Global Text Analytics Market, By Component (Software, Services), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Deployment Model (Cloud, On-Premises), Application (Customer Experience Management, Marketing Management, Governance, Risk, and Compliance Management, Document Management, Workforce Management, Others), Industry Vertical (Banking, Financial Services, and Insurance (BFSI), Retail and Ecommerce, Government and Defense, Healthcare and Life Sciences, Manufacturing, Telecommunications and Information Technology, Energy and Utilities, Media and Entertainment, Travel and Hospitality, Others), Technology (Descriptive Data Analysis, Text Clustering, Web Mining, Predictive Analysis) - Industry Trends and Forecast to 2029
Market Analysis and Size
Text analytics are being deployed with data visualization tools among enterprises to understand numbers and make better decisions. In the past years, it has been highly useful to organizations for evaluating text in a wide range of languages, and acquiring a deeper understanding of customer opinions.
Global Text Analytics Market was valued at USD 6.45 billion in 2021 and is expected to reach USD 23.76 billion by 2029, registering a CAGR of 17.70% during the forecast period of 2022-2029. Retail and Ecommerce account for the largest industry vertical segment in the respective market owing to the high adoption among organizations to provide personalized schemes and discounts to their customers. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Text analytics is defined as the automated process of translating vast amount of unstructured text, such as online reviews, call center agent notes, survey results, emails, and tweets, into quantitative data. This process delivers insights about trends. The technology mainly relies on natural language processing (NLP) algorithms and text mining to find meaning from written communication.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Software, Services), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Deployment Model (Cloud, On-Premises), Application (Customer Experience Management, Marketing Management, Governance, Risk, and Compliance Management, Document Management, Workforce Management, Others), Industry Vertical (Banking, Financial Services, and Insurance (BFSI), Retail and Ecommerce, Government and Defense, Healthcare and Life Sciences, Manufacturing, Telecommunications and Information Technology, Energy and Utilities, Media and Entertainment, Travel and Hospitality, Others), Technology (Descriptive Data Analysis, Text Clustering, Web Mining, Predictive Analysis)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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SAP SE (Germany), IBM (US), SAS Institute Inc. (US), Open Text Corporation. (Canada), Clarabridge (US), Bitext Innovations, S.L. (Spain), Lexalytics (US), Megaputer Intelligence Inc. (US), Luminoso Technologies, Inc. (US), KNIME AG (Switzerland), Infegy (US), Averbis GmbH (Germany), MeaningCloud LLC (US), Amazon Web Services, Inc. (US), Altair Engineering, Inc. (US), BASIS TECHNOLOGY. (US), Brandwatch. (UK), Micro Focus (UK), Interactions LLC. (US), Jive Software. (US), and Khoros, LLC (US), among others
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Market Opportunities
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Text Analytics Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Need to Obtain New Insights
The increase in need to aggregate and explore textual data to obtain new insights acts as one of the major factors driving the text analytics market. The incorporation of industry technology, knowledge, and practices to drive business outcomes has a positive impact on the market.
- Emergence of Big Data Analytics
The rise in the emergence of big data analytics across the globe accelerate the market growth. Numerous enterprises are focusing on combining disparate internal data along with external data sources for acquiring new efficiencies assist in the expansion of the market.
- Proliferation of Online Unstructured Data
The increase in the proliferation of online unstructured data such as blogs, ratings, and recommendations, and online reviews for ensuring their services receive good ratings further influence the market. Text analytics helps in improving services for enhanced customer satisfaction and understanding customer sentiments.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the text analytics market.
Opportunities
Furthermore, surge in need for social media analytics and predictive analytics for businesses extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Rise in highly customized and industry-specific applications will further expand the market.
Restraints/Challenges
On the other hand, data privacy and security concerns, and complications associated with the operations are expected to obstruct market growth. Also, lack of awareness regarding text analytics, and skilled workforce are projected to challenge the text analytics market in the forecast period of 2022-2029.
This text analytics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on text analytics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Text Analytics Market
The COVID-19 pandemic had a positive impact on the text analytics market. It helped millions of people globally in leveraging advanced tools for various applications. The surge in the in investments by various SMEs and large enterprises in technologies such as like AI and machine learning for improving business operations. Text analytics market was highly useful for optimizing internal operations, enhancing customer satisfaction, and managing budgets, among others. The text analytics market is expected to witness high growth Post-COVID-19 due to the adoption of smart manufacturing processes using AI, and IoT technologies.
Recent Developments
- Vertica, a Microfocus’s unified analytics platform, announced news regarding the availability of this unified analytics platform for Dell EMC Elastic Cloud Storage (ECS) in March’2021. The technology allows freedom to cloud innovation for analytics in an on-premises data center, hybrid deployment, and data resides use.
- Clarabridge announced the launch of Clara, an intelligent search assistant in June’2021. This search assistant offers improved critical answer experience, visual results and customer engagement by interacting across vast data sources.
Global Text Analytics Market Scope and Market Size
The text analytics market is segmented on the basis of component, organization size, deployment model, application, technology, and industry vertical. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Software
- Services
Managed Services
Professional Services
- Support and Maintenance
- Consulting Services
- System Integration and Deployment
Organization Size
- Small and Medium-Sized Enterprises
- Large Enterprises
Deployment Model
- Cloud
- On-Premises
Application
- Customer Experience Management
- Marketing Management
- Governance
- Risk, and Compliance Management
- Document Management
- Workforce Management
- Others
Industry Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Retail and Ecommerce
- Government and Defense
- Healthcare and Life Sciences
- Manufacturing
- Telecommunications and Information Technology
- Energy and Utilities
- Media and Entertainment
- Travel and Hospitality
- Others
Technology
- Descriptive Data Analysis
- Text Clustering
- Web Mining
- Predictive Analysis
Text Analytics Market Regional Analysis/Insights
The text analytics market is analysed and market size insights and trends are provided by country, component, organization size, deployment model, application, technology, and industry vertical as referred above.
The countries covered in the text analytics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the text analytics market due to the rise in demand of the data analytics along with technological advancement and prevalence of various market players within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the surge in adoption of advanced technology among the enterprises in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Text Analytics Market
The text analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to text analytics market.
Some of the major players operating in text analytics market are
- SAP SE (Germany)
- IBM (US)
- SAS Institute Inc. (US)
- Open Text Corporation. (Canada)
- Clarabridge (US)
- Bitext Innovations, S.L. (Spain)
- Lexalytics (US)
- Megaputer Intelligence Inc. (US)
- Luminoso Technologies, Inc. (US)
- KNIME AG (Switzerland)
- Infegy (US)
- Averbis GmbH (Germany)
- MeaningCloud LLC (US)
- Amazon Web Services, Inc. (US)
- Altair Engineering, Inc. (US)
- BASIS TECHNOLOGY. (US)
- Brandwatch. (UK)
- Micro Focus (UK)
- Interactions LLC. (US)
- Jive Software. (US)
- Khoros, LLC (US)
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