Text Analytics

Text Analytics

Global Text Analytics Market to Reach US$29.8 Billion by 2030

The global market for Text Analytics estimated at US$9.5 Billion in the year 2023, is expected to reach US$29.8 Billion by 2030, growing at a CAGR of 17.7% over the analysis period 2023-2030. On-Premise Deployment, one of the segments analyzed in the report, is expected to record a 14.5% CAGR and reach US$15.3 Billion by the end of the analysis period. Growth in the Cloud Deployment segment is estimated at 22.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.6 Billion While China is Forecast to Grow at 16.7% CAGR

The Text Analytics market in the U.S. is estimated at US$2.6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.5 Billion by the year 2030 trailing a CAGR of 16.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 15.4% and 15.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.8% CAGR.

Global Text Analytics Market - Key Trends and Drivers Summarized

Why Is Text Analytics Gaining Importance in Data-Driven Businesses?
Text analytics is a powerful tool that enables businesses to extract meaningful insights from unstructured data, such as emails, social media posts, customer reviews, and survey responses. With the explosion of data in today’s digital world, organizations are increasingly relying on text analytics to understand customer sentiment, improve decision-making, and enhance operational efficiency. By leveraging natural language processing (NLP) and machine learning, text analytics helps businesses categorize and analyze vast amounts of textual data, identifying patterns, trends, and actionable insights. This technology is critical for industries such as retail, healthcare, finance, and marketing, where understanding customer behavior and feedback is essential for competitive advantage.

How Is Text Analytics Applied Across Different Industries?
Text analytics is used extensively in industries that deal with large volumes of customer data and communications. In the retail sector, companies use text analytics to analyze customer feedback, optimize product offerings, and enhance personalized marketing strategies. In healthcare, it is used to mine patient records, clinical notes, and research papers to improve diagnosis and treatment outcomes. Financial institutions use text analytics to assess market sentiment, identify fraudulent activities, and monitor compliance with regulatory requirements. Marketing and advertising agencies employ text analytics to track brand reputation, monitor social media sentiment, and gain insights into consumer preferences. As data-driven decision-making becomes the norm, text analytics is expanding its application across diverse sectors.

What Are the Key Segments in the Text Analytics Market?
Deployment models include cloud-based and on-premise solutions, with cloud solutions gaining traction due to their scalability and ease of integration. Technologies such as natural language processing (NLP), machine learning, and artificial intelligence are the key drivers of innovation in this market. End-user industries include retail, healthcare, banking and finance, telecommunications, and government. North America holds a significant share of the market, driven by early adoption of AI technologies and a strong focus on customer experience management. However, the Asia-Pacific region is poised for rapid growth due to increasing digitalization and the adoption of advanced analytics tools by enterprises.

The Growth in the Text Analytics Market Is Driven by Several Factors
The growth in the text analytics market is driven by several factors, including the increasing demand for data-driven decision-making, advancements in NLP and AI technologies, and the growing volume of unstructured data. As organizations recognize the value of understanding customer sentiment and market trends, the adoption of text analytics is expanding rapidly. The rise of social media platforms and the proliferation of online reviews have further fueled the need for tools that can analyze large datasets and provide actionable insights. Additionally, the integration of text analytics with business intelligence and CRM systems is enhancing its value for businesses across industries. The demand for real-time analytics and sentiment analysis in sectors such as retail, finance, and healthcare will continue to drive growth in the coming years.

Select Competitors (Total 163 Featured) -

• Averbis GmbH
• Bitext Innovations S.L.
• Clarabridge, Inc.
• IBM Corporation
• Infegy, Inc.
• KNIME AG
• Lexalytics, Inc.
• Luminoso Technologies, Inc.
• Meaningcloud LLC
• Megaputer Intelligence, Inc.
• OpenText Corporation
• SAP SE
• SAS Institute, Inc.

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