Text Analytics Market Booms with 17.8 % CAGR, Set to Exceed $29.42 Billion by 2030 | AMR

Text analytics is the automated process of translating large volumes of unstructured text, which is combined with data visualization tools, this technique enables companies to understand the story behind the numbers and make better decisions.

According to the report, the global text analytics industry generated $5.86 billion in 2020, and is anticipated to generate $29.42 billion by 2030, witnessing a CAGR of 17.8% from 2021 to 2030.

Request Sample Report (Get Full Insights in PDF - 296 Pages) at: https://www.alliedmarketresearch.com/request-sample/236

Surge in need for social media analytics, predictive analytics for businesses, and rise in penetration of cloud computing technology drive the growth of the global text analytics market. However, lack of awareness, skilled workforce, & other operational challenges and data privacy & security concerns hinder the market growth. On the other hand, enhancing customer service and competitive intelligence present new opportunities in the coming years.

Covid-19 Scenario

1. The text analytics market has witnessed stable growth during the COVID-19 pandemic, owing to rise in investments in emerging technologies, such as artificial intelligence and machine learning.

2. Moreover, text analytics is being widely adopted by small and medium-sized enterprises (SMEs) to gain results in real-time, make strategic decisions, and resolve customer issues at priority basis.

3. In addition, text analytics identify actionable insights by aggregating text analysis results and incorporating business intelligence (BI) tools or easy-to-understand reports and graphics. This is positively influencing its utilization in the media, retail, healthcare, travel & tourism, military and defense, information technology (IT) & telecommunication, and banking, financial services, and insurance (BFSI) sectors.

Buy Now & Get Exclusive Report at: https://www.alliedmarketresearch.com/text-analytics-market/purchase-options

Based on deployment model, the on-premise segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global text analytics market, and is projected to maintain its lead position during the forecast period. This is due to the fact that as it allows to be hosted within the organization's network, giving the organization superior control over the functionality and performance of the software. However, the cloud segment is expected to portray the largest CAGR of 18.8% from 2021 to 2030, as it helps in rapid scalability and flexibility of cloud-based deployments along with further cost-effectiveness of this solution.

Based on component, the software segment held the highest market share in 2020, accounting for nearly three-fifths of the global text analytics market, and is estimated to maintain its leadership status throughout the forecast period. This is because it enables faster data extraction, data categorization, sentiment analysis, helping differentiate between people, and named entity recognition (NER), and even identifying the context. Moreover, the service segment is projected to manifest the highest CAGR of 19.1% from 2021 to 2030, as it helps organizations evaluate billions of points of view from a million people and determine the best course of action for their products (and even their brand as a whole) based on their customers' preferences to assure customer happiness and increase revenues.

Depending on application, customer experience management holds the largest share of the market owing to increase in adoption of customer experience management solutions by the industries for its various applications and benefits such as responding to customers, taking action, and delivering real insights across the organization. It also offers actionable insights, personalized reporting and measure trends over time. However, governance risk and compliance management segment is expected to grow at the highest rate during the forecast period, owing to growing adoption of text analytics solution across various government and compliance department for analyzing the legal contracts of both their customers and partners.

Access the full Report Summary at: https://www.alliedmarketresearch.com/text-analytics-market

Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly one-third of the global text analytics industry, owing to high adoption of text analytics solutions across end-user segments such as BFSI, retail, and healthcare and increasing investments in new technologies such as data analytics, big data, and machine learning. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 19.3% during the forecast period, owing to, evolving consumer trends in the region and high population density, enabling businesses better customer insights.

Leading Market Players

BASF SE
Huntsman International LLC
LyondellBasell Industries Holdings B.V.
Empower Materials
Anmol Chemicals Group
Kowa Company Ltd.
Shandong Lixing Chemical Co. Ltd.
ReactChem Co. Ltd.
SMC Global
TOAGOSEI Co. Ltd

For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/236

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: + 1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

This release was published on openPR.