NEW
YORK, June 18, 2024 /PRNewswire/ -- The global
text analytics market size is estimated to grow by
USD 18.08 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 22.58% during the forecast
period. popularity of soa among end-users is
driving market growth, with a trend towards emergence of
advanced text analytical tools However, system
integration and interoperability issues poses a challenge.Key
market players include Alphabet Inc., Averbis GmbH, Bitext
Innovations SL, Forsta AS, Infegy, InMoment Inc., International
Business Machines Corp., KNIME AG, Luminoso Technologies Inc.,
MeaningCloud LLC, Megaputer Intelligence Inc., Microsoft
Corp., NICE Ltd., OpenText Corp., Oracle Corp., Qualtrics LLC, SAP
SE, SAS Institute Inc., and TIBCO Software Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Deployment (Cloud and
On-premises), Component (Software and Services), and Geography
(Europe, North America, APAC, Middle East and Africa, and South
America)
|
Region
Covered
|
Europe, North America,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
Alphabet Inc.,
Averbis GmbH, Bitext Innovations SL, Forsta AS, Infegy,
InMoment Inc., International Business Machines Corp., KNIME AG,
Luminoso Technologies Inc., MeaningCloud LLC, Megaputer
Intelligence Inc., Microsoft Corp., NICE Ltd., OpenText Corp.,
Oracle Corp., Qualtrics LLC, SAP SE, SAS Institute Inc., and TIBCO
Software Inc.
|
Key Market Trends Fueling Growth
Text analytics is a valuable tool for businesses seeking to make
data-driven decisions. Advanced text analytics, in particular,
enables companies to gain insights into consumer behaviors and
optimize marketing strategies. Predictive analytics, a type of text
analytics, uses advanced mathematics and statistical tools to
forecast future scenarios. This technology is increasingly adopted
by organizations to manage projects, plan business strategies, and
mitigate errors in manual calculations. The global text analytics
market is expected to grow due to the availability of large data
volumes from technologies like robotic process automation and the
IoT.
The Text Analytics market is experiencing significant growth due
to the increasing demand for gaining insights from unstructured
data. Key technologies like Natural Language Processing (NLP),
Machine Learning (ML), and Artificial Intelligence (AI) are driving
trends in this sector. Companies are utilizing text analytics to
improve customer service, enhance marketing strategies, and
optimize business operations. Sentiment analysis, topic modeling,
and entity extraction are popular applications. Cloud-based
solutions and customizable platforms are also gaining traction. The
future of text analytics lies in real-time analysis, multilingual
support, and integration with other data sources.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The text analytics market is experiencing growth in sectors
like telecommunication, BFSI, retail, and media and entertainment.
However, organizations encounter challenges integrating text
analytics solutions with their existing IT infrastructure. Vendors
must offer unified IT solutions to prevent technical glitches and
additional costs. System integration and interoperability issues
arise during IT updates or mergers, which can discourage adoption.
Customized solutions are often cost-prohibitive, limiting market
growth. Organizations must ensure text analytics solutions are
compatible with their systems before implementation.
- The Text Analytics market faces several challenges in
effectively extracting valuable insights from large volumes of
data. One challenge is the complexity of unstructured data, such as
social media postsings and customer reviews. Another challenge is
the need for real-time analysis to keep up with the fast-paced
business environment. Additionally, ensuring data security and
privacy is a major concern. Furthermore, the lack of
standardization in data formats and the need for interoperability
between different systems can hinder the adoption of Text
Analytics. Lastly, the high cost of implementing and maintaining
Text Analytics solutions can be a barrier for small and
medium-sized businesses.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This text analytics market report extensively covers market
segmentation by
- Deployment
- 1.1 Cloud
- 1.2 On-premises
- Component
- 2.1 Software
- 2.2 Services
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Cloud- The Text Analytics market is
experiencing significant growth due to the increasing adoption of
cloud-based solutions among businesses. Cloud-based text analytics
software and services, offered by vendors like Microsoft, SAP, SAS
Institute, IBM, Lexalytics, and Open Text, provide cost savings,
ease of deployment, and faster ROI for Small and Medium Enterprises
(SMEs). Solutions like Lexalytics' Semantria API offer remote
access, data backup, and customized Natural Language Processing
(NLP) services. Integrations with cloud platforms, such as Amazon
Web Services (AWS), further streamline analytical tasks and improve
business outcomes.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Text Analytics Market encompasses cloud-based applications
that leverage predictive analytics for fraud and risk
management in various sectors. Business intelligence tools employ
machine learning algorithms to identify patterns in structured and
unstructured data from multiple sources, including social media and
unstructured text data. These insights enable informed business
decisions and aid in cybercrime prevention. The market caters to
numerous industries, such as banking, insurance, finance, and legal
services, by providing software and services components for
compliance monitoring and customer sentiment analysis.
Fraud detection cases are effectively managed through
advanced text analytics solutions, ensuring robust security and
regulatory adherence.
Market Research Overview
The Text Analytics Market encompasses the usage and analysis of
natural language data to derive valuable insights. This field
leverages various techniques such as sentiment analysis, text
mining, and speech recognition. The market is witnessing
significant growth due to the increasing volume of digital data and
the need for effective data management. Businesses across
industries are adopting text analytics to gain a deeper
understanding of customer behavior, improve operational efficiency,
and enhance decision-making processes. The technology finds
applications in sectors like healthcare, finance, and customer
service. The future of text analytics lies in the integration of
advanced technologies like artificial intelligence and machine
learning to provide more accurate and actionable insights.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- Component
-
- Geography
-
- Europe
- North America
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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