PUNE, India, May 14, 2018 /PRNewswire/ --
According to a new market research report "Natural Language Generation (NLG) Market by Application (CEM, Fraud Detection & Anti-money laundering), Component (Software & Services), Business Function, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market 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.
Browse 87 market data Tables and 35 Figures spread through 154 Pages and in-depth TOC on "Natural Language Generation (NLG) Market"
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Factors such as the increasing businesses' need to understand customers' behavior is expected to drive the global Natural Language Generation Market.
The retail and eCommerce industry vertical is expected to have the largest market share during the forecast period.
In terms of industry verticals, the retail and eCommerce industry vertical is expected to continue to have the largest market share during the forecast period. The increasing use of internet-connected devices impacted businesses, as online retailers are recreating personalized store-like shopping environments for their customers. With huge volumes of customer and product-related data, NLG software and services can generate unique content and make product-related information more narrative.
The cloud deployment model is expected to grow at a higher CAGR during the forecast period.
Cloud-based deployments are witnessing a surge in demand, because these deployments are cost-effective and available easily. Owing to low hardware requirements, cloud-based solutions incur low maintenance costs with 24/7 accessibility from anytime, anywhere. Due to advancements in cloud technologies and an increase in data generation from various constituents and customers, the cloud-based deployments would exceed on-premises deployments. Cloud solutions simplify the applicability of NLG tools across organizations and offer a competitive edge by allowing organizations to focus on their competencies.
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North America is expected to constitute the largest market share, whereas Asia Pacific (APAC) to grow at the highest CAGR during the forecast period.
In terms of market shares, North America is expected to continue to dominate its position during the forecast period. This can be attributed to the presence of various developed economies, such as the US and Canada, and its focus on innovating the existing solutions. Enterprises are implementing Artificial Intelligence (AI) and semantics, so that IT systems can help in resolving their queries and performing daily operations. This, in turn, increased the demand for NLG software and services among all the major industry verticals in North America. Enterprises offer the best end-user experience and provide the best services by using the NLG technology-based software and services. The APAC region is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing technological expenditure in countries such as China, Japan, and Singapore. Owing to the increasing amount of data in numerous formats, the adoption of NLG software and services is expected to drive the growth of the market.
Major vendors who offer NLG software and services include Arria NLG (UK), Yseop (US), IBM (US), Automated Insights (US), Artificial Solutions (Spain), NarrativeWave (US), Narrative Science (US), Narrativa (UAE), Amazon Web Services (AWS) (US), Retresco (Germany), Phrasee (UK), Conversica (Conversica) (US), Linguastat (US), NewsRx (US), vPhrase (India), Phrasetech (Israel), CoGenTex (CoGenTex) (US), AX Semantics (Germany), Textual Relations (Sweden), and 2txt - natural language generation GmbH (2txt) (Germany). Other stakeholders of the Natural Language Generation Market include vendors, such as research organizations, network, system integrators, natural language generation managed service providers, Business Intelligence (BI) solution providers, marketing analytics executives, third-party providers, and technology providers.
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