Text Analytics Market is Predicted to Progress at a CAGR of 14.9% During 2023 to 2033

As of 2022, the global market for text analytics is expected to generate sales of US$ 6,223.4 million, and by the end of 2033, it is predicted to generate US$ 43,695.0 million. The market for text analytics is expected to reach US$ 7,337.4 million by 2023 and grow at a CAGR of 14.9% from 2023 to 2033.

The process of obtaining knowledge, understanding, and insights from unstructured text data is known as text analytics. Natural language processing (NLP), machine learning, and statistical methods are all used in this interdisciplinary subject to evaluate and make sense of textual data. Text sources including social media posts, customer reviews, emails, chat logs, and news articles can all be used as sources for text analytics.

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The text analytics market refers to the industry of software and services that analyze unstructured data, such as text, to derive insights and intelligence. Text analytics, also known as text mining, involves the use of natural language processing (NLP) and machine learning algorithms to analyze large amounts of text data and identify patterns and trends.

The global text analytics market is expected to grow significantly in the coming years, driven by increasing demand for advanced analytics solutions across a range of industries, including healthcare, retail, financial services, and government. Other factors contributing to the growth of the text analytics market include the increasing availability of unstructured data, the need for real-time analysis, and the growing use of social media and other digital platforms.

The text analytics market is also expected to see growth in the healthcare sector, where text analytics technology can be used to analyze electronic health records (EHRs) and other unstructured data sources to improve patient care and outcomes. Additionally, the development of new text analytics technologies, such as deep learning and neural networks, is expected to drive further growth in the market in the coming years.

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Competitive Landscape
The text analytics market is competitive and constantly evolving, with companies offering a wide range of solutions for different use cases, such as sentiment analysis, customer feedback analysis, and content categorization, among others. The market is composed of several large players, as well as a growing number of smaller and more specialized firms.

In November 2020, Clarabridge, an Oracle Partner Network (OPN) member, announced that its customer experience analytics had been completely integrated with the cloud services of Oracle.

In July 2020, Text analytics features have been added to Microsoft Corporation's Azure Cognitive Services product. Text analytics for health features, according to the company, can process a wide variety of data and activities.

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