The global natural language generation market size is estimated to be USD 322.1 million in 2018 and is expected to reach USD 825.3 million by 2023, growing at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period. The need to build personalized relationships based on customers’ activities or interactions and the proliferation of big data are expected to drive the market growth. However, the lack of skilled consultants to deploy NLG solutions and services may restrain the market growth.
Banking, Financial Services, and Insurance (BFSI); healthcare and life sciences; retail and eCommerce; energy and utilities; telecommunications and IT; manufacturing; government and defense; and media and entertainment are among the major industry verticals leveraging the benefits of NLG solutions and services substantially.
Natural Language Generation Market solutions gained traction in the manufacturing industry vertical, as these solutions help in transforming the complex sets of data into easily understandable narrative insights that facilitate the diagnosing of mechanical issues and false alarms to engineers, business users, and manufacturers. Engineers can easily process reports in a minimal time and take appropriate actions to resolve issues.
The professional services segment is expected to grow at the highest CAGR during the forecast period, as these services are cost-effective and easily deployable. Organizations are looking for NLG solutions along with consulting, and training and support services in the natural language generation market.
The customer experience management segment is expected to grow at the highest CAGR during the forecast period, due to the increasing significance of NLG solutions to analyze customers’ behavior and devise competitive market strategies.
