Text Analysis Software Global Market Report 2024

The text analysis software market size has grown exponentially in recent years. It will grow from $4.02 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth observed in the historical period can be attributed to the rising popularity among organizations, escalating demand for customer-centric solutions, the emergence of big data analytics, increasing adoption of cloud-based solutions, and the heightened demand for intelligent text analysis software.

The text analysis software market size is expected to see exponential growth in the next few years. It will grow to $10.26 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The anticipated growth in the forecast period can be attributed to the heightened adoption of social media platforms, a growing requirement for predictive analytics capabilities, increased investments in technology infrastructure, rising demand for customer insights, and a growing emphasis on enhancing customer experience. Key trends expected in the forecast period encompass advancements in technology, widespread adoption of text analysis software, introduction of new technologies, advancements in artificial intelligence (AI) and natural language processing (NLP), and continued adoption of social media platforms.

The burgeoning adoption of social media platforms is anticipated to serve as a significant catalyst propelling the growth of the text analysis software market in the foreseeable future. Social media platforms, comprising online services or websites facilitating content creation, social networking, and communication, are witnessing a surge in adoption driven by cultural influences, mobile accessibility, information consumption patterns, and brand promotion strategies. Text analysis software plays a pivotal role on social media platforms, enabling the extraction of valuable insights from user-generated content to enhance user experiences and foster meaningful interactions between users and brands. For instance, insights from reports published by Avocado Social in February 2022 reveal a substantial increase of 424 million social media users in 2021, marking a 10% surge compared to the preceding year. This underscores the pivotal role of social media adoption in propelling the growth trajectory of the text analysis software market.

Prominent entities within the text analysis software landscape are diligently focused on developing advanced solutions such as text analysis platforms to cater to the evolving needs of businesses for scalable and efficient solutions in extracting insights from textual data. Text analysis platforms, specifically engineered to analyze and derive insights from textual data, leverage techniques from natural language processing (NLP), machine learning, and artificial intelligence (AI) domains to comprehend and interpret textual content. For instance, Netigate, a leading software company based in Sweden, unveiled its text analysis feature in September 2022, harnessing machine learning AI technology to understand text data akin to human comprehension. This transformative feature revolutionizes the handling of open-text feedback by offering functionalities such as sentiment analysis, pattern identification, and keyword grouping. Additionally, the feature set includes sentiment evolution tracking over time, multilingual processing capabilities, and extraction of multi-word expressions, underscoring the comprehensive nature of modern text analysis platforms in empowering businesses with actionable insights from textual data.

In November 2022, Babel Street, a data-to-knowledge company headquartered in the US, finalized the acquisition of Rosette Text Analytics for an undisclosed sum. This strategic move is aimed at bolstering Babel Street's data analytics and intelligence software platform, thereby offering advanced functionalities in threat intelligence, risk mitigation, and identity management. Furthermore, the acquisition enables Babel Street to cater to the essential requirements of the global intelligence community, defense markets, and commercial brands. Rosette Text Analytics, based in the US, operates text analysis and discovery platforms tailored for processing language, documents, and names.

Major companies operating in the text analysis software market are Amazon.com Inc., Google LLC, Microsoft Corporation, International Business Machines Corporation (IBM Corporation), SAP SE, QSR International Inc, SAS Institute Inc., Ascribe GmbH, Expert System S.p.A., KNIME AG, RapidMiner Inc., Bitext Innovations S.L., Lexalytics Inc., AYLIEN Ltd., Luminoso Technologies Inc., Clarabridge Inc., Averbis GmbH, MonkeyLearn Inc., Sayint.AI, Provalis Research, MeaningCloud LLC, Smartlogic Holdings Limited, Megaputer Intelligence Inc., Stratifyd Inc., Angoss Software Corporation, Etuma Oy, indico data solutions Inc., Keatext Inc., NetOwl by BAE Systems.

North America was the largest region in the text analysis software market in 2023. The regions covered in the text analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the text analysis software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Text analysis software encompasses computer programs or tools specifically engineered to analyze, interpret, and extract valuable insights from textual data. Leveraging techniques derived from natural language processing (NLP), machine learning, and computational linguistics, these tools effectively process and comprehend text to unveil actionable information.

The primary categories of text analysis software include cloud-based and on-premise solutions. Cloud-based variants operate entirely online, conducting data processing and storage on remote servers accessible via the internet. Offering a myriad of functionalities such as text analytics, sentiment analysis, predictive analytics, social media monitoring, among others, cloud-based text analysis software finds application across diverse sectors including large enterprises, small and medium-sized enterprises (SMEs), and end-users such as banking, financial services, and insurance (BFSI), retail, healthcare, manufacturing, and more.

The text analysis software market research report is one of a series of new reports that provides text analysis software market statistics, including text analysis software industry global market size, regional shares, competitors with a text analysis software market share, detailed text analysis software market segments, market trends and opportunities, and any further data you may need to thrive in the text analysis software industry. This text analysis software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The text analysis software market consists of revenues earned by entities by providing services such as text analytics consulting, software deployment and integration, training and support, custom development and implementation, data processing and analysis, and managed services. The market value includes the value of related goods sold by the service provider or included within the service offering. The text analysis software market also includes sales of tokenizers, parsers, preprocessing modules, and analysis algorithms. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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