Market Research Future (MRFR) has published a report on the global text analytics market asserting that the global market for text analytics is anticipated to expand remarkably at a strong CAGR of 17% during the forecast period of 2017-2023 and reach USD 9 Bn by the end of 2023.
Text analytics is a process that transforms the unstructured texts into well-structured information by analyzing unstructured text and extracting relevant information from it. The rapid industrialization and simultaneous technological advancement are creating the necessity of aggregation and exploration of textual data for obtaining profitable insights that aid in the development of businesses, resulting in the rise in demand for text analytics in the global market.
The inclination towards adoption of text analytics due to its multidisciplinary application encompassing multiple domains such as e-commerce, IT, telecommunication, government, healthcare, BSFI, and others is majorly driving the global Text Analytics Market. The beneficial aspects of text analytics such as market research, competitive intelligence, brand-reputation management, customer service and support and others are acting as demand generators for text analytics in the global market.
The ubiquitous availability of unstructured data in the form of online news, blogs, tweets, and others is driving the demand for text analytics that avails the companies with competitive advantages. The increasing demand for actionable insights extracted through real-time data analysis which are utilized in tactical approaches for the growth of the enterprises is projected to propel the expansion of the global market for text analytics during the forecast period.
However, the increasing availability of data analytics software, high cost, and lack of awareness among the stakeholders as text analytics is an emerging technology are likely to act as restraints on the global text analytics market.
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The prominent players in text analytics market are – SAP SE (Germany), IBM Corporation (US), SAS Institute, Inc. (US), OpenText Corporation (Canada), Clarabridge, Inc. (US), Megaputer Intelligence, Inc. (US), Luminoso Technologies, Inc. (US), MeaningCloud LLC (US), KNIME.com AG (Switzerland), Infegy, Inc. (US), Lexalytics, Inc. (US), Averbis (Germany), Bitext Innovations S.L.(Spain) among others.
The text analytics market has been segmented on the basis of components, application, deployment, and vertical.
- Based on component, the text analytics market is segmented into software and services. The services segment includes managed services and professional services.
- Based on application, the text analytics market is segmented into documentation management, workforce management, customer experience management, marketing management, and risk and compliance management.
- Based on deployment, the text analytics market is segmented into on-premise and cloud. The on-premise deployment model is majorly adopted by government organizations due to the high-security risks of cloud-based deployment models. Whereas, the cloud-based deployment model is projected to account for the largest market share in the global market for text analytics during the forecast period due to the increasing demand for cloud-based solutions in the global market.
- Based on vertical, the text analytics market is segmented into BSFI, retail and e-commerce, government, IT and telecommunication, manufacturing, energy and utilities, travel and hospitality, and others.
Geographically, the global text analytics market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. The North America region is dominating the global text analytics market owing to the technologically advanced industrial infrastructures and rapid expansion of digital platforms such as social media and e-commerce in this region. The Europe region stands second in the global text analytics market due to the easy adoption of advanced technologies and increasing demand for cloud-based solutions in this region. The Asia Pacific region is projecting significant growth in the global text analytics market owing to the increasing inclination towards adoption of advanced technology in the emerging economies of this region.
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- Technology investors
- Integrated device manufacturers (IDMs)
- Original manufacturers (OEMs)
- Research/Consultancy firms
- Text analytics service vendors
- System integrators
- IT developers
- Third party vendors
- Network operators
- Infrastructure provider
- Regulatory and compliance agencies
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