SHARE
Text Analytics Market

Text Analytics Market Forecasts to 2028 – Global Analysis By Component (Services, Software), Application (Workforce Management, Competitive Intelligence), End User, and By Geography

4.5 (69 reviews)
Published: June 2022 ID: SMRC21537
4.5 (69 reviews)
Published: June 2022 ID: SMRC21537

This report covers the impact of COVID-19 on this global market
Loading...

According to Stratistics MRC, the Global Text Analytics Market is accounted for $6.45 billion in 2021 and is expected to reach $22.18 billion by 2028 growing at a CAGR of 19.3% during the forecast period. Text analytics is the method of transforming unstructured text into structured data which helps in recognizing significant patterns and new insights. The text analysis technique is utilized to retrieve high-quality information from the already available text sources.

Market Dynamics:

Driver:

Increasing need for predictive analytics for businesses


Predictive analytics recognizes the future results and builds predictive models. The leading organizations have come to discover that, by adding powerful text analytics software to their existing operations, they would be able to directly combine all these components, plan a large scale of data sets and incorporate valuable third-party data to work on the analysis and outcomes. This would additionally assist organizations to improve the predictive models’ output by visually representing the results and applying detailed processing and rich data visualization devices to visually witness outcomes and scenarios. Text analytics enables predictive analytics with accurate analysis of sentiment data, which might reveal spatial dependencies or trends that might be difficult to discover otherwise.

Restraint:

Lack of awareness


Creating awareness among the end-users on how text analytics can transform enormous chunks of information into significant data is directly responsible for increasing the overall adoption of text analytics. Limited text analytics software vendors have their presence in the market, offering text analytics solutions to analyze big data because of its complexities. Most of the organizations that utilize text analytics struggle to fully use their potential, as they lack the expertise who can deal with advanced information and multilingual capabilities. The absence of appropriate knowledge and awareness may hinder the future growth of this market.

Opportunity:

Surge need for social media analytics


There is an increase in penetration of mobile phones and tablets with access to the web coupled with consistently developing user volume on social media platforms. The social media platform helps companies to identify the latest market trends and to create a brand image, which would, in turn, assists organizations to increase their existing customer base. This helps the companies to understand customers in a better way by identifying their interests and demands. In addition, consumer accessibility through social media platforms further reinforces the requirement for social media analytics tools for enterprises, which is providing ample opportunities for market growth.

Threat:

Lack of knowledge and new skills


Software integrators and enterprises securing text analytics software solutions sometimes experience confusion as proper text analytics demand new skills, some of which are hard to find. These new abilities leverage significantly advanced features to streamline campaign results and capture new opportunities as they emerge. The unavailability of such skills results in the inability of software solutions to harness the full capabilities of text analytics features. This factor is likely to challenge the overall growth of the text analytics market, on a global scale, as enterprises give way to all the confusion created in their process strategy. 

The retail and e-commerce segment is expected to be the largest during the forecast period

The retail and e-commerce segment is estimated to have a lucrative growth to meet increased expectations and direct communication from buyers, retailers are implementing the innovation and processes that empower them to deal with the volume, variety, access, and governance of consumer data. Retailers utilize social media platforms as a key source to obtain information to use text analytics, anticipate the demand and supply, and enhance the customer experience.

The cloud segment is expected to have the highest CAGR during the forecast period

The cloud segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the growing adoption of cloud innovation by enterprises for further improving business abilities. Enterprises deploying text analytics software on the cloud can increase computing resources during peak loads and decrease them during idle hours, paying only for the exact amount of computing resources being utilized. Organizations offering cloud-based solutions are helping market competitiveness through add-on services, complementing the outcomes acquired from text analytics.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to the increasing demand for text analytics solutions in the BFSI sector to further develop customer experience and diminish the risks associated with the fraud. Text analytics is becoming a viable solution for the detection of fraudulent claims in the regional insurance industry. Fake personal details, wrong transaction dates, and incorrect addresses can be extracted and evaluated by text mining algorithms, which has strongly propelled the market expansion.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period owing to increasing technological investment among emerging countries resulting in an expanded demand for text analytics solutions utilized for automating the maintenance and plant safety process. The rising investments in emerging technologies, the increasing presence of text analytics vendors, and developing government support for regulatory compliance are the major factors expected to contribute to the market.

Key players in the market

Some of the key players profiled in the Text Analytics Market include SAP SE, Microsoft Corporation, RapidMiner Inc., OpenText Corporation, Luminoso Technologies Inc., Lexalytics Inc., Infegy Inc., Micro Focus International PLC, IBM Corporation, Clarabridge Inc., Medallia Inc. and SAS Institute Inc. 

Key Developments:

In July 2020, Microsoft Corporation announced the inclusion of text analytics capabilities within its Azure Cognitive Services product. According to the company, text analytics for health features can process various data types and tasks, including extracting more than 100 types of personally identifiable information from unstructured texts.

In August 2019, Indium Software launched its text analytics product powered by artificial intelligence, teX.ai. the SaaS based teX.ai offers various applications such as topic modeling, data scraping, classification, summarization, validation, clustering, among others.
 
Deployments Covered:
• Cloud
• On-Premise
 
Components Covered:
• Services
• Software
 
Enterprise Sizes Covered:
• Small and Mid-Size Enterprises (SMEs)
• Large Enterprises
 
Technologies Covered:
• Natural Language Processing (NLP)
• Hybrid
• Automated Machine Learning (AML)
 
Applications Covered:
• Workforce Management
• Web Mining
• Text Clustering
• Social Media Analysis/Marketing Management
• Business Intelligence
• Predictive Analysis
• Competitive Intelligence
• Descriptive Data Analysis
• Customer Care Services
• Document Management
• Brand Reputation
• Sentiment Analysis
 
End Users Covered:
• Travel & Hospitality
• Manufacturing
• Retail and E-commerce
• Pharmaceuticals
• Media & Entertainment
• Legal & Intellectual Property
• Healthcare and Life Sciences
• Government and Defense
• Fast Moving Consumer Goods (FMCG)
• Energy and Utility
• Chemistry & Materials
• Banking, Financial Services, and Insurance (BFSI)
• Academia & Education
• Telecommunications and Information Technology (IT)

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

1 Executive Summary            
              
2 Preface        
     
 2.1 Abstract            
 2.2 Stake Holders           
 2.3 Research Scope           
 2.4 Research Methodology          
  2.4.1 Data Mining          
  2.4.2 Data Analysis          
  2.4.3 Data Validation          
  2.4.4 Research Approach          
 2.5 Research Sources           
  2.5.1 Primary Research Sources         
  2.5.2 Secondary Research Sources         
  2.5.3 Assumptions          
              
3 Market Trend Analysis           
 3.1 Introduction           
 3.2 Drivers            
 3.3 Restraints           
 3.4 Opportunities           
 3.5 Threats            
 3.6 Technology Analysis           
 3.7 Application Analysis          
 3.8 End User Analysis           
 3.9 Emerging Markets           
 3.10 Impact of Covid-19           
              
4 Porters Five Force Analysis           
 4.1 Bargaining power of suppliers          
 4.2 Bargaining power of buyers          
 4.3 Threat of substitutes          
 4.4 Threat of new entrants          
 4.5 Competitive rivalry           
              
5 Global Text Analytics Market, By Deployment         
 5.1 Introduction           
 5.2 Cloud            
 5.3 On-Premise           
              
6 Global Text Analytics Market, By Component         
 6.1 Introduction           
 6.2 Services            
  6.2.1 Managed Services          
  6.2.2 Professional Services         
   6.2.2.1 System Integration and Deployment       
   6.2.2.2 Support and Maintenance        
   6.2.2.3 Consulting Services         
 6.3 Software            
  6.3.1 Customer Intelligence         
  6.3.2 Customer Relationship Management (CRM)        
  6.3.3 Fraud/Spam Detection         
  6.3.4 Governance, Risk and Compliance (GRC) Management      
              
7 Global Text Analytics Market, By Enterprise Size         
 7.1 Introduction           
 7.2 Small and Mid-Size Enterprises (SMEs)          
 7.3 Large Enterprises           
              
8 Global Text Analytics Market, By Technology         
 8.1 Introduction           
 8.2 Natural Language Processing (NLP)         
 8.3 Hybrid            
 8.4 Automated Machine Learning (AML)         
              
9 Global Text Analytics Market, By Application         
 9.1 Introduction           
 9.2 Workforce Management          
 9.3 Web Mining           
 9.4 Text Clustering           
 9.5 Social Media Analysis/Marketing Management        
 9.6 Business Intelligence          
 9.7 Predictive Analysis           
 9.8 Competitive Intelligence          
 9.9 Descriptive Data Analysis          
 9.10 Customer Care Services          
 9.11 Document Management          
 9.12 Brand Reputation           
 9.13 Sentiment Analysis           
              
10 Global Text Analytics Market, By End User         
 10.1 Introduction           
 10.2 Travel & Hospitality           
 10.3 Manufacturing           
 10.4 Retail and E-commerce          
 10.5 Pharmaceuticals           
 10.6 Media & Entertainment          
 10.7 Legal & Intellectual Property          
 10.8 Healthcare and Life Sciences          
 10.9 Government and Defense          
 10.10 Fast Moving Consumer Goods (FMCG)         
 10.11 Energy and Utility           
 10.12 Chemistry & Materials          
 10.13 Banking, Financial Services, and Insurance (BFSI)        
 10.14 Academia & Education          
 10.15 Telecommunications and Information Technology (IT)       
              
11 Global Text Analytics Market, By Geography         
 11.1 Introduction           
 11.2 North America           
  11.2.1 US           
  11.2.2 Canada           
  11.2.3 Mexico           
 11.3 Europe            
  11.3.1 Germany           
  11.3.2 UK           
  11.3.3 Italy           
  11.3.4 France           
  11.3.5 Spain           
  11.3.6 Rest of Europe          
 11.4 Asia Pacific           
  11.4.1 Japan           
  11.4.2 China           
  11.4.3 India           
  11.4.4 Australia           
  11.4.5 New Zealand          
  11.4.6 South Korea          
  11.4.7 Rest of Asia Pacific          
 11.5 South America           
  11.5.1 Argentina          
  11.5.2 Brazil           
  11.5.3 Chile           
  11.5.4 Rest of South America         
 11.6 Middle East & Africa          
  11.6.1 Saudi Arabia          
  11.6.2 UAE           
  11.6.3 Qatar           
  11.6.4 South Africa          
  11.6.5 Rest of Middle East & Africa         
              
12 Key Developments            
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures       
 12.2 Acquisitions & Mergers          
 12.3 New Product Launch          
 12.4 Expansions           
 12.5 Other Key Strategies          
              
13 Company Profiling            
 13.1 SAP SE            
 13.2 Microsoft Corporation          
 13.3 RapidMiner Inc.           
 13.4 OpenText Corporation          
 13.5 Luminoso Technologies Inc.          
 13.6 Lexalytics Inc.           
 13.7 Infegy Inc.           
 13.8 Micro Focus International PLC          
 13.9 IBM Corporation           
 13.10 Clarabridge Inc.           
 13.11 Medallia Inc.           
 13.12 SAS Institute Inc.           


List of Tables             
1 Global Text Analytics Market Outlook, By Region (2020-2028) ($MN)       
2 Global Text Analytics Market Outlook, By Deployment (2020-2028) ($MN)      
3 Global Text Analytics Market Outlook, By Cloud (2020-2028) ($MN)       
4 Global Text Analytics Market Outlook, By On-Premise (2020-2028) ($MN)      
5 Global Text Analytics Market Outlook, By Component (2020-2028) ($MN)       
6 Global Text Analytics Market Outlook, By Services (2020-2028) ($MN)       
7 Global Text Analytics Market Outlook, By Managed Services (2020-2028) ($MN)      
8 Global Text Analytics Market Outlook, By Professional Services (2020-2028) ($MN)      
9 Global Text Analytics Market Outlook, By Software (2020-2028) ($MN)       
10 Global Text Analytics Market Outlook, By Customer Intelligence (2020-2028) ($MN)      
11 Global Text Analytics Market Outlook, By Customer Relationship Management (CRM) (2020-2028) ($MN)   
12 Global Text Analytics Market Outlook, By Fraud/Spam Detection (2020-2028) ($MN)     
13 Global Text Analytics Market Outlook, By Governance, Risk and Compliance (GRC) Management (2020-2028) ($MN)  
14 Global Text Analytics Market Outlook, By Enterprise Size (2020-2028) ($MN)      
15 Global Text Analytics Market Outlook, By Small and Mid-Size Enterprises (SMEs) (2020-2028) ($MN)    
16 Global Text Analytics Market Outlook, By Large Enterprises (2020-2028) ($MN)      
17 Global Text Analytics Market Outlook, By Technology (2020-2028) ($MN)       
18 Global Text Analytics Market Outlook, By Natural Language Processing (NLP) (2020-2028) ($MN)    
19 Global Text Analytics Market Outlook, By Hybrid (2020-2028) ($MN)       
20 Global Text Analytics Market Outlook, By Automated Machine Learning (AML) (2020-2028) ($MN)    
21 Global Text Analytics Market Outlook, By Application (2020-2028) ($MN)       
22 Global Text Analytics Market Outlook, By Workforce Management (2020-2028) ($MN)     
23 Global Text Analytics Market Outlook, By Web Mining (2020-2028) ($MN)      
24 Global Text Analytics Market Outlook, By Text Clustering (2020-2028) ($MN)      
25 Global Text Analytics Market Outlook, By Social Media Analysis/Marketing Management (2020-2028) ($MN)   
26 Global Text Analytics Market Outlook, By Business Intelligence (2020-2028) ($MN)      
27 Global Text Analytics Market Outlook, By Predictive Analysis (2020-2028) ($MN)      
28 Global Text Analytics Market Outlook, By Competitive Intelligence (2020-2028) ($MN)     
29 Global Text Analytics Market Outlook, By Descriptive Data Analysis (2020-2028) ($MN)     
30 Global Text Analytics Market Outlook, By Customer Care Services (2020-2028) ($MN)     
31 Global Text Analytics Market Outlook, By Document Management (2020-2028) ($MN)     
32 Global Text Analytics Market Outlook, By Brand Reputation (2020-2028) ($MN)      
33 Global Text Analytics Market Outlook, By Sentiment Analysis (2020-2028) ($MN)      
34 Global Text Analytics Market Outlook, By End User (2020-2028) ($MN)       
35 Global Text Analytics Market Outlook, By Travel & Hospitality (2020-2028) ($MN)      
36 Global Text Analytics Market Outlook, By Manufacturing (2020-2028) ($MN)      
37 Global Text Analytics Market Outlook, By Retail and E-commerce (2020-2028) ($MN)     
38 Global Text Analytics Market Outlook, By Pharmaceuticals (2020-2028) ($MN)      
39 Global Text Analytics Market Outlook, By Media & Entertainment (2020-2028) ($MN)     
40 Global Text Analytics Market Outlook, By Legal & Intellectual Property (2020-2028) ($MN)     
41 Global Text Analytics Market Outlook, By Healthcare and Life Sciences (2020-2028) ($MN)     
42 Global Text Analytics Market Outlook, By Government and Defense (2020-2028) ($MN)     
43 Global Text Analytics Market Outlook, By Fast Moving Consumer Goods (FMCG) (2020-2028) ($MN)    
44 Global Text Analytics Market Outlook, By Energy and Utility (2020-2028) ($MN)      
45 Global Text Analytics Market Outlook, By Chemistry & Materials (2020-2028) ($MN)      
46 Global Text Analytics Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2020-2028) ($MN)   
47 Global Text Analytics Market Outlook, By Academia & Education (2020-2028) ($MN)     
48 Global Text Analytics Market Outlook, By Telecommunications and Information Technology (IT) (2020-2028) ($MN)  
              
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
            

In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929

Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.

Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.

All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929

We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.

We have 3 different licensing options available in electronic format.

  • Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
  • 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
  • Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.

All our reports are typically be emailed to you as an attachment.

To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.

We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.

We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.

Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.

Select License Type

Allows one person to have access to the ordered product.The ordered product cannot be distributed to anyone else.
Allows the ordered product to be shared among a maximum of 5 people within your organisation.
Allows the product to be shared among all employees of your organisation at one particular location.
Allows the product to be shared among all employees of your organisation regardless of their geographical location.

WHY CHOOSE US ?

Assured Quality

Assured Quality

Best in class reports with high standard of research integrity

24X7 Research Support

24X7 Research Support

Continuous support to ensure the best customer experience.

Free Customization

Free Customization

Adding more values to your product of interest.

Safe and Secure Access

Safe & Secure Access

Providing a secured environment for all online transactions.

Trusted by 600+ Brands

Trusted by 600+ Brands

Serving the most reputed brands across the world.

Testimonials