According to the latest report by IMARC Group, titled "Text Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global text analytics market size reached US$ 6.3 Billion in 2021. Text analytics transforms large volumes of unstructured text into structured data, which helps determine meaningful patterns and new insights. This automated process works by splitting sentences and phrases into their components and then assessing each component using complicated software rules and machine learning algorithms. It involves text mining, pulling text from a source into a data analysis model, and natural language processing (NLP). Apart from this, it involves translating massive volumes of unstructured texts, including tweets, emails, survey results, and online reviews, into quantitative data in an attempt to obtain meaningful insights about the latest trends.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Text Analytics Market Trends:
The global market is majorly driven by the rapid expansion of various social media platforms. In line with this, the increasing adoption of competitive intelligence is significantly contributing to the market growth. Apart from this, the growing adoption of text analytics in the banking, insurance, and healthcare sectors for analyzing fraud detection cases is positively influencing the market growth. Moreover, the increasing integration of the internet of things (IoT), cloud computing, and big data analytics with these solutions are creating a positive outlook for the market. Besides, the capability of text analysis to offer real-time insights to help businesses analyze current business strategies is favoring the growth of the market. Additionally, the escalating adoption of text analytics in the retail, travel, and tourism industries to maintain efficient customer services by analyzing customer experience with the aid of emails, queries, and social media platforms, is providing a boost to the market. On account of the factors above, the market is anticipated to reach a value of US$ 16.9 Billion by 2027, exhibiting a CAGR of 17.96% during 2022-2027.
- Based on the deployment model, the market has been segmented into on-premises and cloud-based.
- Based on organization size, the market has been categorized into large and small and medium enterprises.
- Based on the application, the market has been classified into competitive intelligence, customer relationship management, predictive analytics, fraud detection, brand reputation, and others.
- Based on end-user, the market has been bifurcated into fast moving consumer goods (FMCG), banking financial services and insurance (BFSI), healthcare and pharmaceuticals, telecommunication, government, retail, and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Clarabridge, Infegy, International Business Machines Corporation, Lexalytics Inc., Luminoso Technologies Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tableau Software LLC (Salesforce.com Inc), The Hewlett Packard Enterprise Company and TIBCO Software Inc.
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