North America Text Analytics Market Size, Share & Trends Analysis Report By Component, By Deployment Type, By Enterprise Size, By Industry Vertical, By Application, By Country and Growth Forecast, 2024 - 2031

The North America Text Analytics Market is expected to witness market growth of 16.9% CAGR during the forecast period (2024-2031).

The US market dominated the North America 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 $8.88 billion by 2031. The Canada market is experiencing a CAGR of 19.4% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 18.4% during 2024-2031.



These analytics, or text mining, is the process of extracting meaningful insights, patterns, and knowledge from unstructured textual data. It involves using computational techniques and tools to analyze large volumes of text data, transforming it into structured formats that can be easily interpreted and used for decision-making. By leveraging technologies like natural language processing (NLP), machine learning (ML), and artificial intelligence (AI), these analytics helps organizations uncover trends, sentiments, and other valuable information hidden within text.

The driving force behind the expansion of this market is the exponential growth in data volume across industries. With the proliferation of digital platforms and widespread internet penetration, businesses are inundated with a constant stream of text-based data. Social media platforms contribute significantly, with users generating billions of posts, comments, and reviews daily. These user-generated texts hold immense potential for understanding customer preferences, brand perception, and emerging market trends.

in Canada, telecom companies are heavily investing in digital communication platforms and 5G infrastructure, driving the adoption of these analytics tools. These tools are being utilized to optimize customer support, analyze service delivery patterns, and monitor network performance. The ICT sector, which contributed $104.5 billion to Canada’s GDP in 2021 (5.3% of the total GDP), plays a pivotal role in the nation’s economy and continues to expand, accounting for 15.3% of national GDP growth between 2016 and 2021. Regulatory bodies like the Canadian Radio-television and Telecommunications Commission (CRTC) are actively enhancing digital services and infrastructure, creating further opportunities for these analytics in the telecom industry. As a result, the North America market is poised to present lucrative growth opportunities for text analytics, making it an essential tool in the region's expanding digital landscape.

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

By Deployment Type

• On-Demand
• On-Premise

By Enterprise Size

• Large Enterprises
• SMEs

By Industry Vertical

• Retail
• BFSI
• Travel & Hospitality
• Media & Entertainment
• Healthcare
• IT & Telecom
• Other Industry Vertical

By Application

• Customer Experience
• Marketing
• GRC
• Document Management
• Workforce Management
• Other Application

By Country

• US
• Canada
• Mexico
• Rest of North America