According to a new report, published by KBV research, The Global Natural Language Generation Market size is expected to reach $2.7 billion by 2031, rising at a market growth of 21.2% CAGR during the forecast period.
The Large Enterprise segment is exhibiting a CAGR of 20.7% during the forecast period. Large organizations' significant resources and extensive data processing needs drive this prominence. Large enterprises typically have more complex operational structures and larger datasets, making them ideal candidates for advanced NLG solutions that can automate and streamline their data interpretation and reporting processes.
The Risk & Compliance Management segment led the maximum revenue in the Global Natural Language Generation Market by Application in 2023, thereby, achieving a market value of $524.8 million by 2031. This prominence is driven by increasing regulatory requirements and the need for organizations to manage risk more effectively. Natural language generation tools are instrumental in interpreting complex regulatory documents, automating the creation of compliance reports, and ensuring that organizations adhere to stringent regulations.
The Software segment is registering a CAGR of 20.7 % during the forecast period. This dominance can be attributed to several factors. Firstly, NLG software solutions are being increasingly adopted by businesses seeking to automate their data interpretation and reporting processes. These software solutions provide significant value by transforming structured data into human-like language, enabling better decision-making and communication.
The Cloud segment captured the maximum revenue in the Global Natural Language Generation Market by Deployment in 2023, thereby, achieving a market value of $1.7 billion by 2031. The dominance of the cloud deployment model is driven by its numerous advantages, including scalability, flexibility, and cost-effectiveness. Cloud-based NLG solutions allow businesses to quickly scale their operations up or down based on demand without significant initial investment in hardware or infrastructure.
The Banking, Financial Services & Insurance segment is growing at a CAGR of 19.8 % during the forecast period. The need for efficient data processing, regulatory compliance, and enhanced customer communication drives the adoption of NLG technology in the BFSI sector. NLG solutions enable financial institutions to automate the generation of detailed reports, streamline compliance processes, and provide personalized communication to clients.
Full Report: https://www.kbvresearch.com/natural-language-generation-market/
The North America region dominated the Global Natural Language Generation Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $983.8 million by 2031. The Europe region is anticipated to grow at a CAGR of 20.8% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 21.8% during (2024 - 2031).
By Enterprise Size
By Application
By Solutions
By Deployment
By Vertical
By Geography
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