Pune, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Text Analytics Market Size & Growth Analysis:
“According to SNS Insider Research, The Text Analytics Market size was recorded at USD 9.55 billion in 2023 and is expected to reach USD 41.2 billion by 2032, growing at a CAGR of 17.65% over the forecast period of 2024-2032.”
Market Overview:
With the growing volumes of unstructured data and the increasing need for textual information, the text analytics market is reaching new heights in terms of growth. Developments related to machine learning and natural language processing have aided in facilitating the extraction of insightful information from huge heaps of textual data emanating from various sources such as documents, social media, and customer reviews. Other key drivers include big data analytics, developments in AI and NLP technologies, and an increasing focus on data-driven decision-making. Infographics related to AI market statistics suggest that around 82-82% of companies have stated that the implementation of AI was among the top agendas of their business strategies. For Instance, Giant Companies like Amazon use text analytics to improve product recommendations by better understanding customer reviews and feedback. In Addition, Some recent developments include IBM's Watson Natural developed Language Understanding for advanced sentiment analysis and Microsoft Azure's Text Analytics API, which yields greater insight into language.
Government initiatives are majorly encouraging the market for text analytics. For example, the most significant initiative of the government relates to participation by the National Institute of Standards and Technology (NIST) in the formulation of standards and guidelines for data analytics in general, thus further promoting the adoption of text analytics in various sectors. Moreover, state-level initiatives specifically in tech ideation zones such as California and New York are encouraging innovation through grants and funding of start-ups that focus on solutions related to AI and text analytics. Leading players in the text analytics space, which currently include IBM, Microsoft, and SAP, are all making important investments in research and development to improve their portfolios. Simultaneously, they are forming partnerships with other big players to incorporate text analytics into higher-level frameworks of business intelligence.
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Major Players Analysis Listed in this Report are:
The Key Players are Microsoft Corporation, Luminoso Technologies, Inc., HP Enterprise, IBM Corporation, Knime.Com AG, RapidMiner, Inc., SAS Institute, Inc., OpenText Corporation, Indium Software, Bitext Innovations S.L., Infegy, Inc., Brandwatch, Lexalytics, Inc., Netbase Solutions, Clarabridge, SAP SE, Megaputer Intelligence, Inc. & Other Players
Text Analytics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 9.55 Bn |
| Market Size by 2032 | US$ 41.2 Bn |
| CAGR | CAGR of 17.65% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The growing demand for social media analysis and brand awareness is likely to drive the demand for text analytics solutions. • Additionally, the increasing focus on competitive intelligence and efficient customer services is expected to boost the text analytics market. |
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Recent Developments:
- In 2023, IBM and Salesforce came up with a strategic partnership where the text analytics capabilities of the former would be incorporated into the CRM platform of the latter to build deeper insights generation and engagement with customers.
- Further, in early 2024, Microsoft and SAP collaborated to quicken the adoption of text analytics in enterprise resource planning systems in a bid to boost data-driven decision-making. All these partnerships and collaborations indeed reflect the massive integration of text analytics solutions across different technology platforms in recent times, thereby fostering innovation and growth in this market.
- In May 2023, Google was rolling out AI-driven changes in its Workspace suite, wherein it updated the tools—especially Gmail and Google Docs—with more advanced text generation and summarization capabilities. This act demonstrates the new trend in which AI infusion is ever-increasing in text analytics solutions to improve user productivity and decision-making procedures.
Segment Analysis of Text Analytics Market:
By Component: The software segment led the text analytics market with more than 50% of the revenue share in 2023. The reason for this is that the software segment holds the maximum share in the text analytics market, due to the overall wide adoption of text analytics software solutions. This is because these software solutions are equipped with advanced text mining algorithms and NLP technologies, which efficiently help in making meaningful insights from huge amounts of unstructured textual data. According to market data, the software segment contributed to about 60% of the global text analytics market in 2023. Now, the huge share reflects how important software is in making it efficient for organizations to process and analyze textual information quickly. The software segment includes applications like sentiment analysis, machine translation, and bioinformatics.
By Region: North America will dominate the text analytics market because it is one of the early adopters of technology and has huge potential for big data, AI, and cloud computing. The U.S. in particular is growing stupendously on the back of increasing awareness concerning competitive intelligence tools and the importance of customer service across verticals such as BFSI, healthcare, and retail. Demand in Europe is also gaining momentum, as growing industries and increasing competition among small and medium enterprises raise demand for text analytics. The Asia Pacific region is growing fast due to the adoption of smart technologies and high social media usage in countries like China and India. Growing demand for 5G and connected technologies in this region is likely to further drive growth in text analytics. Steady growth is also envisaged in the Middle East and Latin America, impelled by the need for low-cost tools for data analysis.
Text Analytics Market Key Segmentation:
By Component
- Software
- Services
By Enterprise Size
- SMEs
- Large Enterprises
By Application
- Competitive Intelligence
- Customer Relationship Management
- Predictive Analytics
- Fraud detection
- Risk Management
- Social Media Analysis
- Workforce management
- Document management
- Others
By Deployment
- Cloud
- On-premises
By End-user
- BFSI
- Retail
- Government
- Healthcare
- Manufacturing
- IT & Telecom
- Media and Entertainment
- Travel and Hospitality
- Others
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Key Takeaways:
- The segment of cloud deployment, according to the projection, would be the fastest-growing during this period. This has resulted in increased demand for highly flexible and scalable solutions.
- While large enterprises dominate the scene in 2023, growth in small and medium-sized enterprises may be faster shortly due to the cost-effective cloud-based solutions expected to come up.
- It has been predicted that by 2023, the biggest market holders will be BFSI, followed by Healthcare and Retail, on account of predictive analytics, fraud detection, and customer experience management.
- North America is likely to capture maximum revenue share in the forecast period, while growth will be led by the US. This is attributed to increasing awareness related to competitive intelligence tools and the importance of customer service.
Table of Contents – Major Key Points
1.Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Text Analytics Market Segmentation, By Component
9. Text Analytics Market Segmentation, By Enterprise Size
10. Text Analytics Market Segmentation, By Application
11. Text Analytics Market Segmentation, By Deployment
12. Text Analytics Market Segmentation, By End-user
13. Regional Analysis
14. Company Profile
15. Competitive Landscape
16. USE Cases and Best Practices
17. Conclusion
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