Natural Language Generation Software Market Is Growing At an Exponential Rate in 2019 and Coming Years
The market for Natural Language Generation Software has been increasing on numerous factors and technological advancements. The report consist of market dynamics comprising restraints, drivers, trends, and opportunities that is expected to influence the market for Natural Language Generation Software. The report provides a detailed analysis of market growth during the mentioned period in terms of volume shipments (million units) and value of estimates (US$ MN) across different region.
Natural language generation is a subset of artificial intelligence and computational linguistics used in interactive systems that help create understandable texts in various languages and communicate using speech. It is a critical component in spoken dialogue systems used to reduce the communication gap between machines and humans. Various industries are incorporating natural language generation software in their systems. Additionally, natural language generation software are used to simplify complex tasks by transforming machine representation into a natural language. Natural language generation software systems combine knowledge about a language and application to generate reports, documents, help messages, explanations, and texts. This software is used to present a set of information about users or to automate mass production documents including creating reports and sending text messages. Natural language generation software available in the market include basic natural language generation, templated natural language generation, and advanced natural language generation. Basic natural language generation software is used to translate data into text using excel functions. Templated natural language generation software utilizes template driven mode to display the output. Advanced natural language generation software communicate like humans. It understands the intent, adds intelligence to the product, and display results which can be read and comprehended easily.
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Key drivers of the global natural language generation software market include growing need to understand the changing customer behavior and increasing penetration of analytics such as big data and other related technologies. However, lack of skilled labor to deploy natural language generation software solutions and services is projected to restrain the market. Growing demand for intelligent business processes among industries is anticipated to create opportunities for the natural language generation software companies to expand their businesses and increase market share. However, rise in adoption of cloud-based solutions is anticipated to drive the natural language generation software market during the forecast period. Also as globalization continue to rise leading to expansion of businesses, implementation of natural language generation software to manage and utilizing huge amount of data will grow.
The global natural language generation software market can be categorized based on solution, application, business function, deployment type, organization size, end-use industry, and region. Based on solution, the natural language generation software market can be classified into software and services. The services segment can be sub-categorized into managed services and professional services. In terms of application, the natural language generation software market can be divided into fraud detection and anti-money laundering, predictive maintenance, risk and compliance management, customer experience management, and others. Based on business function, the natural language generation software market can be segregated into finance, legal, marketing & sales, operations, and human resources. Based on deployment type, the natural language generation software market can be segmented into on premise, cloud-based, and hybrid. In terms of organization size, the market can be divided into small and medium enterprises (SMEs) and large enterprises. Based on end-use industry, the market can be segregated into BFSI, retail & e-commerce, government, defense, health care, manufacturing, telecom & IT, media & entertainment, energy & utilities, and others. In terms of region, the global natural language generation software market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Major players operating in the global natural language generation software market include Arria NLG plc, Amazon Web Services, Inc., International Business Machines Corporation, Narrative Science, Automated Insights, Narrativa, Yseop, Retresco GmbH, Artificial Solutions, Phrasee Ltd., AX Semantics, CoGenTex, Inc., Phrasetech, and Conversica, Inc. These companies are investing considerably in R&D to incorporate new technologies in their solutions and develop new products to gain market share in the near future. Additionally, these vendors are entering into strategic partnerships with local players to expand their presence and gain share in the regional market.
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MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
The report provides the following information:
- Tailwinds and headwinds molding the market’s trajectory
- Market segments based on products, technology, and applications
- Prospects of each segment
- Overall current and possible future size of the market
- Growth pace of the market
- Competitive landscape and key players’ strategies
The main aim of the report is to:
- Enable key stakeholder’s in the market bet right on it
- Understand the opportunities and pitfalls awaiting them
- Assess the overall growth scope in the near term
- Strategize effectively with respect to production and distribution
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