Text Analytics Market Size, Share, Analysis, Trends, Growth, 2032

Text Analytics Market Insights

Zion Market Research has published a report on the global Text Analytics Market, estimating its value at USD 10.02 Billion in 2023, with projections indicating that it will reach USD 46.61 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 18.62% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Text Analytics industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Text Analytics Market: Overview

Text analytics, which is also referred as text mining or text data mining, is a process of extracting information from the available text sources. In this process, value content is derived from the provided raw data. This derived content is useful for business organizations to acquire the ready-to-use information with insights.

This data are used in research activities too. This process is widely used in business organizations all around the world for summarization of data, classification of information, data investigation, and other purposes. Text analytic program or software is able to process both structured and unstructured data with accuracy and efficiency. These programs accept multi-language and foreign language data and run efficiently without any disturbance.

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Global Text Analytics Market: Growth Factors

Globally, the need for this software is increasing at a rapid pace. Increasing demand for social media analysis for effective brand development, creating multi-lingual text to overcome language barriers, growing data market, banking frauds, and stock market security breaches are some of the reasons contributing to the growth of text analytics market globally. Expanding internet appearance, increasing use of mobiles, and rising awareness about text analysis principles in getting insight into consumer behaviour and preferences are other factors fuelling the global market growth. However, lack of knowledge about software handling and high costs are the factors that may hamper the growth of the global market in future.

Global Text Analytics Market: Segmentation

The global text analytics market is segmented on the basis of application, deployment model, organization size, and verticals.

On the basis of application, the market is segmented as search-based applications, enterprise application, data analytics application, predictive analytics, web-based application, and others.

Based on organization size, the global text analytics market can be segmented as small, medium, and large enterprises.

Based on the deployment model, the market is further classified as on-premise model and cloud deployment model.

Cloud deployment model is anticipated to get importance in future; small enterprises are dependent on on-premise model.

Based on verticals, the global text analytics market is segmented as banking, financial serves, healthcare, retail and manufacturing, hospitality, CPG, and telecommunication.

Text Analytics Market: Report Scope

Global Text Analytics Market: Regional Analysis

Geographically, the global text analytics market is further classified into the United States, Latin America, Africa, Asia Pacific, the Middle East and Europe. North America is the leading region in the global text analytics market owing to the growing technological investment among emerging countries resulting in an increased demand for text analytics solutions used for automating the maintenance and plant safety process.  This trend is followed by Western Europe and Asian regions.

Global Text Analytics Market: Competitive Players

The global text analytics market is led by many major players owing to their efficient software.

Some of the key players operating in this market globally include

• SAP SE (Walldorf, Germany)
• International Business Machines Corporation (New York, U.S.)
• SAS Institute, Inc. (North Carolina, U.S.)
• OpenText Corporation (Ontario, Canada)
• Clarabridge, Inc. (Virginia, U.S.)
• Megaputer Intelligence, Inc. (Indiana, U.S.)
• Luminoso Technologies, Inc. (Massachusetts, U.S.)
• MeaningCloud LLC (New York, U.S.)
• KNIME.com AG (Zurich, Switzerland)
• Infegy, Inc. (Missouri, U.S.)
• Lexalytics, Inc. (Massachusetts, U.S.)
• Averbis.

The text analytics market is segmented as follows:

By Application 

• Search-Based Applications
• Enterprise Application
• Data Analytics Application
• Predictive Analytics
• Web-Based Application
• Others

By Organization Size 

• Small, Medium
• Large Enterprises

By Deployment Mode

• On-Premise Model
• Cloud Deployment Model

By Vertical 

• Banking
• Financial Serves
• Healthcare
• Retail & Manufacturing
• Hospitality
• CPG
• Telecommunication

Global Text Analytics Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa