AI Writing Assistant Software Market Outlook
The global AI writing assistant software market size was valued at USD 359.8 Million in 2020 and is projected to reach USD 1,022.3 Million by 2028, expanding at a CAGR of 14.2% during the forecast period. 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 skill. Global AI writing assistant software market is segmented into types, end-users, and regions.
Increasing number of strategies such as mergers & acquisitions, agreements, partnerships, and product launches among companies to establish themselves as providers of AI writing assistant software are anticipated to create lucrative opportunities in the market in the near future. Rising adoption of various strategies by market players to increase their presence and share in the market is expected to create growth opportunities in the market.
Scope of AI Writing Assistant Software Market Report
AI Writing Assistant Software Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Types (On-premise and Cloud-based), End-users (Individual, Commercial, Others), and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered
Grammarly Inc, Ginger Software, Textio, AI Writer, Frase, Inc, Jasper.ai, Anyword (Keywee Inc.), ProWritingAid (Orpheus Technology), Semrush, and Pepper Content Pvt. Ltd.
AI Writing Assistant Software Market Macro-economic Factors
Technological advancement in AI involves speech recognition, machine learning, deep learning platforms, and natural language generation. These tools and technologies are mostly adopted by content writing industries to get their work done in short time and accurately. The development of technology and use of AI writers to obtain efficient quantity and quality for high performance are boosting the market.
COVID-19 has reflected a positive impact on the AI writing assistant software market, due to its growing demand in various applications such as email, chatbots, and/or other types of messaging applications (such as, Slack). The AI writing assistant software is increasingly being used among small- and medium-sized enterprises.
Increasing investments by manufacturers toward the development of AI is driving the market. Growing demand for automation in various sectors such as educational and training institutions, to reduce manual typing is expected to increase the demand for AI writing assistant software at a rapid pace during the forecast period.
AI Writing Assistant Software Market Dynamics
Growing Demand for AI Technology in Writing
Artificial intelligence (AI) writing improves and makes the content flow better. It can be used for changing the words and to fix grammatical mistakes. It makes content brief and easy to read. AI increases productivity by generating quick content, it saves time as AI-created content takes minutes to form. Rising demand for AI writing across the globe is anticipated to fuel the market.
Rising Adoption of AI Writing Assistant in Cyber Security
AI writing assistant makes use of machine learning to help and support users through multiple steps of writing process that includes research, tone checking, and algorithms. These tools help in analyzing the content. Suspicious activities and viruses such as malware, ransomware, and trojan can be detect by AI using its structured program and algorithm.
AI writing assistant has the ability to process large amount of data with high speed, which in turn, helps security analyst to protect their organization by cyberattacks. Thus, rising adoption of AI writing assistant in cyber security is projected to fuel the market during the forecast period.
High Cost of AI Writing Assistant Software
The use of AI writing assistant is increasing in the writing industry. However, this technology cannot be adopted by all organization owing to its high cost and maintenance. Thus, the demand for AI writing assistants can be equal to limit consumers in the market and is projected to hamper the market during the forecast period.
AI software requires frequent upgrades; therefore, it could serve the requirements of the developing environment as these machines need to become smart by the day, and this requires high cost and could hinders the market growth.
Growing Investments by Key Market Players
Rising investments by major market players to make fast pace decisions, optimizing results, and to reduce the operational costs is boosting the adoption of AI. This, in turn, is projected to fuel the AI writing assistant software market.
AI has the ability to change everything in the organization and refines people’s way of working, it is important to gain control over the micro and macro levels of an organization or business. Growing usage of AI by many organizations and rising demand for AI writing assistant software are projected to create opportunities in the market.
AI Writing Assistant Software Market Segment Insights
Types Segment Analysis
In terms of types, the market is segmented into on-premise and cloud-based. The cloud-based segment is expected to hold a substantial market share during the forecast, due to the growing investment in cloud-based projects in various countries such as US, UK, China, India, etc. The cloud-based AI assistant software keeps messages professional and free from errors by ensuring consistency across the team network.
The cloud-based AI writing assistant software helps in saving the capital expenses of users by incurring costs based on customer’s usage. Moreover, the cloud-based AI writing assistant software updates data backup regularly and services improve continuously.
End-Users Segment Analysis
Based on end-users, the market is segregated into individual, commercial, and others. The commercial segment is expected to hold a substantial market share during the forecast, attributed 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 for research and marketing purposes to promote their business. High growth in the commercial segment is attributed to the technological upgradation that allows error-free and professional writing experience to the users.
On the basis of regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is expected to hold a substantial market share during the forecast period, owing to the growing strategic investment in AI technology by the European countries. Increasing demand for AI writing assistant software among consumers and favorable policies imposed by government for promoting AI technology is boosting the market in Europe.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the global AI Writing Assistant Software Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on AI Writing Assistant Software Market Performance
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Key Market Players Profiled in the Report
- Grammarly Inc
- Ginger Software
- AI Writer
- Frase, Inc
- Anyword (Keywee Inc.)
- ProWritingAid (Orpheus Technology)
- Pepper Content Pvt. Ltd
Key players operating in the global AI writing assistant software market include Grammarly Inc, Ginger Software, Textio, AI Writer, Frase, Inc, Jasper.ai, Anyword (Keywee Inc.), ProWritingAid (Orpheus Technology), Semrush, Pepper Content Pvt. Ltd, and others. The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the AI writing assistant software market.