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.

The text analytics is a process of converting the unstructured data into meaningful data which help companies to understand the customer experience, market trend, and product description. 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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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.

North America holds a dominant position in the global text analytics market

According to Coherent Market Insights, North America held the dominant position in the global text analytics market in 2016, valued US$ 1045 million and is projected to reach US$ 4,237.6 million by 2025, with a CAGR of 16.9% over the forecast period. The U.S. and Canada are the major countries driving growth of the text analytics market in North America region. This is owing to factors such as dominance of digitalization and high presence of leading companies, provides the dominant position to the market in the region. Moreover, Asia Pacific text analytic market is projected to exhibit largest CAGR of 19.1% over the forecast period. India, China, and Japan are some of the major countries which drives the growth of this market in Asia Pacific region. This is due to factors such as increasing economy and rising online business industry, which fuels the text analytics market in the region.

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Key companies covered as a part of this study 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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This release was published on openPR.