Text Analytics Market Value to Achieve USD 29.42 Billion by 2030

According to the report, the global text analytics industry generated $5.86 billion in 2020, and is anticipated to generate $29.42 billion by 2030, witnessing a CAGR of 17.8% from 2021 to 2030.

Surge in need for social media analytics, predictive analytics for businesses, and rise in penetration of cloud computing technology drive the growth of the global text analytics market. However, lack of awareness, skilled workforce, & other operational challenges and data privacy & security concerns hinder the market growth. On the other hand, enhancing customer service and competitive intelligence present new opportunities in the coming years.

Download Free Sample Report at: https://www.alliedmarketresearch.com/request-sample/236

The software segment to maintain its leadership status throughout the forecast period

Based on component, the software segment held the highest market share in 2020, accounting for nearly three-fifths of the global text analytics market, and is estimated to maintain its leadership status throughout the forecast period. This is because it enables faster data extraction, data categorization, sentiment analysis, helping differentiate between people, and named entity recognition (NER), and even identifying the context. Moreover, the service segment is projected to manifest the highest CAGR of 19.1% from 2021 to 2030, as it helps organizations evaluate billions of points of view from a million people and determine the best course of action for their products (and even their brand as a whole) based on their customers' preferences to assure customer happiness and increase revenues.

The on-premise segment to maintain its lead position during the forecast period

Based on deployment model, the on-premise segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global text analytics market, and is projected to maintain its lead position during the forecast period. This is due to the fact that as it allows to be hosted within the organization's network, giving the organization superior control over the functionality and performance of the software. However, the cloud segment is expected to portray the largest CAGR of 18.8% from 2021 to 2030, as it helps in rapid scalability and flexibility of cloud-based deployments along with further cost-effectiveness of this solution.

For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/236

North America to maintain its dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly one-third of the global text analytics industry, owing to high adoption of text analytics solutions across end-user segments such as BFSI, retail, and healthcare and increasing investments in new technologies such as data analytics, big data, and machine learning. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 19.3% during the forecast period, owing to, evolving consumer trends in the region and high population density enabling business better customer insights.

If you have any special requirements, please let us know: https://www.alliedmarketresearch.com/request-for-customization/236

Leading Market Players
• BASF SE
• Huntsman International LLC
• LyondellBasell Industries Holdings B.V.
• Empower Materials
• Anmol Chemicals Group
• Kowa Company Ltd.
• Shandong Lixing Chemical Co. Ltd.
• ReactChem Co. Ltd.
• SMC Global
• TOAGOSEI Co. Ltd

Key Findings Of The Study -

• By component, the software segment accounted for the largest text analytics market share in 2020.
• Region wise, North America generated highest revenue in 2020.
• Depending on application, the customer experience management generated the highest revenue in 2020.

Access Full Summary at: https://www.alliedmarketresearch.com/text-analytics-market

Buy This Research Report at: https://bit.ly/3g9avCi

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

This release was published on openPR.