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The global text analytics market was valued at USD 5.46 billion in 2019?and is expected to reach a value of USD 14.84 billion by 2025?at a CAGR of 17.35% over the forecast period (2020-2025). The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
- Text analytics tools are being increasingly used by organizations to aid their business-making process by offering actionable insights from various forms of text sources, such as client interaction, emails, blogs, product reviews, tweets, and center logs.
- The primary objective of text analytics is to accumulate different forms of data, including structured and unstructured, which is further utilized for the analysis, thereby fueling the organization’s business decisions.
- Some of the primary benefits of text analytics include cost reduction, enhanced processing speed, integration of big data, and better consistency.
- The rising demand for machine learning and big data analytics is expected to propel the text analytics market across the globe.
Scope of the Report
Text analysis uses many linguistic, statistical, and machine learning techniques. It involves information retrieval from unstructured data and the process of structuring the input text to derive patterns and trends and evaluating and interpreting the output data. Some cloud-based applications including predictive analytics, fraud management, risk management, business intelligence, cybercrime prevention, etc.
Key Market Trends
Retail Sector to Hold a Significant Share in Text Analytics Market
- In retail, text analytics plays a vital role in analyzing customer behavior and predicting consumer nature, which is likely to drive the market in this industry.
- By adopting text analytics, organizations can provide personalized schemes and discounts to their customers, by making use of their historical trends.
- Retailers use social media platforms as the key source to acquire data in order to utilize text analytics, anticipate the demand and supply, and enhance the customer experience.
- The growth in the retail sector across the globe is expected to boost the text analytics market over the forecast period.
- Furthermore, the growth in mobile shopping and payment is growing at a high pace, which is, in turn, projected to propel the use of text analytics.
Asia-Pacific to Execute a Significant Growth Rate
- Asia-Pacific is witnessing significant growth in industries such as retail, BFSI, and healthcare, which is expected to propel the demand for data analytics such as text analytics.
- The industry players are focusing more on customer requirement and customer experience, which in turn, gives rise to analyzing consumer behavior towards diverse products. This is likely to fuel the text analytics market in the region over the forecast period.
- Furthermore, the region poses noteworthy opportunities for text analytics owing to the rising number of customers utilizing social media platforms and online purchase, which is projected to boost the market.
The text analytics market is a propelling market with several players in the market. However, the major players such as IBM Corporation, SAP SE dominate the market. Therefore, the market is consolidated.
- October 2018 - SAS launched a new platform for analytics enhancing the visual data mining and machine learning. Furthermore, it includes visual text analytics, which eases deep learning, forecasting, and text analytics, which is expected to ascend the company’s product portfolio and generate revenue.
- February 2018 - Linguamatics commenced the integration of their NLP platform at Atrius Health to recognize and collect crucial clinical and hidden clinical unstructured patient data, which is projected to compel other companies to increase the usage of text analytics.
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