AI Text Generator Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Application (Text to Text, Speech/Voice to Text, Image/Video to Text), By End-use, By Region, And Segment Forecasts, 2023 - 2030

AI Text Generator Market Size & Trends

The global AI text generator market size was estimated at USD 392.0 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 17.3% from 2023 to 2030. AI text generators use algorithms to calculate billions of words on the internet and create complete articles from a few words, phrases, and paragraphs. Rising technological advancements are augmenting the growth of the AI text generator industry by increasing its use in downstream applications. This software is used currently in industries such as media & entertainment, healthcare, education, manufacturing, e-commerce, automotive, and others.

AI text generators are gaining significant prominence as they provide a great way for highly engaging content creation. With the increase in demand for these software tools, the developers have also invented various options for the users making the software available for almost any topic for content generation. Natural Language Generation (NLG) and Machine Learning (ML) are a significant part of AI text generator tools as they enable computers to learn and improve past data and help to interact computers to human language. The ML techniques enable decision-making, performance improvement, and outcome prediction. A computer system needs data and the ability to evaluate that data to learn via machine learning. The computer system progressively learns how to carry out a task on its own after being exposed to enough data.

NLG is a process of creating content from scratch. This can be done by a computer program or algorithm and is used in a variety of applications which include text recognition, chatbots, AI writing, and machine translation. Increasing migration towards voice-enabled applications is leveraging machine learning, augmented reality, and natural language generation to automate the conversations. For instance, Jasper AI is an AI-powered text generator tool that helps to write web copy and other materials in minutes just by giving a few keywords about the needed content, and Jasper AI generates a full piece of content in under 60 seconds. Other software such as Anyword, RytrGrowthBar, Writecream, and others are also designed to perform similar tasks. The rising eminence of these tools is subsequently augmenting the market growth.

AI text generators are becoming more versatile, supporting multiple languages and catering to diverse global audiences. This expansion is driven by businesses seeking broader reach. Advanced models can now produce high-quality content in different languages, enhancing the accessibility of AI text generators. In addition, AI text generators are evolving to provide personalized content by analyzing user data and preferences. This personalization improves user engagement, customer satisfaction, and the effectiveness of marketing efforts. There's also a growing emphasis on responsible AI practices, addressing concerns about biased content, misinformation, and misuse. Companies are developing more transparent, accountable, and controllable AI models to ensure ethical and responsible AI text generation.

Application Insights

Based on application, the text to text segment accounted for the largest revenue share of 43.0% in 2022. The rising prominence of AI text generators has proven to be a convenient tool for copywriters, SEO agencies, and brands. AI text generators offer users with advantages such as ensuring improved consistency in the content, focusing on more macro-level details, and optimizing the content, among others. Text to text models are trained to understand how two texts map to one another, for instance, translation from one language to another. Text to text models may do various tasks, such as summarizing, translating, and classifying texts, because they are trained to be multitasking machines. For instance, QuillBot (Course Hero), LLC has the software, QuillBot that is used for text-to-text content generators within a few seconds.

The speech/voice to text segment is expected to expand with a significant growth rate owing to the rising cancellation of conferences and events by technology behemoths, which has resulted in the holding of digital conferences. Speech/voice to text solutions offer high accuracy, low costs, and faster transcription. Multiple enterprises are adopting these solutions to speed up the processes. Speech/voice to text technologies are used on various devices, including smartphones, tablets, and laptops, and the government is promoting these technologies in education. For instance, in May 2022, Northern Illinois University professors launched software that uses speech to text API technology to help students learn the Nemeth code (a Braille code for mathematics).

Component Insights

Based on component, the services segment dominated the market with a revenue share of 82.5% in 2022. It includes a variety of services provided to enterprises that employ AI text generation tools. These services assist businesses in the deployment and utilization of machine learning and natural language generation-based tools efficiently and make use of the entire potential for text generation. The significant increase in the deployment of AI test generation tools across a range of industries is likely to increase the growth in demand over the coming years.

Key players provide service-based AI text generators, for instance, Open AI’s, APIs have been used in tens of thousands of applications to accomplish everything from addressing challenging categorization issues to assisting users in learning new languages. API enables developers to evaluate apps before they go live, continuously improve safety tools, scale over time, and better understand the effects of their technology.

End-use Insights

Based on end-use, the e-commerce segment accounted for the largest revenue share of 24.6% in 2022. The e-commerce industry segment's rise can be attributable to various key factors, including speed & quality, low cost for creating quality content & catchy content, and engagement campaigns. Various companies have tools or software that generate text through AI, including Rytr, Jasper, Copysmith, Word AI, and many more. For instance, with AX Semantics, e-commerce product description generating software, e-commerce businesses can automate the creation of search engine-optimized product descriptions for thousands of products across different channels.

The media and entertainment sector is anticipated to witness significant growth in the forecast period. Data journalism allows content producers to turn insights from available data into publishable structured content. The Publishers use natural language generation (NLG) software for election reporting or data-driven journalism, pollution monitoring, stock table earnings, sports scores, and crime blotters, freeing journalists to work on more creative and engaging journalism material. Sports reporting automation enables publications to cover a broader range of sports and audiences, including amateur leagues. Publishing hyper-localized information gives media organizations an advantage by keeping them more relevant and up-to-date than competitors.

Regional Insights

The North America region accounted for the largest revenue share of 37.0% in 2022. Key benefits, such as improved user experience, increased content output, more ranked keywords, saving time for content production, and increasing investments in developed countries such as the U.S. and Canada for deploying AI text generator technology, are driving market expansion. Furthermore, growing content industries in these countries have fueled the growth of AI text generators in this region. Rising usage of technologies such as artificial intelligence (AI), computer vision, machine learning, and deep learning in this region also propels market growth.

Asia Pacific is anticipated to register the fastest CAGR of 19.2% from 2023 to 2030. This growth can be attributed to the region's rapid adoption of artificial intelligence (AI) and increased penetration of digital content services. The rapid expansion of domestic firms like Pepper Content Pvt. Ltd provides content writing and language translation services to industries like logistics, automotive, IT and software, travel, legal, and many more.

Key Companies & Market Share Insights

The ever-increasing rivalry in the generation industry, the demand for time-saving, increasing the output of the content, and receiving more traffic impedes the expansion of AI in the text generation business. These traits explain the performance risk in a competitive business environment and the demand for AI Text Generator solutions. Market participants have recently engaged in acquisitions and collaborations to achieve a prominent position.

For instance, in March 2023, Stability AI, the open-source generative AI Company, announced its acquisition of Init ML, the creators of the image tool Clipdrop. This acquisition reinforces Stability AI's commitment to developing applications through its robust open-source generative AI models. Moreover, it equips Clipdrop's development team with cutting-edge AI technology and substantial computing capabilities, propelling the evolution of its next-generation imaging tools.

In February 2023, Wix.com, Inc. introduced a novel AI-driven text generation feature within its Wix Editor platform. This feature has the capability to produce personalized taglines, titles, and paragraph content, elevating the content creation process for its users by seamlessly incorporating OpenAI's GPT-3 technology.

AI Text Generator Market Report Scope

Global AI Text Generator Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global AI text generator market report based on component, application, end-use, and region:

• Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Solutions

  • Services

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Text to Text

  • Speech/Voice to Text

  • Image/Video to Text

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Media & Entertainment

  • Healthcare

  • Education

  • IT & Telecommunication

  • Social Media & Networking

  • E-commerce

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

    • Brazil

  • Middle East and Africa (MEA)