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Major Market Shift in Text Mining Industry: Enhancing Text Mining Capabilities By Advanced Natural Language Processing

02-07-2025 09:15 AM CET | Chemicals & Materials

Press release from: The Business Research Company

Text Mining Market Growth

Text Mining Market Growth

What Is the Forecasted Market Size and Growth Rate for the Text Mining Market?
The market for text mining has seen significant expansion in recent years. The market, which is projected to escalate from $7.05 billion in 2024 to $8.51 billion by 2025, is anticipated to have a compound annual growth rate (CAGR) of 20.7%. Factors fueling this progress during the historical phase include the increasing requirement for data-informed decision-making processes across multiple sectors, advancements in machine learning algorithms, the merger of text mining and customer relationship management (CRM) systems, adherence to regulatory norms, the rise of sentiment analysis, and the utilization of text mining in fraud detection and risk management.

The market for text mining is anticipated to witness a massive surge in the coming years, projecting an increase to $17.82 billion by 2029, bolstered by a compound annual growth rate (CAGR) of 20.3%. The growth predicted within this period is influenced by factors such as a rise in demand for effective data extraction and interpretation from unstructured text sources, industry expansion, fusion of text mining with other innovative data analytics tools, an intensified focus on managing customer experience and personalization, increased enterprise awareness, and the boost in big data analytics. In the forecast period, primary trends encompass text categorization, topic modeling, comprehension of context, text mining in multiple languages and breakthroughs in deep learning.

What Factors Are Propelling the Expansion of the Text Mining Market?
The rise in digitization is anticipated to drive the expansion of the text mining market. Digitization, which pertains to the transformation of analog information into a digital format, helps in enhancing the processes, boosting connectivity, and allowing easy access to data across various sectors. As analog data is converted into formats that machines can read, digitization boosts the efficiency of text mining. This serves to allow for sophisticated analysis and extraction of crucial insights from the text. For example, reports from the UK's Central Digital and Data Office state that between April 2022 and April 2023, there was a noteworthy growth of 19% in the government's digital and data profession. This growth addresses the key requirements for digital expertise. Hence, it can be said that the rising trend of digitization acts as a catalyst for the expansion of the text mining market.

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Which Businesses Are at the Forefront of Text Mining Market Development?
Major companies operating in the text mining market are Microsoft Corporation, International Business Machines Corporation, SAP SE, Capgemini SE, SAS Institute, Confirmit, Basis Technology, Kingland Systems LLC, KNIME, Altair Engineering Inc., RapidMiner, Bitext, Mozenda, InMoment, Semantic Web Company GmbH, Wonderflow, PrediCX, NextWealth Entrepreneurs Private Limited, Angoss Software Corporation, Averbis GmbH, Netowl Inc., MeaningCloud, DeepOpinion, Funnel Science, SmatSocial

What Are the Latest Innovations in the Text Mining Market?
In the text mining market, significant players are prioritizing the development of innovative solutions such as sophisticated natural language processing, in an bid to secure a competitive advantage. The utilization of advanced natural language processing enhances text mining abilities as it permits more exact, proficient, and subtle analysis of text data. For example, in May 2023, a data science firm based in Belgium, ONTOFORCE NV, rolled out superior Natural Language Processing (NLP) features to extract essential insights from unstructured data sources in the life sciences sector. This endeavor aligns with the growing significance of NLP in the sector, where nearly 80% of data is held in unstructured formats, thus making it difficult to retrieve and examine.

How Is the Text Mining Market Segmented?
The text mining market covered in this report is segmented -

1) By Product: On-premise, Cloud-based
2) By Application: Data Analysis And Forecasting, Fraud Or Spam Detection, Intelligence And Law Enforcement, Customer Relationship Management (CRM), Text Mining For Natural Language Processing (NLP), Text Mining For Sentiment Analysis
3) By End-Use: Healthcare, Retail, Banking, Financial Services And Insurance (BFSI), Government, Media And Entertainment, Other End Users

Subsegments:
1) By On-Premise: Local Deployment, Customization Options, Data Security And Privacy Control
2) By Cloud-Based: Scalable Infrastructure, Remote Access And Collaboration, Integration With Cloud Applications

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Where Is the Text Mining Market Growth Most Prominent?
North America was the largest region in the text mining market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the text mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Text Mining Global Market Report?

- Market Size Analysis: Analyze the Text Mining Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Text Mining Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Text Mining Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Text Mining Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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