The Text Analytics Market report includes a global opportunity analysis and industry forecasts for the period 2023-2032. The global market was estimated at USD 7.45 Billion in 2022, registering a CAGR of 15.67% from 2023 to 2032. The base year considered for the study is 2022, and the forecast has been provided for the period 2023 to 2032.
The high growth of the end-use industry in the emerging regions is expected to drive the demand of the Text Analytics Market during the forecast period. Some of the major end-use industries such as military & defense, Retail, IT & Telecom in the text analytics market have been witnessing strong growth in the emerging region such as the Asia Pacific and the Middle East.
Text analytics is applied to convert unstructured data into the structured data format, which is useful in summarizing information, classification, sentimental analysis, and data investigation. The need for text analytics is increasing due to business automation and digitization, which produce huge amounts of data that require proper management for their optimal utilization for analysis purposes. Text analytics helps in quick and computerized feedback to clients for customer satisfaction.
The demand for text analytics is expected to grow in Europe and North America due to the increasing number of social media followers and the rapid growth of digital platforms, such as e-commerce and social media marketing. Based on deployment, the text analytics market has been segmented into on-premise & cloud-based. Cloud-based text analytics is expected to witness high adoption due to its ease of use and affordability. On-premise-based text analytics is used in big enterprises where security is of prime importance. On the basis of end-use industry, the market has been segmented into military & defense, manufacturing, Banking, Financial Services & Insurance (BFSI), retail, healthcare, IT & telecom, entertainment & media, automotive & transportation, and hospitality. The healthcare segmented is anticipated to grow due to the increasing number of text analytics applications in the healthcare and life sciences sectors. However, limitations for this market are high operational cost, agreement issues with the current IT infrastructure, and less awareness with end-users about software management.
Key Factors Impacting Market Growth:
- Rise in the risk of financial frauds and growing Big Data market
- Increase in demand for social media analysis
- Growing usage of smartphones across the world
Regional Outlook:
By region, the Text Analytics market is estimated to be dominated by North America, Western Europe, and the Asia Pacific during the forecast period. With technological advancements and a cluster of global companies operating in these regions, these regions hold key to the growth and development of the text analytics market during the forecast period. Most of the leading companies have operations in these regions to cater to the potential end-users in the respective region. The North America text analytics market is further segmented by the US, Canada, and Mexico, whereas Germany, UK, France, Italy are estimated to be some of the major markets in Western Europe. Asia Pacific region is segmented by China, Japan, South Korea, India, and Australia. The Middle East and Eastern Europe are estimated to be potential markets with growing demand during the forecast period. Major countries in these regions include Russia, UAE, Saudi Arabia, Israel, and others.
Companies Covered: IBM Corporation, Microsoft, Hewlett-Packard Development Company, L.P., Attensity Inc., Clarabridge, SAP SE, TIBCO Software Inc., Tableau Software, and Oracle.
Market Segmentation:
By Technology:
- Text Clustering
- Big data Analytics
- Web Mining
- Predictive Analytics
By Deployment:
- On-premise
- Cloud-based
By Application:
- Data Analysis & Forecasting
- Fraud/Spam Detection
- Intelligence & Law Enforcement
- Customer Relationship Management (CRM)
By End-use Industry:
- Military & Defense
- Manufacturing
- Banking, Financial Services & Insurance (BFSI)
- Retail
- Healthcare
- IT & Telecom
- Entertainment & Media
- Automotive & Transportation
- Hospitality
By Region:
- North America
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- US
- Canada
- Mexico
- Europe
-
- Germany
- Russia
- UK
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia Pacific
- Middle East & Africa
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- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- South America
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- Brazil
- Argentina
- Colombia
- Rest of South America
Reasons to Buy This Report:
- Market size estimation of the global text analytics market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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