According to the Market Statsville Group (MSG), the global AI writing assistant software market was valued at USD 389.1 million in 2021 and is projected to reach USD 1,444.3 million by 2030, expanding at a CAGR of 18.4% during the forecast period (2022-2030).
The growth in the AI writing assistant market is associated with the high usage in various applications such as educational & training institutions, government sectors, and publishers. AI writing assistant software is a program that uses AI technology to perform tasks such as writing creative content, checking for spelling mistakes and plagiarism, and improving writing skills. Unlike other software, it is fully integrated into Microsoft Word so that you can use your familiar tools to write. And unlike an editor built into your word processor, this tool uses its own AI algorithm to generate content of higher quality than what a human could achieve.
The increasing adoption of various strategies such as mergers & acquisitions, agreements, partnerships, and product launches among market players to establish themselves as providers of AI writing assistant software is expected to create lucrative opportunities in the AI writing assistant software market. The rising adoption of various strategies by market players to increase their presence and share in the market is also expected to create growth opportunities in the global AI writing assistant software market.
Drivers: Growing Demand for AI Technology in Writing
The demand for AI technology in writing is growing across the globe. It can be used to write content that is brief and easy to read. AI increases productivity by generating quick content. It saves time as AI-created content takes minutes to form. Companies use AI writing to ensure quality content, which keeps their audience engaged. These programs make it easier for professionals to write blog posts as they can easily change the words and fix grammatical mistakes. It helps in generating quick content that takes minutes to create and saves time.
Drivers: Rising AI Writing Assistant Adoption in Cybersecurity
AI writing assistant uses machine learning to help and support users through multiple writing steps, including research, tone checking, and algorithms. These tools help in analyzing the content. AI can detect suspicious activities and viruses such as malware, ransomware, and trojans through its structured program and algorithm. An AI writing assistant can quickly process large amounts of data, allowing security analysts to protect their organization from cyberattacks. Thus, the rising adoption of AI writing assistants in cybersecurity is projected to fuel the market during the forecast period.
Restraints: High AI writing assistant software subscription cost
The use of AI writing assistants is increasing in the writing industry. However, this technology cannot be adopted by all organizations owing to its high cost and maintenance. Thus, the demand for AI writing assistants can be equal to the number of consumers in the market and is projected to hamper the market during the forecast period. AI software requires frequent upgrades, so it serves the needs of a developing environment. This is because these machines are becoming increasingly intelligent by the day, which is expensive and could hinder the market's growth.
Opportunities: Growing Investments to enhance the software performance
Rising investments by major market players to make quick decisions, optimize results, and reduce operational costs are boosting the adoption of AI. Considering this is expected to boost the AI writing assistant software market. AI can change everything in the organization and refines people's way of working. Therefore, gaining control over an organization or business's micro and macro levels is imperative. Growing usage of AI by many organizations and rising demand for AI writing assistant software are projected to create opportunities in the market.
The COVID-19 has positively impacted the AI writing assistant software market due to its increasing demand in various applications such as email, chatbots, and/or other messaging applications. The AI writing assistant software is increasingly being used among small- and medium-sized enterprises. Growing investments by manufacturers toward the development of AI are driving the market.
The AI writing assistant software market is segmented into on-premise and cloud-based. The market is expected to generate substantial revenues through tailored data extracting, transforming, and loading (ETL) software and artificial intelligence (AI) agents. The on-premises AI writing assistant software enables users to access knowledge more securely and less expensively than their counterparts in the cloud-based segment. In addition, this software provides enhanced security features providing a secure platform for all data input and output. The AI writing assistant software helps enterprises of all sizes improve productivity by automating tedious tasks such as typing, generating reports, or delivering a flurry of emails by linking them with digital assistants. The study categorizes the AI writing assistant software market based on type, and end-users at regional and global levels.
By Type Outlook (Sales, USD Million, 2017-2030)
By End-Users Outlook (Sales, USD Million, 2017-2030)
Semi-solid formulations segment accounts for the largest market share by product
Based on end-users, the global market is divided into individual, commercial, and others. During the forecast period, the commercial segment is expected to hold a substantial market share due to the growing adoption of AI writing assistant software by small, medium, and large enterprises. Small, medium and large organizations use AI writing assistant software to promote their business for research and marketing purposes. High growth in the commercial segment is attributed to technological advancements that provide an error-free and professional writing experience.
North America accounted for the largest market share by Region
Based on regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe has been forecasted to hold a substantial market share during the forecast period due to European countries' increasing investment in AI technology. Increasing demand for AI writing assistant software among consumers and favorable government policies promoting AI technology is boosting the European market.
The global AI writing assistant software market is highly competitive with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global AI writing assistant software market are:
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