Press release
Strategic Forecast for the Text Analytics Industry: Market Outlook 2025-2034
Text Analytics Market Size
Text Analytics Market Size Growth Forecast: What to Expect by 2025?
The size of the text analytics market has significantly expanded in the past few years. The market, which was valued at $10.86 billion in 2024, is projected to escalate to $12.75 billion in 2025, displaying a compound annual growth rate (CAGR) of 17.4%. Several factors are credited with this growth during the historical period, including the boom in data generation, the need for actionable intelligence, improving customer experience, regulatory compliance requirements, and the desire for competitive intelligence.
How Will the Text Analytics Market Size Evolve and Grow by 2029?
In the coming years, a rapid surge is anticipated in the text analytics market size. The market is projected to expand to $28.19 billion by 2029, growing at a compound annual growth rate (CAGR) of 21.9%. This growth during the forecast period can be linked to solutions specific to industries, multilingual text analytics, predictive analytics and forecasting, as well as automated report generation. During the forecast period, major trends include emphasis on explainability in AI models, voice-to-text analytics, multilingual text analytics, incorporation of artificial intelligence and machine learning, automation in text summarization, and improvements to conversational AI and chatbots.
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What Drivers Are Propelling the Growth of Text Analytics Market Forward?
The text analytics market is seeing growth due to the increasing need for social media analytics. This refers to the process of gathering data from blogs and social media platforms for the purpose of informing business decisions. The swift expansion of social media, coupled with the need for analytical tools to enhance decision-making capacities, has resulted in a surge in the adoption of various text analytics techniques, such as sentiment analysis and event detection. For example, Meltwater NV, a US firm that monitors media services, reported in February 2023 that the number of internet users in the UK reached 66.11 million. This was an addition of 224,000 users, or a growth of 0.3%, from 2022 to 2023. Hence, the heightened demand for social media is predicted to stimulate the growth of the text analytics sector throughout the forecast period.
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Which Emerging Trends Are Transforming the Text Analytics Market in 2025?
Technological advancements are gaining traction and becoming a prominent trend in the text analytics industry. Firms in this market are focusing on the creation of cutting-edge, innovative solutions tailored to the specific needs of diverse customer segments worldwide. For example, in September 2024, Explori, a UK-based event measurement company, introduced an AI-enabled text analysis tool. This tool streamlines the encoding of open-ended feedback and provides benchmarking in line with industry standards, drastically increasing the data analysis efficiency for event organizers. This invention empowers users to swiftly make decisions based on solid data, greatly improving event outcomes and the optimal use of resources.
What Are the Key Segments in the Text Analytics Market?
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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Who Are the Key Players Shaping the Text Analytics Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Text Analytics Market?
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
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