AI Text Generator Market
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. 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.
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Furthermore, growing trend of Natural Language Processing (NLP) technology and rising demand for cost-effective and quality content generator tools propel the growth of the global Artificial Intelligence text generator market. In addition, increasing demand for personal assistants and chatbots fuels the growth of the market. However, ethical and legal concerns and data privacy and security issues is expected to impede the market growth. Furthermore, data privacy and security issues are expected to provide lucrative opportunities during the AI text generator market forecast.
According to a new report published by Allied Market Research, titled, “AI Text Generator Market,” the AI text generator market was valued at $423.84 million in 2022, and is estimated to reach $2.2 billion by 2032, growing at a CAGR of 18.2% from 2023 to 2032.
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.
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Region-wise, the AI text generator market size was dominated by North America in 2022, and is expected to retain its position during the forecast period, large-scale adoption of IoT, AI, and cloud services. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rising adoption of voice-activated technology.
The AI text-generator market has witnessed stable growth during the COVID-19 pandemic, owing to increased adoption of digital and remote research technologies as schools and universities went online during the pandemic. In addition, the COVID-19 pandemic has resulted in the deployment of technology across various academic institutions for online classes and learning, which, in turn, has driven the development of advanced machine-learning models.
In addition, with rapid digital transformation, government are taking significant efforts to increase funding for education for differently-abled students is anticipated for market growth. Thus, text generator technology helps in communicating with the users when the text on the screen is not clear or reading the text becomes inconvenient. However, technological advancements result in the development of enhanced features in text generator technologies to adopt AI/ML technologies, owing to long development timelines and high investment requirements, which drive the growth of the market.
The COVID-19 pandemic is expected to positively impact the overall economy of the AI text generator market, owing to a surge in demand for analyzing large data sets of information and a need to reduce risks and costs related to services and achieve superior results. In addition, technologies such as IoT, artificial intelligence, machine learning, and other voice assistants collate massive volumes of data to generate significant insights, which can provide cost-saving opportunities, thus propelling the growth of the market.
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Moreover, investments in deep learning are becoming popular day by day, owing to an increase in attention toward data to help companies find out the future performance of their firms and take corrective measures at an early stage in case of any probable crisis in the future, which, in turn, is contributing toward the growth of the AI text generator industry. Furthermore, algorithms used for getting meaningful insights from real-time and historical data are helping companies to handle various critical issues related to customer insights during the COVID-19 pandemic, which is driving the growth of the market.
In addition, many companies investment in enhancing the standard of speech quality with advanced technological solutions involving cloud computing and artificial intelligence, among others, is 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.
Key Findings of the Study:
1. By offering type, the solution segment accounted for the largest AI text generator market share in 2022.
2. Region-wise, North America generated the highest revenue in 2022.
3. Depending on the deployment mode, the on-premise generated the highest revenue in 2022.
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The key players profiled in the AI text generator market analysis are OpenAI AI Writer, CopyAI, Inc., Writesonic, Inc., Pepper Content Inc., Frase, Inc., HyperWrite (Otherside AI), Hypotenuse AI, INK Inc., and Jasper AI, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the AI text generator industry.
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