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Artificial Intelligence (AI) Text Generator Market - Forecasts from 2023 to 2028

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  • 135 Pages
  • May 2023
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5794098

The AI text generator market was valued at US$430.925 million in 2021.

AI text generator is an artificial intelligence application tool with the ability to create text paragraphs and written content. These tools assist in the generation of a variety of content ranging from formal text content to be included in emails to casual content to be posted on social media and blogs. The integration of AI technology in AI text generator facilitates the examination and analysis of existing content across a broad range of sources including blogs, posts, search engines, webpages, and unstructured data such as videos to create text conversions in text-to-text and speech-to-text formats. The efficiency of the integrated version of the natural language processing model with deep learning algorithms used in AI text generators is resulting in the extensive application of AI text generators across media and entertainment, education, media electronics, marketing, and other enterprise-related sectors. The deployment of AI text generators is lowering the amount of time and resources consumed by the company for content creation procedures, which is stimulating the market's development. Hence, it can be anticipated that the AI text generator market will expand over the course of the forecast period considering the various factors promoting its growth.

Market Drivers

The rise of social media platforms and content generation

There are more than 207 million professional content creators across the world. The massive development of content creators and influencers through blogs, social media posts, and media streaming channels is creating more demand for AI text generators. AI text generators assist content creators to produce effective text content to be used as captions in their posts or blogs to increase the engagement of viewers with their content and profile. In addition, leading brands and companies sponsor content creators and influencers to market their products. For instance, a survey by Adobe Company revealed that the marketing expenditure of European brands through creator marketing strategies increased from €326 million in 2016 to €1.3 billion in 2020. Consequentially, the demand for AI text generators grows as a result of the requirement for creators and influencers to develop effective promotional textual content in order to reach their intended audience.

Growing demand for SEO tools in the marketing field

The digitalization of various industries is resulting in stiff competition between different companies to establish their market presence through marketing and promotional strategies such as SEO. The incorporation of SEO tools in AI text-generating applications enhances the visibility and quality of web traffic on a company’s website. The majority of the AI-based text-generating software such as Frase AI, WriterSonic, Scalenut, and Article Forge is integrated with search engine optimization features to ensure the presence of the content on search engines and provides details about keyword density, search volume, and other information to the customers. Hence, the growing content creator economy and integration of SEO tools are propelling the demand for the AI text generator market.

The lack of emotional depth in the content produced by AI text generators could limit their application scope.

The text and content developed by AI text generators are inspired by pre-existing content. At present, artificial intelligence-powered text generators are incapable of producing original, unique content that expresses complex emotions and sentiments. Despite the improvement in the quality and performance of AI text generators to resemble human writing, they cannot replicate the creativity and distinctive writing style offered by a respective individual. This could limit the expansion of AI text generators to marketing agencies and creators that primarily use emotional appeal to persuade their customers.

Market Developments:

In February 2023, Wix Ltd. Company introduced a new AI-based text generator feature to its Wix Editor platform that can generate customized taglines, titles, and paragraph texts to offer an enhanced content creation experience to its users by integrating OpenAI's GPT-3 technology.

In December 2022, Canva Company launched new functions to its Canva Doc platform including a Magic Write feature that assists in copyrighting processes and generates text content by using AI technology.

In November 2022, OpenAI, a leading AI technology company launched the third version of its Davinci Engine Model named text-DaVinci-003 to its GPT-3 product range to enhance its complex and long-form content creation feature and improve its ability to handle intricate instructions.

North America holds a prominent portion of the AI text generator market and is anticipated to witness healthy growth during the forecast period.

The presence of a strong AI technology market and the rapid advancements of AI software are stimulating the application of AI text generators to generate reports based on data, prepare annual accounts, generate product and location descriptions, and produce marketing content to target different market segments in multiple languages across North America. The AI text-generating software manufactured by established IT companies including Google, IBM, and Microsoft, and the emergence of new AI text generators startups such as Jasper, Quillbot, Hypotenuse AI, and Copysmith is providing opportunities for the expansion of the AI text generator market in North America. For instance, Jasper AI has provided its AI text-generating software to leading US companies such as IBM, Hubspot, Airbnb, and HarperCollins. Therefore, North America’s market share in the international AI text generator market is expected to advance over the forecast period.

Market Segmentation:

By Type

  • Text to Text
  • Speech to Text

By Application

  • Education
  • Smart Electronics
  • Media and Entertainment
  • Enterprises
  • Others

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • United Kingdom
  • Germany
  • France
  • Italy
  • Spain
  • Others
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Others
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Singapore
  • Indonesia
  • Others

Table of Contents

1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
2.1. Research Data
2.2. Research Design
3.1. Research Highlights
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5.1. Introduction
5.2. Text to Text
5.3. Speech to Text
6.1. Introduction
6.2. Education
6.3. Smart Electronics
6.4. Media and Entertainment
6.5. Enterprises
6.6. Others
7.1. Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. United Kingdom
7.4.2. Germany
7.4.3. France
7.4.4. Italy
7.4.5. Spain
7.4.6. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. Japan
7.6.3. India
7.6.4. South Korea
7.6.5. Australia
7.6.6. Singapore
7.6.7. Indonesia
7.6.8. Others
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9.1. Microsoft Bing ChatGPT
9.2. Jasper AI Inc.
9.3. You.com
9.4. Writesonic Inc.
9.5. Google LLC
9.6. SpinBot
9.7. Anlatan
9.8. AI-Writer
9.9. SYSOTEL Technologies Pvt. Ltd.
9.10. Frase Inc.

Companies Mentioned

  • Microsoft Bing ChatGPT
  • Jasper AI Inc.
  • You.com
  • Writesonic Inc.
  • Google LLC
  • SpinBot
  • Anlatan
  • AI-Writer
  • SYSOTEL Technologies Pvt. Ltd.
  • Frase Inc.