Text Analytics Market Trends That Will Shape the Next Decade: Insights from Text Analytics Market Sees Surge In Technological Innovation As Kensho Communications Launches Cutting-Edge Nerd Solution

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How Large Will the Text Analytics Market Size By 2025?
The swift expansion of the text analytics market has been witnessed in the recent times. It is projected to surge from a value of $10.86 billion in 2024 to $12.68 billion in 2025, ascending at a compound annual growth rate (CAGR) of 16.7%. Factors propelling this growth during the historic term include a surge in data volumes, the need for productive insights, enhancement of customer experience, regulatory compliance requirements, and competitive intelligence.

How Big Is the Text Analytics Market Size Expected to Grow by 2029?
Expectations are high for the text analytics market as it is predicted to experience substantial expansion in the coming years. The expected market value by 2029 is projected to be $27.65 billion, growing at a compound annual growth rate (CAGR) of 21.5%. The predicted expansion during this period can be attributed to factors such as industry-specific solutions, multilingual text analytics, predictive analytics, forecasting, and automated report generation. Key trends for the estimated period include emphasis on explainability in AI models, voice-to-text analytics, multilingual text analytics, blending artificial intelligence and machine learning, automated text summarisation, and enhancements to conversational AI and chatbots.

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Which Key Market Drivers Powering Text Analytics Market Expansion and Growth?
The burgeoning need for evaluating data collected from social media platforms and blogs, known as social media analytics, is a significant factor driving the expansion of the text analytics market. This analysis assists in guiding business decision-making processes. The swift expansion of social media platforms coupled with the rising demand for analytical solutions to enhance decision-making skills, has led to the uptake of various text analytics techniques such as sentiment analysis and event detection. For instance, Meltwater NV, a prominent US-based SaaS media monitoring company, revealed that in February 2023, the number of online users in the UK surged to 66.11 million, an increase of 224,000 users or an increase of 0.3%, from the previous year. Hence, this escalating demand for social media is set to bolster the development of the text analytics sector in the forecasted period.

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Which Fast-Growing Trends Are Poised to Disrupt the Text Analytics Market?
The emergence of technological advancements is a key trend gaining traction in the text analytics market. Firms operating in this market are concentrating on the development of sophisticated and innovative solutions to accommodate the unique needs of niche client sectors worldwide. For instance, in September 2024, Explori, a measurement company for events based in the UK, introduced an AI-powered tool for text analysis. This tool streamlines the process of coding open-ended feedback and allows for benchmarking against industry norms, greatly enhancing the data analysis process for event planners. This new tool facilitates quick, data-driven decision-making, ultimately boosting the success of events and providing a better use of resources.

What Are the Emerging Segments in the Text Analytics Market?
The text analyticsmarket 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 Global Leaders in the Text Analytics Market?
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.

Which are the Top Profitable Regional Markets for the Text Analytics Industry?
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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