Portland, OR , June 14, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “AI text generator Market Offering (Solution and Service), Deployment Model (On-premise, and Cloud), Application (Text-to-Text, Speech/Voice to Text, and Image/Video to Text) and End-User (Media & Entertainment, Healthcare, Education, Telecommunication, Social media & Networking, E-commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global AI text generator industry 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.
Prime determinants of growth
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.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $423.84 million |
| Market Size in 2032 | $2,198.46 million |
| CAGR | 18.2% |
| No. of Pages in Report | 339 |
| Segments Covered | Offering, Deployment Mode, Application, End-User, and Region. |
| Drivers | Growing trend of Natural Language Processing (NLP) technology Rising demand for cost-effective and quality content generator tools Increasing demand for personal assistants and chatbots |
| Opportunities | Rise in adoption of multi-modal text generation |
| Restraints | Ethical and legal concerns Data privacy and security issues |
Covid-19 Scenario
- 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.
- 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.
- 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.
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The solution segment to maintain its leadership status throughout the forecast period
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.
The on-premise segment to maintain its leadership status throughout the forecast period
Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for nearly two-thirds of the global AI text generator market revenue, as it provides provide greater data security, integration with legacy systems, customization, network control, and reduced dependency on the internet. However, the cloud segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032, as it provides various benefits, such as increased processing capabilities, storage, cost-effective pricing structures, and a reduction in operational overhead.
The Text-to-Text segment to maintain its lead position during the forecast period
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.
North America to maintain its dominance by 2032
Based on region, 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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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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