New York, March 14, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global AI text generator market was valued at around USD 360 million in 2022 and is expected to reach approximately USD 1,808 million in 2032, growing at a CAGR of slightly above 18% between 2023 and 2032. AI (Artificial Intelligence) text generators require algorithms to calculate the trillions of words on the internet and use them to create articles, letters, emails, etc. These are currently used in education, entertainment & media, healthcare, e-commerce, manufacturing, etc.
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Key Takeaway:
- By component, the services segment dominated the market in 2022 with an 84% market share.
- By application, the text-to-text segment dominated the market in 2022 with a 42.8% market share.
- By end-user, the e-commerce segment dominates the market with a 25% market share
- North America dominates the global AI text generator market with a 38.3% market share.
- Asia Pacific is predicted to have the highest CAGR of 20% during the forecast period.
Technological advancements are increasing the software's use in downstream applications, propelling the market's expansion. AI generators provide one of the best ways to create highly engaging content. As the demand for this software increases, developers are trying to produce different options for users to generate content on any topic.
Factors affecting the growth of the AI Text Generator Market
Several factors can affect the growth of the AI text generator market. Some of these factors include:
- Growing need for content writing: Even though in today's world, visual representation of the content is preferred, written content still has its benefits. Especially when most of the official communication happens using different text forms. This is expected to fuel the market development positively.
- Time-saving: AI text generators require much less time to create content than humans. Usually, it is in seconds as compared to the hours humans take. This is a crucial factor in boosting the growth of the global AI text generator market.
- User-friendly: One of the significant reasons for the market's rapid growth is that these text generators are easy to access, available on several platforms, and very easy to use. It removes complications while explaining to a human the content requirement. This is because an AI text generator can generate several versions of the content in minutes using the keywords it provides.
- Multi-industrial use: Another important factor for the market's expansion is its use in numerous industries such as healthcare, media & entertainment, education, IT & telecommunication, social media & networking, e-commerce, etc.
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Top Trends in Global AI Text Generator Market
Several content writers use AI text generators to improve their writing skills. Although if all the content is AI-written, it may feel emotionless. But, one can take the help of AI text generators to collect data, proofread, etc.
And that is what few content writers are trying to do nowadays. Of course, this is a very new technology, so the extent to which it can be used is unclear. Though, it cannot be denied that it has tremendous potential in the coming years.
Market Growth
In the growing dominance of the visual representation of content, written content still has its benefits, especially when most official communication happens using different text forms. AI text generators require much less time to create content than humans. Usually, it is in seconds as compared to the hours humans take.
One of the significant reasons for the market's rapid growth is that these text generators are easy to access, available on several platforms, and very easy to use. It removes complications while explaining to a human the content requirement. This is because an AI text generator can generate several versions of the content in minutes using the keywords we provide. It can be used in numerous industries, such as e-commerce, IT & telecommunication, education, healthcare, media & entertainment, social media & networking, etc.
Regional Analysis
North America dominated the AI text generator market in 2022 with a market share of 38.3%. The significant factors behind this domination are improved user experience, high-ranked keywords, increased content output, increased investments, and time saved in content production while deploying AI text generators in the US and Canada.
Moreover, the growth of content industries is also propelling the market's expansion. Furthermore, the growing use of machine learning, computer vision, and artificial intelligence (AI) in this region is responsible for developing the market. On the other hand, Asia Pacific is expected to register the highest growth during the forecast period, with a projected CAGR of 20%, because of the region's growing adoption of AI and digital content services.
Competitive Landscape
Even though this market is relatively new, the competition to take the top spot is very high. And along with that, the demand for time-saving, high-quality AI text generators is increasing, which creates various opportunities for new market players. In addition, companies are trying to increase the quality of the output of the content by adding more data to it. Because of this, they are receiving heavy traffic, which can be an issue for the applications. But, as technology advances, there are positive signs for the market's lucrative growth.
The AI text generators can even write an article on itself which is almost impossible for any human to differentiate from human-written material. Recently, GPT-3 was used in AI Dungeon to generate text-based adventure games. Moreover, the chatbot also could pass graduate-level examinations in several fields. Because of its use in various fields, companies from other fields are trying to accumulate AI in their applications. For example, Snapchat recently announced MyAI, an AI model built on Chat GPT. In addition to this, market players are also opting for acquisitions, collaborations, etc., to achieve top positions in the global AI text generator market.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 360 Million |
| Market Size (2032) | USD 1,808 Million |
| CAGR (from 2023 to 2032) | 18% |
| North America Revenue Share | 38.3% |
| Asia Pacific Revenue Share | 20% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
AI text generators can create content following SEO and still make it enjoyable. Various such text generators can create content from scratch. Several of these tools are user-friendly and very cost-effective too. These tools include chatbots, text recognition, machine translation, and AI writing.
Text generators like Jasper AI, Anyword, Writecream, RytrGrowthBar, etc., can write web copy in a few minutes using a few keywords. The growing prominence of these tools is augmenting the expansion of the AI text generator market.
Market Restraints
The main drawback of this technology is that it is difficult to transcribe audio from different sources, which leads to inaccurate captions or transcriptions. In addition, things like background noise, accent shifts, echo & reverb, and poor microphone quality can reduce the accuracy of the transcription. Factors like these can restrain the market's expansion.
Market Opportunities
The computer can convert video or audio into text using speech-to-text API technology, enabling students with hearing or reading troubles to read correctly and helping them finish their projects & assignments independently.
In addition, any mute or deaf student can use this technology to communicate with their professors and classmates. If applied in necessary places, this can create ample opportunities for market players.
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Report Segmentation of the AI Text Generator Market
Component Insight
The services segment dominated the market in 2022 with 84% of the market share. These services include services given to businesses and companies that have AI text-generation tools. The extensive use of AI text-generation tools in various industries is expected to boost the demand in the coming years.
Several major players in the market deliver service-based AI text generators. APIs of these AIs are used in several applications, such as addressing categorization issues and helping users learn new languages. In addition, API allows developers to assess applications, develop safety tools, etc.
Application Insight
The text-to-text segment dominated the market in 2022 with a 42.8% market share, primarily due to the increasing use of AI text generators by SEO agencies, brands, and copywriters. They offer improved consistency in the content and optimized content. The text-to-text model is developed to have the skill and ability to comprehend how two texts are mapped. For example, text translations from one language to another.
In addition, because of their multitasking capabilities, these models can perform various tasks, such as summarizing, translating, and classifying documents. For example, QuillBot, LLC has developed software called QuillBot that enables quick text-to-text content generation within seconds.
The speech/voice-to-text segment is anticipated to grow significantly during the forecast period. It is the growing number of usage by technology giants that have resulted in the use of this technology in enterprises. In addition, speech/voice-to-text solutions offer high accuracy at low costs and faster transcription, leading several enterprises to adopt them to speed up their processes.
Nowadays, on devices like smartphones, tablets, and laptops, speech/voice-to-text technologies are omnipresent, and the government is actively encouraging their use in education. For instance, Northern Illinois University professors recently launched software that utilizes speech-to-text API technology to assist students with learning the Nemeth code (a Braille code for mathematics) through speech/voice-to-text API technology.
End-Use Insight
The e-commerce segment dominated the market with a 25% share in 2022. This rise is due to the high quality, low cost, and engaging campaigns. The media & entertainment segment is expected to grow rapidly during the forecast period. Content writers use these tools to convert the available data into structured content for data journalism.
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Market Segmentation
By Component
- Solutions
- Services
By Application
- Text to Text
- Speech/Voice to Text
- Image/Video to Text
By End-Use
- Media & Entertainment
- Healthcare
- Education
- IT & Telecommunication
- Social Media & Networking
- E-commerce
- Others
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- AI Writer
- CopyAI, Inc.
- Frase, Inc
- Hyperwrite AI
- INK
- Jasper, Inc
- Long Shot
- OpenAI
- Pepper Content Pvt. Ltd.
- Rytr LLC
- StoryAI
- Writesonic, Inc.
- Other Key players
Recent Development of the AI Text Generator Market
- In 2022, Frase, Inc. and Rytr LLC were acquired by Copysmith, and it introduced a collection of SEO service providers and AI-powered marketing tools called Copyrytr.
- In February 2021, Pepper Content Pvt. Ltd. Started a new AI text generator. It is based on GPT3 and can create tweets, blog ideas, social media cations, etc.
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