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Text Analytics Market Report 2024: Trends, Growth, Size, Share, Analysis, Forecast 2033
Text Analytics Market Report
As per the report, the text analytics market size has grown rapidly in recent years. It will grow from $9.35 billion in 2023 to $11.09 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The text analytics market size is expected to see rapid growth in the next few years. It will grow to $22.88 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%.
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Rising Demand For Social Media Analytics Drives Text Analytics Market Growth
The growing demand for social media analytics Is contributing to the growth of the text analytics market. Social media analytics is the approach of collecting data from social media sites and blogs and evaluating the data for the purpose of making business decisions. The rapid growth of social media and the growing demand for analytical solutions to foster their decision-making capabilities have increased the adoption of different text analytics techniques such as sentiment analysis, event detection, and others. For instance, according to Sprout Social data 2021, globally, over 3.6 billion people are using social media and the number is projected to increase to 4.41 billion in 2025. Additionally, according to the study published by the Content Marketing Institute, more than 81% of organizations across the globe are utilizing social media publishing/analytics tools, and the utilization of content creation/collaboration/workflow tools has increased from 48% in 2019 to 58% in 2020. This growing demand for social media analytics is expected to boost the growth of the text analytics industry during the forecast period.
Text Analytics Market Sees Surge In Technological Innovation As Kensho Communications Launches Cutting-Edge Nerd Solution
Technological innovation is a key trend gaining popularity in the text analytics market. The companies operating in the text analytics market are focusing on developing innovative and advanced solutions to meet the specific demands of niche customer sectors across the globe. In March 2021, Kensho Communications, an Oman-based agency for marketing and communications, announced the launch of Kensho NERD (Named Entity Recognition and Disambiguation), a machine-learning system that finds entities mentioned in documents, newsfeeds, or other text and links each to a matching record in a database to fully exploit textual data.
The text analytics market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment: On-premise, Cloud
3) By Enterprise Size: Large Enterprises, Small and medium Enterprises (SME's)
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Major companies operating in the text analytics market report are International Business Machines Corporation, Microsoft Corporation, SAP SE, SAS Institute Inc., Lexalytics Inc., Luminoso Technologies Inc., Clarabridge Inc., Micro Focus International PLC, OpenText Corporation, RapidMiner Inc., Infegy Inc., Medallia Inc., Megaputer Intelligence Inc., Oracle Corporation, TIBCO Software Inc., Bitext Innovations SL, Basis Technology Corporation, MeaningCloud LLC, KNIME. com AG, Averbis GmbH, bizAmica Software Pvt. Ltd., Kingland Systems, Capgemini SE, NICE Ltd., Verint Systems Inc., Amazon Web Services Inc., Expert System S. p. A., Aylien Ltd., Provalis Research, Linguamatics Ltd.
Contents of the report:
1. Executive Summary
2. Text Analytics Market Report Structure
3. Text Analytics Market Trends And Strategies
4. Text Analytics Market - Macro Economic Scenario
5. Text Analytics Market Size And Growth
…..
27. Text Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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