The global Text Analytics Market is projected to grow from USD 2.3 Bn in 2021 to 9.4 Bn by 2030, at a CAGR of 16.7% in forecast period, 2022-2030.
The increased adoption of Text Analytics in the Next Generation industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Text Analytics also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Text Analytics in many sectors also boosts the market growth during the forecast period.
Text analytics is the automated process of converting vast amounts of unstructured text into quantitative data, such as emails, online reviews, tweets, call centre agent notes, and survey findings, in order to get insights into patterns. To extract meaning from textual communication, it employs text mining and natural language processing (NLP) techniques. It may be used in conjunction with data visualisation tools to help businesses comprehend figures and make better decisions. It is now extensively used by enterprises all over the world to assess content in a variety of languages and acquire a better knowledge of consumer perspectives.
Text Analytics Market Research Report” was just released by Market Research Community. It is divided into several categories, including By Component (Software, Services), By Deployment Model (On-premises, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Application (Customer Experience Management, Marketing Management, Governance, Risk, Compliance Management, Document Management, Workforce Management), By Industrial Vertical (Retail, BFSI, Travel & Hospitality, Media & Entertainment, Healthcare, IT & Telecom) and companies (SAP SE, SAS Institute Inc., Tableau Software LLC (Salesforce.com Inc), The Hewlett Packard Enterprise Company and TIBCO Software Inc., Clarabridge, Infegy, International Business Machines Corporation, Lexalytics Inc., Luminoso Technologies Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 16.7%, over the forecast period of 2022–2030.
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||9.4 Billion|
|By Component||Software, Services.|
|By Deployment Model||On-premises, Cloud.|
|By Enterprise Size||Large Enterprises, SMEs.|
|By Application||Customer Experience Management, Marketing Management, Governance, Risk, Compliance Management, Document Management, Workforce Management.|
|By Industry Vertical||Retail, BFSI, Travel & Hospitality, Media & Entertainment, Healthcare, IT & Telecom.|
|By Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players||SAP SE, SAS Institute Inc., Tableau Software LLC (Salesforce.com Inc), The Hewlett Packard Enterprise Company and TIBCO Software Inc., Clarabridge, Infegy, International Business Machines Corporation, Lexalytics Inc., Luminoso Technologies Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation.|
The COVID-19 pandemic has had a substantial negative influence on the Text Analytics market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
SAP SE, SAS Institute Inc., Tableau Software LLC (Salesforce.com Inc), The Hewlett Packard Enterprise Company and TIBCO Software Inc., Clarabridge, Infegy, International Business Machines Corporation, Lexalytics Inc., Luminoso Technologies Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation.
Market Segment Analysis:
By Deployment Model
By Enterprise Size
- Large Enterprises
- Customer Experience Management
- Marketing Management
- Compliance Management
- Document Management
- Workforce Management
By Industry Vertical
- Travel & Hospitality
- Media & Entertainment
- IT & Telecom
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Text Analytics industries in the region.
Key Text Analytics Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Text Analytics Market segments.
– Largest Market Share Held by Industry to Industry for Text Analytics
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Text Analytics Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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