Text Analytics Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

Text analytics is an emerging technology in the field of big data analytics targeted to handle unstructured text data. Due to data deluge, there is a huge demand for text analytics from various end user industries, such as BFSI, Healthcare FMCG’s, Telecom, and so on, which is a major driver for the text analytics market. The global text analytics market is expected to grow at a CAGR of 18% during 2019-2029. The increasing popularity of text analytics technology is credited by the growing adoption of social media platforms and a rising preference towards cloud technology for data storing. There is a worldwide shift amongst companies to accept cloud technology. The capability to control fraud, supervise risk and plan successful marketing campaigns, are the key factors for the adoption of text analytics across industries. The global text analytics market is also bound to certain limitations such as lack of awareness among end users for software management, high operation cost and agreement issue with current IT infrastructure. However, added gain of predictive analytics and reliability to analyze big data is anticipated to generate breakthrough opportunities for the market in future.

Range of Applications of Text Analytics Compels Market Growth

Industry specific text analytics technology is utilized across sectors such as banking and insurance firms, Law enforcement and civil litigation, government enterprise, IT sector, Publishing firms and media, Pharmaceuticals based research companies and others for varied applications such as fraud detection, analysis of warranty, medical research and e-discovery. About 7485 Exabyte of Electronically stored Information is available in the market. Huge availability of data has necessitated the demand of tool for industry specific data mining. Companies such as IBM, SAP SE and Microsoft have assessed the market requirements and provide the services to develop Industry specific text analytics tools.

Text analytics are used in industry specific application in integration with various software’s such as customer relationship management, Competitive Intelligence software and others. For e.g. banking sector and insurance sector utilizes customer relationship management applications for better establishing a proper communication with customer by automated systems. Pharmaceutical and health care sector utilizes competitive intelligence based application for mining, classifying and analyzing the information related to scientific articles and patents.

BFSI Remains the Largest Market

On the basis of end user the text analytics market is segmented into consumer goods, banking financial services and insurance (BFSI), healthcare and pharmaceuticals, telecommunication, government, retail and others. Currently, the market is dominated by BFSI sector with 27% revenue share in 2019. There is high inflow of data in BFSI sector and also the demand for fraud detection, customer relationship management and so on. Moreover, consumer goods and retails are the fastest growing applications growing at 20% CAGR during 2021-2029.

North America & APAC Are Key Markets

Geographically text analytics market is segmented into North America, Europe, Asia Pacific and RoW. North America & APAC are the major eye-catching regions for the text analytics market due to the high numbers of social media followers, advanced technological infrastructures, and fast growth of digital platforms such as E-Commerce and social media marketing. These factors are expected to facilitate both these regions in presenting attractive expansion chances for the global text analytics market in the coming years as well. The Asia Pacific region has witnessed various positive trends for the adoption of text analytics. There has been significant growth in the online population during last few years. And companies are rapidly seeking opportunities from social media marketing. There has been an increased usage of social media analytics for marketing purpose. Asia Pacific currently holds approx 31% revenue share in Text analytics market which is expected to grow up to 37% by 2022.

Innovation to Enhance Market Share of Key Competitors

Major players in the text analytics market include, Angoss Software Corporation, Basis Technology Corporation, Lexalytics, Inc, Microsoft Corporation, Opentext Corporation, Predixion Software, Rapidminer, Inc., SAP SE and SAS Institute, Inc. and so on. Companies are majorly focusing on embedding text analytics abilities such as natural language processing across many enterprise applications ranging from consumer service to market study to social media monitoring. Companies are adopting many strategies such as innovation in their technology, new software development and merger & acquisition to enhance market share.

Key questions answered in this report

• What are the key market segments in current scenario and in the future by product categories?
• What are the key market segments in current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the sulphur recovery technology market?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segment?
• Who are the key players in the text analytics market and what are their key product categories and strategies?
• What are the key strategies - mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth?

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