Text Analytics Market is Expected to Grow at a CAGR of 17.7% during the Forecast Period 2017-2025 | Key Players: SAP SE, International Business Machines Corporation, SAS Institute, Opentext Corporation, Clarabridge, Bitext Innovations S.L.

Global text analytics market has generated revenue of US$ 3,031.5 million in 2016 and is projected to reach US$ 13,060.4 million by 2025, exhibiting CAGR of 17.7%.

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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.

Market Dynamics

The increasing demand for insights from unstructured data, rising adoption of predictive analytics by various business, growing requirement for social media analytics and changing business trends are some of the key drivers which fuels growth of the text analytics market. Moreover, the rising significance of IoT and big data in analytics, provides the growth opportunity platform to the market. In addition, lack of skilled workforce and awareness are the major challenge which hinders the growth of the text analytics market.

Market Taxonomy

This report segments the global text analytics market on the basis of deployment model, application, organization size, end users, and geography. On the basis of deployment model, the market is segmented into cloud and on-premises. Based on application, the market is segmented into competitive intelligence, customer relationship management, predictive analytics, fraud detection, and brand reputation. Based on organization size, the market is segmented into small, medium, and large enterprises. Based on end users, the market is segmented into banking, financial services, and insurance, retail and e-commerce, government and defense, healthcare and life sciences, manufacturing, telecommunications, and information technology. For a comprehensive understanding of market dynamics, the market is analyzed across key geographical regions namely North America, Europe, Asia Pacific, Latin America, Africa, and Middle East. Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.

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

- 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.

Text Analytics Market: Competitive Background

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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Detailed Segmentation:

Global Text Analytics Market, By Application:

- Competitive Intelligence
- Customer Relationship management
- Predictive Analytics
- Fraud detection
- Brand Reputation

Global Text Analytics Market, By End Users:

- Banking, Financial Services, and Insurance
- Retail and Ecommerce
- Government and Defense
- Healthcare and Life Sciences
- Manufacturing
- Telecommunications and Information Technology

Global Text Analytics Market, By region:

- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa

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This release was published on openPR.