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Text Analysis Software Market Outlook, Market Share, Size, Growth Status And Forecast To 2033
Text Analysis Software Market Outlook
According to The Business Research Company's, The text analysis software market size has grown exponentially in recent years. It will grow from $4.02 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period can be attributed to increasingly popular among organizations, increasing demand for customer-centric solutions, rise of big data analytics, increasing adoption of the cloud-based solutions, increasing demand for intelligent text analysis software.
The text analysis software market size is expected to see exponential growth in the next few years. It will grow to $10.26 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to increase in the adoption of social media platforms, increased need for predictive analytics, growing technological investment income, increased demand for customer insights, increasing demand for improved customer experience. Major trends in the forecast period include technological advancements, adoption of text analysis software, new technology is introduced, advancements in artificial intelligence (AI) and natural language processing (NLP), adoption of social media platforms.
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Market Drivers and Trends:
The increase in the adoption of social media platforms is expected to propel the growth of the text analysis software market going forward. Social media platforms are online services or websites that allow users to produce and share content, participate in social networking activities, and communicate with others. The increase in adoption of social media platforms is due to cultural influence, mobile accessibility, information and news consumption, and brand promotion. Text analysis is extensively used on social media platforms to enable them to extract valuable insights from user-generated content, enhance user experiences, and facilitate meaningful interactions among users and brands. For instance, in February 2022, according to reports published by Avacado Social, a UK-based social media firm, the projected total number of social media users increased by 424 million users in 2021, an increase of 10% compared to the previous year. Therefore, the increase in the adoption of social media platforms is driving the growth of the text analysis software market.
Major companies operating in the text analysis software market are developing advanced solutions, such as text analysis platforms, to meet the evolving demands of businesses for scalable and efficient solutions for extracting insights from textual data. Text analysis platforms refer to software solutions or systems that are specifically designed to analyze and extract insights from textual data. These platforms utilize various techniques from the fields of natural language processing (NLP), machine learning, and artificial intelligence (AI) to understand and interpret the meaning of text. For instance, in September 2022, Netigate, a Sweden software company, launched text analysis, a transformative feature that utilizes machine learning AI technology to understand text data almost as a human would. This product release aims to revolutionize the way customers work with open-text feedback by providing features like sentiment analysis, pattern identification, and keyword grouping. Additionally, these features include sentiment analysis, topic, feature, and aspect classification, semantic clustering, natural language processing, multilingual processing, tracking sentiment evolution over time, and extraction of multi-word expressions.
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Major Key Players of the Market:
Amazon.com Inc., Google LLC, Microsoft Corporation, International Business Machines Corporation (IBM Corporation), SAP SE, QSR International Inc, SAS Institute Inc., Ascribe GmbH, Expert System S.p.A., KNIME AG, RapidMiner Inc., Bitext Innovations S.L., Lexalytics Inc., AYLIEN Ltd., Luminoso Technologies Inc., Clarabridge Inc., Averbis GmbH, MonkeyLearn Inc., Sayint.AI, Provalis Research, MeaningCloud LLC, Smartlogic Holdings Limited, Megaputer Intelligence Inc., Stratifyd Inc., Angoss Software Corporation, Etuma Oy, indico data solutions Inc., Keatext Inc., NetOwl by BAE Systems
Text Analysis Software Market 2024 Key Insights:
• The text analysis software market size is expected to see exponential growth in the next few years. It will grow to $10.26 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%.
• Surging Social Media Adoption Fuels Text Analysis Software Market Growth
• Advancements In Text Analysis Software Market To Meet Business Demands With Innovative Solutions
• North America was the largest region in the text analysis software market in 2023
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