Text Mining Market Size – USD 4.75 Billion in 2019, Market Growth – CAGR of 18.1%, Market Trends –Increased adoption by retail sectors.
The global Text Mining Market is forecast to reach USD 16.85 Billion by 2027, according to a new report by Reports and Data. Text mining tools are increasingly used by most of the organizations to help their business by useful insights from different sources, such as client interaction, blogs, emails, tweets, product reviews, and center logs.
The major objective of the mining of these texts is to gather several forms of information that includes structured and unstructured data and can be utilized further for fueling the decision of the business. Some of the benefits of this mining include improved processing speed, cost reduction, better consistency, and integration of big data. The rise in demand for Big Data and machine learning is augmenting the growth of the product.
Text mining is gaining traction due to the rise in the adoption of social media platforms and a growing inclination of cloud technology for data storage. The organization is transitioning to adopt cloud technology. They are being driven by their ability to prevent fraud, plan efficient marketing campaigns, and manage risk.
The COVID-19 impact:During the COVID-19, artificial intelligence, virtual reality solutions are expected to gain traction as a response to the pandemic. This addresses the continuously evolving changes. Healthcare vendors are adopting artificial intelligence to enhance their R&D and gain momentum in the current scenario. The need for modern, effective technologies and growing demand for social distancing has propelled the demand for advanced technological research, thus fostering market demand. The application of AI can help in reducing the overall cost and also increase customer satisfaction.
Key participants include SAS Institute, Inc., SAP SE, Clarabridge, Inc., Lexalytics, Inc., IBM Corporation, Luminoso Technologies Inc., Averbis, Meaningcloud LLC, Opentext Corporation, and Bitext Innovations S.L., among others.
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Further key findings from the report suggest
- The rising adoption of cloud deployment will experience a surge in business growth while lowering the resources and capital required to deploy and maintain an analytics solution. Cloud adoption is expected to grow with a significant CAGR of 19.5% during the forecast period.
- Small and Medium-sized enterprises benefit extensively from subscription-based pricing models to understand their business demands more accurately. Moreover, cloud deployment also ensures timely updates, up-gradation in security, and backup and recovery functions. They are forecasted to grow with a higher CAGR of 18.7% during the forecast period.
- Text mining software help users gain knowledge about structured and unstructured text data by using natural language processing (NLP). These insights include key phrases, sentiment analysis, themes and patterns, languages, and entities. These tools can consume data from various sources, and they may be used in conjunction with other analytics tools, such as Big Data analytics, and business intelligence platforms.
- The high customer satisfaction and positive experience are due to the data mined from customer complaints and feedback. Organizations analyze call center data and use algorithms to improve services and quantify customer emotions. Thus is expected to propel the demand for the customer experience management segment.
- In the retail sector, text analysis plays a crucial role in analyzing the behavior of the customers and predicting the nature of the consumer, which will drive the industry. The organization adopted text analytics to offer personalized schemes and discounts to its clients by analyzing historical trends. Retailers also use social media platforms to acquire data to anticipate customer needs.
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For the purpose of this report, Reports and Data have segmented the global Text Mining Market on the basis of component, application, deployment mode, organization size, industry vertical, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Managed services
- Professional services
Application Outlook (Revenue, USD Billion; 2017-2027)
- Marketing Management
- Document Management
- Customer Experience Management
- Governance, Risk, and Compliance Management
- Workforce Management
Deployment Mode Outlook (Revenue, USD Billion; 2017-2027)
Organization Size Outlook (Revenue, USD Billion; 2017-2027)
- Large Enterprises
- Small and Medium Enterprises
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
- Retail and Ecommerce
- Healthcare and Life Sciences
- Banking, Financial Services, and Insurance
- Government and Defense
- Telecommunications and Information Technology
- Media and Entertainment
- Energy and Utilities
- Travel and Hospitality
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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