Text Analytics Market Size, Share & Growth | Forecast [2031]

Report Description

The text analytics market size is projected to register a substantial CAGR of 17.35% during the forecast period, 2021–2028. The growth of the market is attributed to rising popularity of social media platforms and growing preference for cloud-based data storage.

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Text analytics is the act of automatically converting huge amounts of unstructured text into numerical data in order to find insights, trends, and patterns. This method, when combined with data visualization tools, allows businesses to comprehend the storey behind the numbers and make better decisions. The act of converting written language into data in order to obtain quantitative insights is known as text analytics.

Text analytics is used in several cloud-based applications, such as predictive analytics, fraud management, risk management, business intelligence, and cybercrime prevention.

Text analytics solutions are increasingly being utilized by businesses to help them make better decisions by providing actionable insights from a variety of text sources, including client interactions, emails, blogs, and product reviews. The basic goal of text analytics is to collect various types of data, both structured and unstructured, which is then used for analysis, resulting in better business choices for the firm. Text analytics offers number of advantages, including cost savings, fast processing, integration of huge data, and improved consistency.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing popularity of social media analytics is expected to fuel the market during forecast period.
• Proliferation of cloud computing technology is key factor propelling the market in the coming years.
• High cost of software is anticipated to impede the market growth.
• Lack of skilled labor and awareness act as major challenge that can restrict the market during the forecast period.
• The ability of text analytics data has been impacted by the adoption of numerous users is expected to create lucrative opportunities for the market players.

Scope of the Report

The report on the text analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The cloud segment is projected to hold a large market share

On the basis of deployment, the text analytics market is bifurcated into on-premise and cloud. The cloud segment is expected to constitute a key share of the market during the forecast period. The term cloud refers to a wide range of internet services. The cloud enables real-time analysis of big data to obtain relevant information from data that is virtually kept in data warehouses, lowering storage costs. In addition, cloud analytics is gaining momentum since it enables for analysis from anywhere and at any time. Companies are turning to software as a service (SaaS) platforms because they think they lack the in-house capabilities to gather and analyze unstructured data.

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The retail and e-commerce segment is anticipated to expand at a rapid CAGR

On the basis of end-user industry, the text analytics market is divided into BFSI, healthcare, energy and utility, and retail & e-commerce. The retail and e-commerce segment is expected to represent a key share of the market during the forecast period. In the retail business, text analytics is crucial for studying customer behavior and forecasting consumer behavior, which is likely to drive the market. Organizations can utilize text analytics to give tailored schemes and discounts to their consumers based on past tendencies. Retailers use social media networks as a primary source of data for text analytics, forecasting demand and supply, and improving the customer experience.

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North America is anticipated to dominate the market

On the basis of geography, the text analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Normal America is anticipated to dominate the market during the forecast period. Due to the rising use of text analytics solutions across end-user sectors such as BFSI, retail, and healthcare, the United States is a significant market in the North America.

Rising investments in emerging technologies such as artificial intelligence and machine learning, among others, are projected to create scope of the market. Additionally, text analytics companies have a significant presence in the United States. Organizations may use this service to find out what people think about their topic, brand, or theme. When coupled with the Azure Speech-to-Text service, the text analytics service may be utilized for any written or audio input or feedback. In the country's text mining program, academic institutions have become involved. For example, in the United States, the University of California, Berkeley's School of Information is creating a tool called BioText to aid biology researchers in text mining and analysis.

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