Global Natural Language Generation (NLG) Software Market Is Anticipated To Grow Two-Fold In The Value By 2026

The Global Natural Language Generation (NLG) Software Market is anticipated to increase to a value of more than $1000 million by 2026, with a CAGR of over 18% from 2019 to 2026

Natural Language Generation (NLG) Software: Introduction

Natural Language Generation (NLG), is a product interaction that uses Natural Language Processing (NLP) to produce usual written or spoken language from organized and unstructured information. Basically, it is the process to change the coded information into the normal language.

The most well-known strategies for NLG are extractive and abstractive. An extractive methodology takes a huge group of messages, takes out sentences that are generally illustrative of central issues, and connects them to produce a synopsis of the bigger message. An abstractive methodology makes novel text by distinguishing key ideas and afterward creating new dialect that effort to catch the central issues of a bigger collection of text coherently.

It is utilized to give custom substance to portable and online applications. This product works viably when it is sent to mechanize time compelling information investigation activities. This language is transcendently utilized in different enterprises and areas like Banking, Financial Services, and Insurance (BFSI) Retail and eCommerce, Government and Defence, Healthcare and Life Sciences, and Manufacturing.

Market overview

The developments in technology prompted the rise of artificial intelligence (AI) and in this way, works with associations to comprehend client's activities and behaviour is the key component improving business sector development. Moreover, the advancement in the reception of the idea of large information and other related innovations prompted to propel the development of the market. Further, developing interest for scam detection and hostile to illegal tax avoidance, client experience management, and predictive maintenance applications to support the market development of the Natural Language Generation (NLG).

There are certain limitations and difficulties confronted which will obstruct the general market development. The elements, for example, absence of skilled coaches and specialists to convey Natural Language Generation (NLG) arrangements and administrations. In addition, the absence of awareness of NLG arrangements and information security and quality issues are the potential limitations hampering the general development of the worldwide Natural Language Generation (NLG) market.

Economic growth

The Global Natural Language Generation (NLG) Software Market size was $336.2 million in 2016, and is anticipated to increase to a value of more than $1000 million by 2026, with a compound annual growth rate (CAGR) of over 18%.

Market segmentation: Analysis

The Global Natural Language Generation (NLG) Software Market is segmented by application, vertical, and region.

On the basis by application – Risk and Compliance management, Customer Experience Management, and Fraud detection & Anti-money laundering.

According to the application segment, Customer Experience Management hold the largest amount of market share.

On the basis by vertical – Government and defence, Banking financial services and Insurance (BFSI), and retail & ecommerce.

According to the vertical segment, retail & ecommerce rules the market with the highest market share.

On the basis by region – North America, Europe, Asia-pacific, and Row.

According to the regional segment, Asia-pacific dominates the market and assessed to observe the highest CAGR.

Key vendors in the Global Natural Language Generation (NLG) Software Market are:

• IBM
• Artificial Solutions
• Automated Insights
• Amazon
• Yseop