Global Text Analytics Market to Reach US$ 33.0 Billion by 2032, Impelled by Increasing Demand for Analyzing Fraud Cases

November 14, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "Text Analytics Market Report by Deployment Model (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium Enterprises (SMEs)), Application (Competitive Intelligence, Customer Relationship Management, Predictive Analytics, Fraud Detection, Brand Reputation, and Others), End User (Fast Moving Consumer Goods (FMCG), Banking Financial Services and Insurance (BFSI), Healthcare and Pharmaceuticals, Telecommunication, Government, Retail, and Others), and Region 2024-2032," the global text analytics market size reached US$ 8.7 Billion in 2023. 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. 

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$ 33.0 Billion by 2032, exhibiting a CAGR of 15.5% during 2024-2032. 

Market Summary:

  • 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 ( Inc), The Hewlett Packard Enterprise Company and TIBCO Software Inc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Deployment Model, Organization Size, Application, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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 ( Inc), The Hewlett Packard Enterprise Company and TIBCO Software Inc.
Customization Scope 10% Free Customization
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Global Text Analytics Market to Reach US$ 33.0 Billion by 2032, Impelled by Increasing Demand for Analyzing Fraud Cases
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