Global AI Text Generator Market By Component (Solutions and Services), By Application (Text-To-Text, Speech/Voice-To-Text, and Image/Video-To-Text), By End-Use, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global AI Text Generator Market was valued at USD 360 million in 2022 and is expected to grow at a CAGR of 18% during the forecast period of 2023-2032 to reach USD 1,808 million.

AI (Artificial Intelligence) text generators require algorithms so that they can calculate the trillions of words on the internet and use them to create articles, letters, emails, etc. These are currently used in the education industry, entertainment & media industry, healthcare industry, e-commerce industry, manufacturing industry, etc.

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.

Text Generation has emerged as a fascinating and rapidly expanding area within Natural Language Processing (NLP). This field involves using computer algorithms to produce creative and coherent texts such as literature, speeches, or product descriptions. Thanks to advances in Machine Learning and Deep Neural Networks, research in this area has made significant strides over the years.

Nowadays, Text Generation has seen a resurgence in interest and funding, with researchers striving to improve its accuracy, efficiency, and creativity. Big Data plays an increasingly important role in this space as it allows for processing vast amounts of textual data at once. This helps us uncover hidden patterns and trends.

Text Generation has numerous potential uses and is already used in industries such as marketing, journalism, and entertainment. For instance, text generation models can be employed to generate personalized product descriptions or news articles based on a particular topic or event. Furthermore, creative writing can benefit from text generation models which enable authors to generate new and unique ideas or collaborate with AI on co-written novels.

Driving Factors

Cost-Effective and Efficient

AI text generators can create content following SEO and still make it interesting enough. There are various such text generators that can create content from scratch. Several of these tools are very cost-effective and user-friendly 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 by using a few keywords. The growing prominence of these tools is augmenting the expansion of the AI text generator market.

The impact of AI on economic growth is a topic of increasing interest to economists and policymakers around the world. Recent research by Accenture has shed light on the potential for AI to double economic growth rates in 12 developed countries by 2035. The study revealed that AI will enable people to use their time more efficiently, resulting in a 40% increase in productivity, particularly in the global IT economics sector.

Restraining Factors

Inaccuracy while Transcribing from Different Sources

The main drawback of this technology is it is a difficult task to transcribe audio from different sources. It usually leads to inaccurate captions or transcriptions. Things like poor microphone quality, background noise, echo & reverb, and accent shifts can reduce the accuracy of the transcription. Factors like these can restrain the market’s expansion.

Component Analysis

The Services Segment Dominating Due to Their Need in Language Generation-Based Tools

By component, the global AI text generator market is divided into solutions and services. The services segment dominated the market in 2022 with 84% of the market share. These services consist of various services given to businesses and companies that have AI text-generation tools. They help these enterprises in the distribution and use of machine learning and language generation-based tools.

The substantial rise in the utilization of AI text-generation tools in various industries is anticipated to propel 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 to helping users to learn new languages. API helps developers to assess applications, develop safety tools, etc.

Application Analysis

Use of Ai Text Generators by SEO Agencies and Copywriters Making the Text-To-Text Segment Dominant

By application, the global AI text generator market is segmented into text-to-text, speech/voice-to-text, and image/video-to-text. The text-to-text segment dominated the market in 2022 with a 42.8% market share. The reason for this is mainly 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 so as to have the skill and ability to understand how two texts are mapped with one another, for example, text translations from one language to another. Because of their multitasking abilities, these models can perform various tasks, such as translating, summarizing, 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 have significant growth during the forecast period. It is due to the increasing number of cancellations by technology giants that have resulted in digital conferences. Speech/voice-to-text solutions offer high accuracy at low costs and faster transcription, leading several enterprises to adopt them to speed up the processes.

Speech/voice-to-text technologies are ubiquitous on devices like smartphones, tablets, and laptops, 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 Analysis

The E-Commerce Segment Possesses a Quarter of the Market Share

The global AI text generator market is divided into media & entertainment, healthcare, education, it & telecommunication, social media & networking, e-commerce, and other end-uses based on end-use industries. Out of these, the e-commerce segment dominated the market with a 25% market share in 2022.

This rise is due to the high quality, low cost, and engaging campaigns. The media & entertainment segment is expected to have impressive growth during the forecast period. Content writers use these tools to convert the available data into structured content for data journalism.

Key Market Segments

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
• Other End-Uses

Growth Opportunities

AI for Mute and Deaf

The computer can convert video or audio based into text by using speech-to-text API technology. This enables students with hearing or reading troubles to read correctly and helps them to finish their projects & assignments on their own. Any mute or deaf student can use this technology to communicate with their professors and classmates. If applied in necessary places, this can create an ample number of opportunities for market players.

Wide Applications in Journalism

In the realm of journalism, AI is also making its presence felt. The Washington Post, for example, leveraged AI to report on key information during the 2016 Rio Olympics. The newspaper developed an AI writer called Heliograf, which generated multi-sentence updates for readers based on a combination of different data sources. Over the course of the Olympics, Heliograf produced around 850 stories, each customized to meet specific user requests. This innovative approach to journalism has the potential to transform the way news is delivered and consumed in the future.

Latest Trends

Adoption by Content Writers

Several of the content writers are AI text generators to improve their writing skills. Although if all the content is AI-written, it may feel emotionless. 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. This is a very new technology, so the extent to which it can be used is unclear. But it definitely has a lot of potential in the coming years.

Adoption of New Laws By the Government

The rapid advancements in AI technology have brought about many potential advantages, yet also serious risks to society. To prevent misuse and abuse, it’s becoming increasingly important to establish ethical guidelines.

To this end, various organizations and governments around the world are creating and advocating ethical AI principles. For instance, UNESCO’s United Nations AI Ethics principles, supported by nearly 200 countries, serve to guarantee that AI technology is developed and used in a way that benefits society while upholding fundamental human rights.

Additionally, new AI laws are being considered to uphold ethical standards and keep AI on a level playing field. One recent example is the proposed AI Bill of Rights released by the U.S. White House; this framework seeks to define human rights within the context of AI technology while discouraging any underhanded activities by AI developers that could harm society.

Regional Analysis

North America Dominating due to Improved User Experience and Increasing Investments

Based on region, North America dominated the market in 2022 and had a market share of 38.3%. The major 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. Apart from this, the increasing use of machine learning, computer vision, and Artificial Intelligence (AI) in this region is responsible for the development of the market in this region.

Asia Pacific is expected to register the highest growth during the forecast period, with a projected CAGR of 20%. This is because of the growing adoption of AI and digital content services in the region.

Key Regions and Countries Covered in thе Rероrt:

• • 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

Market Share & Key Players Analysis

Even though this is a very recent market, the competition to take the top spot is very high here. But along with that, the demand for time-saving, high-quality AI text generators is increasing. This creates various opportunities for new market players. Market players are also opting for acquisitions, collaborations, etc., to achieve top positions in the global AI text generator market.

Кеу Market Рlауеrѕ:

• 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 Developments

• On December 20, 2023, Canva Docs made a name for itself as an incredibly versatile and user-friendly platform. It quickly gained popularity among those seeking to craft eye-catching documents and presentations that go beyond what traditional writing tools can do. 
• 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.
• Algorithms that can mimic the patterns of natural writing have been around for several years, and their potential applications continue to expand. In 2019, Harvard and the MIT-IBM Watson AI Lab released an experimental tool that scans text and highlights words based on their level of randomness. This tool has the potential to revolutionize the way we analyze and understand written text, particularly in fields such as linguistics and psychology.

Report Scope