Press release
Text Analytics Market Anticipated To Witness Robust Growth, Surpassing $28.19 Billion By 2029
Text Analytics
What Is the Current Text Analytics Market Size and Its Estimated Growth Rate?
The dimension of the text analytics market has rapidly expanded over recent times. The growth is projected to escalate from $10.86 billion in 2024 to $12.75 billion in 2025, signifying a compound annual growth rate (CAGR) of 17.4%. The significant development during the historical period is due to factors such as a surge in data, the need for actionable insights, improving customer experiences, regulatory compliance, and competitive intelligence.
Anticipated to experience rapid expansion in the upcoming years, the text analytics market is projected to increase to $28.19 billion in 2029, maintaining a compound annual growth rate (CAGR) of 21.9%. This surge during the forecast period could be linked to a variety of factors such as custom-made solutions for different industry sectors, multilingual text analytics, predictive analytics and forecasting, and automated report production. The prediction period also indicates significant trends like explainability in AI models, voice-to-text analytics, multilingual text analytics, integration of frontier technologies like artificial intelligence and machine learning, automation in text summarization, as well as improvements in conversational AI and chatbots.
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How Are Emerging Segments Shaping the Text Analytics Market Landscape?
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)
Subsegments:
1) By Software: Text Analytics Platforms, Natural Language Processing (NLP) Tools, Sentiment Analysis Software, Data Mining Software, Visualization Tools
2) By Services: Consulting Services, Integration Services, Support And Maintenance Services, Training And Education Services
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Which Growth Factors Are Influencing Text Analytics Market Expansion?
The escalating need for social media analytics is acting as a stimulant for the expansion of the text analytics market. This form of analytics involves gathering data from various social media platforms and blogs and analyzing it to inform business decisions. The surge in social media usage and the rising desire for analytical solutions to enhance decision-making skills have bolstered the application of various text analytics methods like sentiment analysis, event detection, and more. For example, in February 2023, data released by the American SaaS media monitoring firm Meltwater NV disclosed that the count of internet users in the UK had reached 66.11 million. There was an increment of 224,000 users (a growth rate of 0.3%) observed between 2022 and 2023. Hence, the increasing demand for social media is believed to drive the future growth of the text analytics sector during the projected timeline.
Who Are the Dominant Players Across Different Text Analytics Market Segments?
Major companies operating in the text analytics market include 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.
What Are the Latest Developing Trends in the Text Analytics Market?
The rising trend of breakthrough technology is increasingly evident within the text analytics industry. Businesses within this market are honing their focus on the creation of advanced and novel solutions to cater to the bespoke needs of specific market sectors worldwide. For example, Explori, an event measurement organization based in the UK, unveiled an AI-driven text analysis tool in September 2024. The tool automated the encoding of open-ended responses and facilitates comparison against sector standards, thus dramatically upgrading the efficiency of data examination for event planners. This technological innovation supports users in fast, data-guided decision-making, ultimately boosting event results and optimizing resource distribution.
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Which Geographic Regions Are Expected to Dominate the Text Analytics Market in the Coming Years?
North America was the largest region in the text analytics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the text analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Text Analytics Market?
2. What is the CAGR expected in the Text Analytics Market?
3. What Are the Key Innovations Transforming the Text Analytics Industry?
4. Which Region Is Leading the Text Analytics Market?
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