Text Analytics Market is Expected to Exhibit a CAGR of 17.7%
According to the new market research report “Text Analytics Market by Deployment Model (Cloud, On-Premises),by Application (Competitive Intelligence, Customer Relationship Management, Predictive Analytics, Fraud Detection and Brand Reputation), by Organization Size (Small and Medium Enterprises and Large Enterprises), by End Users (Banking, Financial Services, and Insurance, Retail and E-Commerce, Government and Defense, Healthcare and Life Sciences, Manufacturing, Telecommunications and Information Technology.), and Geography-Global Forecast to 2025″.
The text analytics is a process of converting unstructured text to meaningful data to understand the customer demand, product description, and market trend. The increasing demand for insights from unstructured data is one of the major drivers for growth of the text analytics market. Due to increasing stiff competition in the market, it become important for the companies to analyze the demand of their customer, and marketing strategy, which raised the demand for unstructured data.
The company extracts the insights from unstructured data with the help of text analytics. The social media industry plays a major role for providing unstructured data to the companies. Moreover, the increasing demand for predictive analytics, growing requirement for social media analytics and changing business trends are some of the key drivers which fuels the market of text analytics globally.
Key Takeaways of the Text Analytics Market:The global text analytics market is estimated to exhibit a CAGR of 17.7% over the forecast period.In 2016, the text analytics market generated revenue of US$ 3,031.5 million and is projected to reach US$ 13,060.4 million by 2025
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Among deployment model, the cloud segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period, owing to increasing adoption of cloud technology by various companies
Among application, customer relationship management segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period. This is mainly owing to factors such as high focus on customer engagement and increasing adoption by small and enterprises. Additionally, Social media analytics segment is estimated to grow medium rapidly during the forecast period, owing to increasing high demand for insights from social media content and rising unstructured data on social media websites.
Among end users, the banking, financial services, and insurance segment held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. Moreover, retail and e-commerce industry is projected to grow with largest CAGR in the forecast period.
North America held a dominant position in the global text analytics market in 2016 with US$ 1,045 million and is projected to exhibit a CAGR of 16.9% by 2025. The U.S. held the dominant position in the North America text analytics market in 2016. Canada is estimated to exhibit the largest CAGR over the forecast period.
Asia Pacific is estimated to witness a CAGR of 19.1% over the forecast period. China and India are the major countries driving growth of the text analytics market in the region.Some of the major players involved in the global Text analytics market include SAP SE, International Business Machines Corporation, SAS Institute, Inc., Opentext Corporation, Clarabridge, Inc., Bitext Innovations S.L., Lexalytics, Inc., Megaputer Intelligence, Inc., Luminoso Technologies, Inc., and Knime.Com AG.
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