Global Text Analytics Market Expected High Growth with Double Digit CAGR through 2026

Text analytics is a process of information retrieval from unstructured data into meaningful quantitative data to uncover insights, patterns, and trends. It helps to measure customer opinion, product reviews, and sentimental analysis to support fact based decision making. Statistical, linguistic and machine learning techniques are types of text analytics.

The global text analytics market in 2019 was approximately USD XXX. The market is expected to grow at a CAGR of XX% and is anticipated to reach around USD XXX by 2026.

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The growing demand for social media analytics, and increasing adoption of business intelligence tools, are significantly influencing the market growth. Text analytics solutions enable enterprises to extract useful information from scattered textual data. Presently, this market has been also driven due to rapid adoption of cloud computing technology. Moreover, high demand for sentimental analysis and inclination towards virtual workplace is also impacting the market positively over the past few years. However, high cost of the software is limiting the market growth. Furthermore, growing surge in data and demand for real time analytics will increase the market size continuously in next few years.

Some of the essential market players operating in the text analytics market are SAP SE, International Business Machines Corporation, SAS Institute, Inc., OpenText Corporation, Clarabridge, Inc., Megaputer Intelligence, Inc. Luminoso Technologies, Inc., MeaningCloud LLC, KNIME.com AG, Infegy, Inc., Lexalytics, Inc., and Averbis among others.

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The text analytics market is segmented based on component, organization, deployment, industry vertical, and application. On the basis of component segmentation, the market is classified into software, and services. The software is leading the component segment in 2019. The services are further segmented into professional and managed services. The professional services accounts the major market share in services segment as it provides consulting, advisory, integration and maintenance services to the enterprises who purchase software products. Moreover, in terms of size of the organization, the market has been segmented into large and SMBs. In terms of application segmentation, the market is bifurcated into customer experience management, marketing management, governance, risk, and compliance management, document management, workforce management, and others. The customer experience management is dominating the market owing to rising prevalence to incorporate customer views regarding services and products to optimize business outcomes. The governance, risk, and compliance management is expected to grow over at a faster rate in upcoming years due to rising demand from retail, telecom & IT, and BFSI sector to comply with federal legislation. The market has been classified into cloud and on-premise in terms of deployment mode. The cloud holds the major hunk of the revenue owing to its unique features such as easy accessibility, flexibility and cost effective solution. The end use verticals of the market are banking, financial services, and insurance (BFSI), telecommunications and information technology (IT), retail and e-commerce, healthcare and life sciences, manufacturing, government and defense, energy and utilities, media and entertainment, and travel and hospitality, among others. Due to the rising demand for tackling big data and gaining useful insights from it, the healthcare sector is expected to register high growth rate in the text analytics industry in next few years.

Growing social media analytics drives the market growth of the text analytics as it helps federal agencies and national security authorities to track citizens ' actions for possible terrorist threats. Growing the deployment of text mining tools for fraud detection also leads to market share in text analytics. The platform enables the firm to simplify the processing of insurance claims and identify false claims by matching them with use cases. However, lack of awareness and the high cost of text analytics solutions are limiting the market growth. In addition, the increasing growth in information and demand for real-time analytics will continue to increase the demand for text analytics solutions in the coming years.

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The text analytics market research report delivers an acute valuation and taxonomy of the Text Analytics industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the Text Analytics industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the Text Analytics industry is provided for the leading economies of the world.

The text analytics market is segmented based on component, organization, deployment, industry vertical, and application. On the basis of component segmentation, the market is classified into software, and services. The services are further segmented into professional and managed services. In terms of organization size, the market has been segmented into large and SMBs. In terms of application segmentation, the market is bifurcated into customer experience management, marketing management, governance, risk, and compliance management, document management, workforce management, and others. The market has been classified into cloud and on-premise in terms of deployment mode. The end use verticals of the market are banking, financial services, and insurance (BFSI), telecommunications and information technology (IT), retail and e-commerce, healthcare and life sciences, manufacturing, government and defense, energy and utilities, media and entertainment, and travel and hospitality, among others.

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Based on the geography, the market has been analyzed into five major regions namely, North America, Europe, Latin America, MEA and Asia Pacific. Presently, North America is dominating the text analytics market. It is due to high adoption of text analytics and there are huge numbers of text analytics providers in this region. Moreover, increasing investments in emerging technology such as machine learning, artificial intelligence and internet of things will supplement the market growth in future years. Asia Pacific is expected to be the fastest growing market during the forecast period due to rapid technological development in emerging countries such as India and China. The regions are analyzed into major countries such as U.S., Mexico, Germany, UK, Canada, South Korea, Italy, India, Japan, Brazil, UAE, Egypt, France, China, South Africa, and Kuwait among others.

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