The Asia Pacific Text Analytics Market is expected to witness market growth of 18.6% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Text Analytics Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $2.29 billion by 2031. The Japan market is registering a CAGR of 17.9% during 2024-2031. Additionally, the India market is expected to showcase a CAGR of 19.4% during 2024-2031.
The increasing sophistication of fraud and financial crimes has made tools like these analytics essential for detecting and managing risks. These analytics uncovers patterns and anomalies that may indicate fraudulent activities by analyzing unstructured textual data, such as insurance claims, financial documents, and emails. In the insurance sector, for example, companies like State Farm and Allianz use these analytics to identify suspicious claims by spotting vague descriptions or linguistic similarities with past fraudulent cases.
In addition to fraud detection, these analytics facilitates risk management by discerning early indicators of potential problems. It is used in supply chain management to monitor compliance in procurement documents and cybersecurity to detect irregular login attempts or suspicious activities in network logs. For instance, tech giants like Microsoft and IBM integrate these analytics into their cybersecurity solutions to bolster threat detection.
Across the Asia Pacific region, the growing adoption of digital technologies in industries such as fintech, healthcare, e-commerce, and more significantly drives the demand for these analytics solutions. Governments within the region are diligently advancing digital transformation through initiatives such as India's Digital India, China's Internet Plus, and Australia's Digital Economy Strategy. These efforts are designed to cultivate innovation and enhance the efficacy of digital services. These initiatives have amplified the need for robust these analytics tools to process and analyze unstructured data, enhance service delivery, and optimize operational performance across industries. Hence, with the region's ongoing shift toward digital services, the text analytics market across the Asia Pacific is poised for sustained growth and innovation.
The China market dominated the Asia Pacific Text Analytics Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $2.29 billion by 2031. The Japan market is registering a CAGR of 17.9% during 2024-2031. Additionally, the India market is expected to showcase a CAGR of 19.4% during 2024-2031.
The increasing sophistication of fraud and financial crimes has made tools like these analytics essential for detecting and managing risks. These analytics uncovers patterns and anomalies that may indicate fraudulent activities by analyzing unstructured textual data, such as insurance claims, financial documents, and emails. In the insurance sector, for example, companies like State Farm and Allianz use these analytics to identify suspicious claims by spotting vague descriptions or linguistic similarities with past fraudulent cases.
In addition to fraud detection, these analytics facilitates risk management by discerning early indicators of potential problems. It is used in supply chain management to monitor compliance in procurement documents and cybersecurity to detect irregular login attempts or suspicious activities in network logs. For instance, tech giants like Microsoft and IBM integrate these analytics into their cybersecurity solutions to bolster threat detection.
Across the Asia Pacific region, the growing adoption of digital technologies in industries such as fintech, healthcare, e-commerce, and more significantly drives the demand for these analytics solutions. Governments within the region are diligently advancing digital transformation through initiatives such as India's Digital India, China's Internet Plus, and Australia's Digital Economy Strategy. These efforts are designed to cultivate innovation and enhance the efficacy of digital services. These initiatives have amplified the need for robust these analytics tools to process and analyze unstructured data, enhance service delivery, and optimize operational performance across industries. Hence, with the region's ongoing shift toward digital services, the text analytics market across the Asia Pacific is poised for sustained growth and innovation.
List of Key Companies Profiled
- Qualtrics, LLC
- IBM Corporation
- Luminoso Technologies, Inc.
- Megaputer Intelligence, Inc.
- Microsoft Corporation
- Micro Focus International PLC (Open Text Corporation)
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Averbis GmbH
Market Report Segmentation
By Component- Software
- Services
- Professional
- Managed
- On-Demand
- On-Premise
- Large Enterprises
- SMEs
- Retail
- BFSI
- Travel & Hospitality
- Media & Entertainment
- Healthcare
- IT & Telecom
- Other Industry Vertical
- Customer Experience
- Marketing
- GRC
- Document Management
- Workforce Management
- Other Application
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Asia Pacific Text Analytics Market by Component
Chapter 6. Asia Pacific Text Analytics Market by Deployment Type
Chapter 7. Asia Pacific Text Analytics Market by Enterprise Size
Chapter 8. Asia Pacific Text Analytics Market by Industry Vertical
Chapter 9. Asia Pacific Text Analytics Market by Application
Chapter 10. Asia Pacific Text Analytics Market by Country
Chapter 11. Company Profiles
Companies Mentioned
- Qualtrics, LLC
- IBM Corporation
- Luminoso Technologies, Inc.
- Megaputer Intelligence, Inc.
- Microsoft Corporation
- Micro Focus International PLC (Open Text Corporation)
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Averbis GmbH
Methodology
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