The future of writing is here! Artificial intelligence (AI) writing assistant software is transforming the way we write, and the global AI writing assistant software market is set to skyrocket to an estimated USD 1035 Million by 2030, with a huge CAGR of 15%. This remarkable growth presents a world of exciting opportunities for businesses and individuals alike.
A recent market study from Growth Market Reports reported that the global AI writing assistant software market was valued at USD 372 million in 2021. The market is projected to expand at a compound annual growth rate of 15% between 2021 and 2030, due to the high usage of AI writing assistant software in various applications such as educational & training institutions, government sectors, and publishers.
The report provides data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It includes an analysis of market segments such as types, end-users, and competitors.
This report also offers a comprehensive examination of industry players that highlights their current activities, product selection, pricing, mergers, acquisitions, and partnerships. Furthermore, it outlines effective strategies that are allowing them to increase their market reach.
Types of AI Writing Assistant Software
The global AI writing assistant software market is segmented into on-premise and cloud-based types. The cloud-based type is anticipated to benefit from its ability to maintain uniformity across the team network to keep messages professional and error-free. Additionally, the cloud-based AI writing assistant software offers great cost savings as users are charged based on usage. These factors are estimated to drive the cloud-based segment.
AI Writing Assistant Software End users
The global AI writing assistant software market is divided into individual, commercial, and other categories based on end-users. The commercial segment is predicted to experience a substantial increase in growth during the forecast period, due to the use of AI writing assistant software by small, medium, and large businesses for market research and marketing.
Global Market Segments
The market in North America is expected to experience a significant growth rate in the forecast period due to the presence of major market players and rising R&D activities in the region.
The Asia Pacific market is also projected to expand at a significant CAGR due to the presence of a large number of small and medium-sized enterprises in the region.
Furthermore, the market in Latin America and the Middle East & Africa is expected to witness steady growth over the forecast period.
North America is projected to experience a significant CAGR during the forecast period, due to the presence of numerous market players and increasing research and development activities in the region.
Additionally, the market in Asia Pacific, Latin America, and the Middle East & Africa is also expected to register healthy growth due to the growing awareness about AI writing assistant software and its advantages.
Moreover, Europe-based companies are making strategic investments in the development of AI technology, which is expected to further propel the market in the region.
Europe is expected to have a large portion of the international AI writing assistant software market due to the increasing strategic funding in AI technology by businesses based in Europe.
It can be concluded that the AI writing assistant software market in North America is dominating, with Europe anticipated to grow at a substantial pace. The cloud-based segment is expected to grow significantly, while the commercial end-user segment is anticipated to expand at a sustainable rate. These trends indicate that the AI writing assistant software market is likely to experience steady growth in the coming years.
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Source: Growth Market Reports