.214.171.124 Use Case: Development of A Conversational Tool With NLG Platform 5.4 Best Practices to Be Followed in Natural Language Generation 5.5 Regulatory Implications 5.5.1 Sarbanes-Oxley Act of 2002 5.5.2 General Data Protection Regulation 5.5.3 Basel
6 Natural Language Generation Market, By Component 6.1 Introduction 6.2 Software 6.3 Services 6.3.1 Managed Services 6.3.2 Professional Services 126.96.36.199 Training and Support 188.8.131.52 Consulting Services
7 Natural Language Generation Market, By Application 7.1 Introduction 7.2 Fraud Detection and Anti-Money Laundering 7.3 Predictive Maintenance 7.4 Risk and Compliance Management 7.5 Customer Experience Management 7.6 Others
8 Market By Business Function 8.1 Introduction 8.2 Finance 8.3 Legal 8.4 Marketing and Sales 8.5 Operations 8.6 Human Resources
9 Natural Language Generation Market, By Deployment Model 9.1 Introduction 9.2 On-Premises 9.3 Cloud
10 Market By Organization Size 10.1 Introduction 10.2 Small and Medium-Sized Enterprises 10.3 Large Enterprises
11 Natural Language Generation Market, By Industry Vertical 11.1 Introduction 11.2 Banking, Financial Services, and Insurance 11.3 Retail and Ecommerce 11.4 Government and Defence 11.5 Healthcare and Life Sciences 11.6 Manufacturing 11.7 Telecom and IT 11.8 Media and Entertainment 11.9 Energy and Utilities 11.1 Others
12 Natural Language Generation Market, By Region
13 Competitive Landscape 13.1 Overview 13.2 Prominent Players Operating in the Natural Language Generation Market 13.3 Competitive Situations and Trends 13.3.1 Partnerships, Agreements, and Collaborations 13.3.2 New Product Launches 13.3.3 Acquisitions