The Text Analytics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/text-analytics-global-market-report
According to The Business Research Company’s Text Analytics, The text analytics market size has grown rapidly in recent years. It will grow from $9.35 billion in 2023 to $11.09 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to data explosion, demand for actionable insights, customer experience enhancement, regulatory compliance, competitive intelligence.
The text analytics market size is expected to see rapid growth in the next few years. It will grow to $22.88 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to industry-specific solutions, multilingual text analytics, predictive analytics and forecasting, automated report generation. Major trends in the forecast period include focus on explainability in ai models, voice-to-text analytics, multilingual text analytics, integration of artificial intelligence and machine learning, automation in text summarization, conversational ai and chatbot enhancement.
The growing demand for social media analytics Is contributing to the growth of the text analytics market. Social media analytics is the approach of collecting data from social media sites and blogs and evaluating the data for the purpose of making business decisions. The rapid growth of social media and the growing demand for analytical solutions to foster their decision-making capabilities have increased the adoption of different text analytics techniques such as sentiment analysis, event detection, and others. For instance, according to Sprout Social data 2021, globally, over 3.6 billion people are using social media and the number is projected to increase to 4.41 billion in 2025. Additionally, according to the study published by the Content Marketing Institute, more than 81% of organizations across the globe are utilizing social media publishing/analytics tools, and the utilization of content creation/collaboration/workflow tools has increased from 48% in 2019 to 58% in 2020. This growing demand for social media analytics is expected to boost the growth of the text analytics industry during the forecast period.
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The text analytics market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-premise, Cloud
3) By Enterprise Size: Large Enterprises, Small and medium Enterprises (SME’s)
Technological innovation is a key trend gaining popularity in the text analytics market. The companies operating in the text analytics market are focusing on developing innovative and advanced solutions to meet the specific demands of niche customer sectors across the globe. In March 2021, Kensho Communications, an Oman-based agency for marketing and communications, announced the launch of Kensho NERD (Named Entity Recognition and Disambiguation), a machine-learning system that finds entities mentioned in documents, newsfeeds, or other text and links each to a matching record in a database to fully exploit textual data.
The text analytics market report table of contents includes:
1. Executive Summary
2. Text Analytics Market Characteristics
3. Text Analytics Market Trends And Strategies
4. Text Analytics Market – Macro Economic Scenario
5. Global Text Analytics Market Size and Growth
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26. South America Text Analytics Market
27. Brazil Text Analytics Market
28. Middle East Text Analytics Market
29. Africa Text Analytics Market
30. Text Analytics Market Competitive Landscape And Company Profiles
Top Major Players:
- International Business Machines Corporation
- Microsoft Corporation
- SAP SE
- SAS Institute Inc
- Lexalytics Inc
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