Text Analytics Market

Text Analytics Market by Deployment (On-premise and Cloud), End-user Industry (BFSI, Healthcare, Energy and Utility, Retail and E-commerce) and Geography- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-2290
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 47
  • No. Of Pages: 189
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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.

Global Text Analytics Market Summary

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.

Attributes

Details

Report Title

Text Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Deployment (On-premise and Cloud), End-user Industry (BFSI, Healthcare, Energy and Utility, Retail and E-commerce) and Geography

Geographical Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Microsoft Corporation, SAS Institute Inc., IBM Corporation, Clarabridge, Inc., and SAP SE.

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.

Global Text Analytics Market Deployment

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.

Global Text Analytics Market End User

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.

Global Text Analytics Market Geography

Segments

The text analytics market has been segmented on the basis of
Deployment

  • On-premise
  • Cloud

End-user Industry

  • BFSI
  • Healthcare
  • Energy and Utility
  • Retail and E-commerce

Geography

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Microsoft Corporation
  • SAS Institute Inc.
  • IBM Corporation
  • Clarabridge, Inc.
  • SAP SE

Competitive Landscape

Key players competing in the text analytics market include Microsoft Corporation, SAS Institute Inc., IBM Corporation, Clarabridge, Inc., and SAP SE.

Some of these players are using several market strategies including/such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.

Global Text Analytics Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Text Analytics Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Text Analytics Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Text Analytics Market - Supply Chain
  4.5. Global Text Analytics Market Forecast
     4.5.1. Text Analytics Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Text Analytics Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Text Analytics Market Absolute $ Opportunity
5. Global Text Analytics Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Text Analytics Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Text Analytics Demand Share Forecast, 2019-2026
6. North America Text Analytics Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Text Analytics Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Text Analytics Demand Share Forecast, 2019-2026
7. Latin America Text Analytics Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Text Analytics Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Text Analytics Demand Share Forecast, 2019-2026
8. Europe Text Analytics Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Text Analytics Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Text Analytics Demand Share Forecast, 2019-2026
9. Asia Pacific Text Analytics Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Text Analytics Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Text Analytics Demand Share Forecast, 2019-2026
10. Middle East & Africa Text Analytics Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Text Analytics Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Text Analytics Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Text Analytics Market: Market Share Analysis
  11.2. Text Analytics Distributors and Customers
  11.3. Text Analytics Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Microsoft Corporation
     11.4.2. SAS Institute Inc.
     11.4.3. IBM Corporation
     11.4.4. Clarabridge, Inc.
     11.4.5. SAP SE

The text analytics market has been segmented on the basis of
Deployment

  • On-premise
  • Cloud

End-user Industry

  • BFSI
  • Healthcare
  • Energy and Utility
  • Retail and E-commerce

Geography

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Microsoft Corporation
  • SAS Institute Inc.
  • IBM Corporation
  • Clarabridge, Inc.
  • SAP SE

Key players competing in the text analytics market include Microsoft Corporation, SAS Institute Inc., IBM Corporation, Clarabridge, Inc., and SAP SE.

Some of these players are using several market strategies including/such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.

Global Text Analytics Market Key Players

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