Text Analytics Market Forecasts to 2028 – Global Analysis By Component (Services, Software), Application (Workforce Management, Competitive Intelligence), End User, and By Geography

Text Analytics Market Forecasts to 2028 – Global Analysis By Component (Services, Software), Application (Workforce Management, Competitive Intelligence), End User, and By Geography

According to Stratistics MRC, the Global Text Analytics Market is accounted for $6.45 billion in 2021 and is expected to reach $22.18 billion by 2028 growing at a CAGR of 19.3% during the forecast period. Text analytics is the method of transforming unstructured text into structured data which helps in recognizing significant patterns and new insights. The text analysis technique is utilized to retrieve high-quality information from the already available text sources.

Market Dynamics:

Driver:

Increasing need for predictive analytics for businesses

Predictive analytics recognizes the future results and builds predictive models. The leading organizations have come to discover that, by adding powerful text analytics software to their existing operations, they would be able to directly combine all these components, plan a large scale of data sets and incorporate valuable third-party data to work on the analysis and outcomes. This would additionally assist organizations to improve the predictive models’ output by visually representing the results and applying detailed processing and rich data visualization devices to visually witness outcomes and scenarios. Text analytics enables predictive analytics with accurate analysis of sentiment data, which might reveal spatial dependencies or trends that might be difficult to discover otherwise.

Restraint:

Lack of awareness

Creating awareness among the end-users on how text analytics can transform enormous chunks of information into significant data is directly responsible for increasing the overall adoption of text analytics. Limited text analytics software vendors have their presence in the market, offering text analytics solutions to analyze big data because of its complexities. Most of the organizations that utilize text analytics struggle to fully use their potential, as they lack the expertise who can deal with advanced information and multilingual capabilities. The absence of appropriate knowledge and awareness may hinder the future growth of this market.

Opportunity:

Surge need for social media analytics

There is an increase in penetration of mobile phones and tablets with access to the web coupled with consistently developing user volume on social media platforms. The social media platform helps companies to identify the latest market trends and to create a brand image, which would, in turn, assists organizations to increase their existing customer base. This helps the companies to understand customers in a better way by identifying their interests and demands. In addition, consumer accessibility through social media platforms further reinforces the requirement for social media analytics tools for enterprises, which is providing ample opportunities for market growth.

Threat:

Lack of knowledge and new skills

Software integrators and enterprises securing text analytics software solutions sometimes experience confusion as proper text analytics demand new skills, some of which are hard to find. These new abilities leverage significantly advanced features to streamline campaign results and capture new opportunities as they emerge. The unavailability of such skills results in the inability of software solutions to harness the full capabilities of text analytics features. This factor is likely to challenge the overall growth of the text analytics market, on a global scale, as enterprises give way to all the confusion created in their process strategy.

The retail and e-commerce segment is expected to be the largest during the forecast period

The retail and e-commerce segment is estimated to have a lucrative growth to meet increased expectations and direct communication from buyers, retailers are implementing the innovation and processes that empower them to deal with the volume, variety, access, and governance of consumer data. Retailers utilize social media platforms as a key source to obtain information to use text analytics, anticipate the demand and supply, and enhance the customer experience.

The cloud segment is expected to have the highest CAGR during the forecast period

The cloud segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the growing adoption of cloud innovation by enterprises for further improving business abilities. Enterprises deploying text analytics software on the cloud can increase computing resources during peak loads and decrease them during idle hours, paying only for the exact amount of computing resources being utilized. Organizations offering cloud-based solutions are helping market competitiveness through add-on services, complementing the outcomes acquired from text analytics.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to the increasing demand for text analytics solutions in the BFSI sector to further develop customer experience and diminish the risks associated with the fraud. Text analytics is becoming a viable solution for the detection of fraudulent claims in the regional insurance industry. Fake personal details, wrong transaction dates, and incorrect addresses can be extracted and evaluated by text mining algorithms, which has strongly propelled the market expansion.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period owing to increasing technological investment among emerging countries resulting in an expanded demand for text analytics solutions utilized for automating the maintenance and plant safety process. The rising investments in emerging technologies, the increasing presence of text analytics vendors, and developing government support for regulatory compliance are the major factors expected to contribute to the market.

Key players in the market

Some of the key players profiled in the Text Analytics Market include SAP SE, Microsoft Corporation, RapidMiner Inc., OpenText Corporation, Luminoso Technologies Inc., Lexalytics Inc., Infegy Inc., Micro Focus International PLC, IBM Corporation, Clarabridge Inc., Medallia Inc. and SAS Institute Inc.

Key Developments:

In July 2020, Microsoft Corporation announced the inclusion of text analytics capabilities within its Azure Cognitive Services product. According to the company, text analytics for health features can process various data types and tasks, including extracting more than 100 types of personally identifiable information from unstructured texts.

In August 2019, Indium Software launched its text analytics product powered by artificial intelligence, teX.ai. the SaaS based teX.ai offers various applications such as topic modeling, data scraping, classification, summarization, validation, clustering, among others.

Deployments Covered:
• Cloud
• On-Premise

Components Covered:
• Services
• Software

Enterprise Sizes Covered:
• Small and Mid-Size Enterprises (SMEs)
• Large Enterprises

Technologies Covered:
• Natural Language Processing (NLP)
• Hybrid
• Automated Machine Learning (AML)

Applications Covered:
• Workforce Management
• Web Mining
• Text Clustering
• Social Media Analysis/Marketing Management
• Business Intelligence
• Predictive Analysis
• Competitive Intelligence
• Descriptive Data Analysis
• Customer Care Services
• Document Management
• Brand Reputation
• Sentiment Analysis

End Users Covered:
• Travel & Hospitality
• Manufacturing
• Retail and E-commerce
• Pharmaceuticals
• Media & Entertainment
• Legal & Intellectual Property
• Healthcare and Life Sciences
• Government and Defense
• Fast Moving Consumer Goods (FMCG)
• Energy and Utility
• Chemistry & Materials
• Banking, Financial Services, and Insurance (BFSI)
• Academia & Education
• Telecommunications and Information Technology (IT)

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances