Market Research Future (MRFR), in its research study, emphasizes that the Text Analytics Market 2020 is projected to rise exponentially over the review period, ensuring significant market valuation of USD 9 Billion by 2023, and a healthy 17% CAGR over the review period.
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Drivers and Restraints
The need for a market for text analytics is increasingly rising on a global platform. The factors fueling the development of the market for text analytics are a growing need for social media analysis, effective brand building and a rapidly increasing big data market. Due to its multidisciplinary application including multiple domains such as e-commerce, IT, telecommunications, government , healthcare, BSFI, and others, the inclination to adopt text analytics drives the global text analytics market largely. Text analytics beneficial aspects such as market research, competitive intelligence, brand-reputation management, customer service and support and others are acting as demand creators for text analytics in the global market.
The omnipresent availability of unstructured data in the form of online news, forums, tweets and others drives the market for Text Analytics Market Size that has competitive advantages for the companies. During the forecast period, the growing demand for actionable insights derived from real-time data analysis that are used in tactical approaches for business growth is projected to propel the expansion of the global text analysis market.
On the other hand, the increasing availability of data analytics software, high costs and lack of awareness among stakeholders as text analytics is an emerging technology that is likely to act as constraints on the global text analysis market.
The global market geographic overview was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world. North America is expected to account for the highest market share, it has been noted. Due to the technologically advanced industrial infrastructures and the rapid growth of digital channels such as social media and e-commerce in this area, the North America region dominates the global text analytics market. In comparison, Asia-Pacific is expected to expand at the fastest pace over the forecast period. Owing to the rapid growth of mobile technology and increasing population on social media platforms, North America will witness significant competition from the Europe region during the forecast time period. Owing to the easy adoption of advanced technologies and growing demand for cloud-based solutions in this region, the Europe region stands second in the global text analysis market.
The major market players functioning in the global market as identified by MRFR are IBM Corporation (US), SAP SE (Germany), SAS Institute, Inc. (US), Clarabridge, Inc. (US), OpenText Corporation (Canada), Megaputer Intelligence, Inc. (US), MeaningCloud LLC (US), Luminoso Technologies, Inc. (US), KNIME.com AG (Switzerland), Infegy, Inc. (US), Averbis (Germany), Lexalytics, Inc. (US), Bitext Innovations S.L.(Spain), among others.
The text analytics market has been analyzed on the basis of components, deployment, application, and vertical.
Based on component, the text analytics market is bifurcated into software and services. The services segment comprises managed services and professional services.
On the basis of application, the text analytics market is segmented into marketing management, workforce management customer experience management, documentation management, along with risk and compliance management.
Based on deployment, the text analytics market is bifurcated into on-premise and cloud. Given the high-security risks of cloud-based deployment models, the on-premise deployment model is largely adopted by governmental organizations. Whereas the cloud-based deployment model is slated to account for the largest market share in the global text analytics market during the forecast period due to the increasing demand on the global market for cloud-based solutions.
Based on vertical, the global text analytics market is segmented into BSFI, IT and telecommunication, retail and e-commerce, government, manufacturing, travel and hospitality, energy and utilities, and others.
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