AI Text Generator Market
AI Text Generator Market
The AI text generator market is growing due to NLP advancements, and increasing use of personal assistants and chatbots.
WILMINGTON, DE, UNITED STATES, October 22, 2024 /EINPresswire.com/ -- According to the report, the global AI text generator market size generated $423.8 million in 2022 and is anticipated to generate $2.2 billion by 2032, witnessing a CAGR of 18.2% from 2023 to 2032.AI text generators produce texts in just a few seconds, this tool's time- and money-saving features are anticipated to accelerate the industry's growth. In addition, large media organizations employ artificial intelligence (AI) text generators as adaptable tools for a variety of tasks like composing blog posts, webpage content, articles on subjects, and more.
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Moreover, AI text generators produce texts from organized big data; they may identify patterns and trends based on previous human writing and offer fresh ideas to produce more, and occasionally even better, messages. In order to achieve this, the AI gathers a ton of data from already existing stuff, including websites, search engines, and even online movies.
Growing trends in Natural Language Processing (NLP) technology and rising demand for cost-effective and quality content generator tools propel growth of the global AI text generator market. In addition, increasing demand for personal assistants and chatbots fuels the growth of the market. However, ethical and legal concerns as well as data privacy and security issues are expected to impede the market growth. In contrast, the rise in the adoption of multi-modal text generation is expected to provide lucrative opportunities for the market during the forecast period.
North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global AI text generator market revenue, owing to a rise in the adoption of digitization as well as the other latest technologies, political, and corporate sectors. However, the Asia-Pacific region is expected to witness the fastest CAGR of 21.3% from 2023 to 2032. It is likely to dominate the market during the forecast period, owing to the rise in the trend of online voting pilot projects and demand for fair & safe counting.
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Covid-19 Scenario
1. The AI text generator market witnessed stable growth during the COVID-19 pandemic, owing to an increase in the adoption of digital and remote research technologies as schools and universities went online during the pandemic situation.
2. In addition, the COVID-19 pandemic resulted in the deployment of technology across various academic institutions for online classes and learning, which, in turn, drove the development of advanced machine-learning models.
3. Moreover, the growing demand for the AI text generator market in healthcare education and learning and increasing application in healthcare diagnosis and screening is expected to boost the market growth in the post-pandemic.
Many company's investments in enhancing the standard of speech quality with advanced technological solutions involving cloud computing and artificial intelligence, among others, are also expected to drive the AI text generator software market. For instance, in April 2020, McClatchy launched a text-to-speech audio feature, giving readers the option to listen to news content produced by its 30 newsrooms across the country. The new Artificial Intelligence (AI) audio feature integrated across McClatchy's digital news sites uses technology to dynamically convert written content into an audio file accurately and virtually instantaneously. Such developments showed increased user engagement online, including a 168% increase in time spent on the news site, an 89% increase in store page views, and a 95% increase in visits per user. This, in turn, is expected to provide a lucrative opportunity for the growth of the global market.
Based on application, the Text-to-Text segment accounted for the largest share in 2022, contributing to nearly half of the global AI text generator market revenue, as it is used to automatically compose articles, blog posts, product descriptions, and other sorts of content that produce texts in just a few seconds. However, the Speech/Voice to Text segment is expected to portray the largest CAGR of 20.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, as it helps to make texts easier to understand by transforming them into audio format.
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Depending on deployment mode, the on-premise segment holds the largest AI text generator market share as large enterprises are adopting AI text generators to improve training modules. However, the cloud segment is expected to grow at the highest rate during the forecast period, owing to increase adoption of cloud computing in the past few years.
Based on the solution, the quality management segment held the highest market share in 2022, accounting for around two-thirds of the global AI text generator market revenue, as it provides personalized services, accelerates throughput, and reduces operational costs. However, the service segment is projected to manifest the highest CAGR of 19.9% from 2023 to 2032, These services reduce managing concerns efficiently with personalized assistance and optimized performance development.
Leading Market Players: -
OpenAI AI Writer,
CopyAI, Inc.,
Writesonic, Inc.,
Pepper Content Inc.,
Frase, Inc.,
HyperWrite (Otherside AI),
Hypotenuse AI,
INK Inc.,
Jasper AI, Inc.,
The report provides a detailed analysis of these key players of the global AI text generator market. These players have adopted strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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