Global Text Analytics Market Overview
The key drivers impacting the text analytics market are the increasing need for social media analytics due to the growing trend of social media advertising. This is due to the high penetration of social media by consumers globally. For instance, The Digital marketing organization's recent report estimates that 3.96 billion people will exploit social media in 2020, accounting for almost half (51%) of the worldwide population. On average, worldwide internet users spend 144 minutes on social media sites every day. Also, the rising adoption of text analytics tools into an enterprise's analytics software tools to help businesses analyze data to support market growth in the long run. Moreover, the rise in highly customized and industry-specific applications contributes to text analytics market demand later.
According to Value Market Research, the global text analytics market size was valued at about USD 8.15 billion in 2023 and is estimated to grow at a CAGR of around 40.9% during the forecast period 2024 to 2032.
The rising preference towards cloud technology for data storage will likely augment the need for text analytics in the forecast period. However, the dearth of awareness hampers the market in the long run. In addition, the high cost of software impedes market growth. Nevertheless, the market trends, such as the enhancing customer service and competitive intelligence, and the rising significance of big data and IoT in the analytics market, might provide considerable opportunities to the market's leading players.
The text analytics market is widespread, with many local and international players. The market leaders follow numerous strategies such as extending product portfolio, amalgamation, contracts, acquisitions, product upgrades to mount their market share globally. The key players in the report are Brandwatch, IBM Corporation, SAS, Kana, HP, Jive, Lithium, Kana, Listenlogic, Lexalytics, Netbase solution, Sysomos, Networked insights, Unmetric, Conversation, and Collective intellect.
In this research report, the text analytics market is segmented by component, deployment model, application, and region.
Analysis by Component:
By component, the report is divided into software and service. The software segment includes Customer Intelligence, Customer Relationship Management (CRM), Fraud Detection, Governance, Risk and Compliance (GRC) Management. Customer Intelligence dominates the component segment with the highest market share in 2020. It is because digital channels have appeared as the primary point of interaction between target customers and enterprises. Moreover, analysis of consumer sentiments on platforms like text mining and analytics is becoming a critical part of customer intelligence. This enables enterprises to analyze and process large volumes of customer-related textual data to get valuable business information, contribute to the growth of the software segment in the forecast period.
Analysis by Deployment Model:
By deployment model, the report is divided into on-premise and cloud. The 3000-5000 NM segment dominates the deployment model segment with the highest market share in 2020. It is due to the rising adoption of cloud technology among enterprises for enhancing business capabilities. Moreover, the deployment of text analytics software on the cloud by enterprises can augment computing resources during peak loads and decrease them during idle hours.
Analysis by Application:
By application, the report is segmented into BFSI, retail, government & defense, healthcare, it & telecom, travel & hospitality, media & advertising, and others. The retail segment dominates the application segment with the highest share in 2020. It is due to the escalating adoption of text mining solutions in the retail sector owing to the increased need to cut costs and target customers efficiently. Moreover, the optimization of promotions, recognition of the right marketing strategies, and the maximization of sales through discounts can be successfully carried out by leveraging the customer behavioral data contributing to the development of the retail segment.
Analysis by Region:
In the regional outlook of the global text analytics market, the North America region dominates with the largest market share of 43% in 2020. It is due to the rising investments in promising technologies such as IoT, AI, ML, and the presence of several text analytics vendors. Moreover, mounting government support for regulatory compliance and high adoption of text mining solutions in the retail industry of Canada contributes to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Component
- Software
- Customer Intelligence
- Customer Relationship Management (CRM)
- Fraud Detection
- Governance, Risk and Compliance (GRC) Management
- Service
- Professional Services
- Managed Services
By Deployment Model
By Application
- BFSI
- Retail
- Government & Defense
- Healthcare
- IT & Telecom
- Travel & Hospitality
- Media & Advertising
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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