Global AI Text Generator Market 2024-2031

Global AI Text Generator Market 2024-2031

AI Text Generator Market Size, Share & Trends Analysis Report by Component (Solutions, and Services), by Application (Text to Text, Speech/Voice to Text, and Image/Video to Text), and by End User (Media & Entertainment, Healthcare, Education, IT & Telecommunication, Social Media & Networking, E-commerce, and Others (Legal and Compliance)), Forecast Period (2024-2031)

AI text generator market is anticipated to grow at a CAGR of 18.2% during the forecast period (2024-2031). AI text generators have become increasingly popular in the global market owing to their ability to automate content creation and provide cost-effective solutions for businesses. These tools leverage advanced NLP technology and personalized data to generate tailored content that captures audience attention and enhances marketing campaigns. Additionally, they optimize resource allocation by eliminating the need for human writers and offering efficient content creation options.

Market Dynamics

Global Adoption of AI Services

The increasing usage of AI services globally, especially in retail, indicates the increasing dependence on AI solutions to handle business obstacles and maximize novel prospects. According to the National Center for Biotechnology Information, in September 2020, retailers are utilizing AI for chatbots, content generation, and customer insights, reaching the top 1.0% of customers worth 18 times more.

Growing Demand for Visual Content

By rapidly generating engaging films from written prompts, AI text generators satisfy the increasing demand for visual content. This satisfies the tastes of viewers who are consuming more and more visual content. For instance, in February 2024, OpenAI introduced Sora, a text-to-video model capable of generating realistic, complex videos for up to one minute. The model offers creative expression and is being developed with red-teaming exercises and stakeholder engagement for responsible use.

Market Segmentation

Based on components, the market is segmented into solutions and services.

Based on application, the market is segmented into text-to-text, speech/voice-to-text, and image/video-to-text.

Based on end-users, the market is segmented into media & entertainment, healthcare, education, IT & telecommunication, social media & networking, e-commerce, and others (legal and compliance).

Text to Text is Projected to Emerge as the Largest Segment

Text-to-text segment is expected to hold the largest share of the market. The primary factors supporting the segment's growth include the size, growth patterns, and competitiveness of the global AI text generator market is projected to boost innovation and investment in content production solutions. For instance, in February 2024, Elastic Email introduced an AI text tool to its email designer, allowing users to create text or generate images faster. The tool, which integrates with a cutting-edge language model, allows users to type prompts and have the content delivered to them. The tool is available for paragraphs, headings, and lists, allowing users to adjust and revise the prompts as needed.

E-Commerce Segment to Hold a Considerable Market Share

The rapid expansion of e-commerce demands advanced devices and approaches for the establishment, supervision, and enhancement of stores, and generative AI systems provide inventive capabilities. For instance, in May 2023, Hype launched its generative AI e-commerce software-as-a-service (SaaS), aiming to revolutionize the creation, optimization, and management of online stores. The platform combines AI with intuitive design, removes barriers for new merchants, and offers advanced analytics.

Regional Outlook

The global AI text generator market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Growing Emphasis on Digital Transformation in Asia-Pacific Region

The demand for digital transformation is on the rise, driven by the need to stay competitive, improve operational efficiency, and meet customer demands. For instance, in September 2023, the Telecom Regulatory Authority of India (TRAI) released a Consultation Paper on ""Digital Inclusion in the Era of Emerging Technologies,"" focusing on ensuring inclusivity for all segments of society, particularly micro small, and medium enterprises (MSMEs). The paper emphasizes the need for a robust policy framework and collaborative efforts among stakeholders to ensure participation in digital economic activities.

North America Holds Major Market Share

The increasing demand for automation and efficiency in various industries such as electricity, is driving the use of AI text generators to streamline content creation processes. According to the US Energy Information Administration (EIA) (.gov), in February 2024, in 2023, the US generated a total of approximately 4,178 billion kilowatt-hours (kWh) of electricity. Fossil fuels accounted for around 60% of this generation, while nuclear energy contributed about 19%, and renewable energy sources made up approximately 21%. Additionally, small-scale solar photovoltaic systems added an estimated 73.62 billion kWh to the electricity generation in that year.

Market Players Outlook

The major companies serving the global AI text generator market include Amazon Web Services, Inc., Adobe, IBM Corp., Salesforce, Inc., and OpenAI, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive. For instance, in November 2023, TechSmith Corporation introduced generative AI scripting and voiceover features in Audiate, an audio recorder, and text-based editing solution. These features allow creators to produce near-instant audio projects without a writer or voice actor, offering faster transcription and multi-voice audio generation in 14 languages.