Text Analytics Market - Growth, Trends, and Forecast (2019 - 2024)

The Text Analytics Market is segmented by Deployment (On-premise, Cloud), Application (Predictive Analytics, Fraud Management, Risk Management, Business Intelligence), End-user Industry (BFSI, Healthcare, Energy and Utility, Manufacturing, Retail), and Geography.

Market Snapshot

cagr
Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

17.35%

Key Players:

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Market Overview

The global text analytics market was valued at USD 4.65 billion in 2018 and is expected to reach a value of USD 12.65 billion by 2024 at a CAGR of 17.35% over the forecast period (2019-2024).  The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

  • Text analytics tools are being increasingly used by organizations to aid their business-making process by offering actionable insights from various forms of text sources, such as client interaction, emails, blogs, product reviews, tweets, and center logs.
  • The primary objective of text analytics is to accumulate different forms of data, including structured and unstructured, which is further utilized for the analysis, thereby fueling the organization’s business decisions.
  • Some of the primary benefits of text analytics include cost reduction, enhanced processing speed, integration of big data, and better consistency.
  • The rising demand for machine learning and big data analytics is expected to propel the text analytics market across the globe.

Scope of the Report

Text analysis uses many linguistic, statistical, and machine learning techniques. It involves information retrieval from unstructured data and the process of structuring the input text to derive patterns and trends and evaluating and interpreting the output data. Some cloud-based applications including predictive analytics, fraud management, risk management, business intelligence, cybercrime prevention, etc.

By Deployment
On-premise
Cloud
By Application
Predictive Analytics
Fraud Management
Risk Management
Business Intelligence
Other Applications
By End-user Industry
BFSI
Healthcare
Energy and Utility
Manufacturing
Retail
Other End-user Industries
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Latin America
Middle East & Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Retail Sector to Hold a Significant Share in Text Analytics Market

  • In retail, text analytics plays a vital role in analyzing customer behavior and predicting consumer nature, which is likely to drive the market in this industry.
  • By adopting text analytics, organizations can provide personalized schemes and discounts to their customers, by making use of their historical trends.
  • Retailers use social media platforms as the key source to acquire data in order to utilize text analytics, anticipate the demand and supply, and enhance the customer experience.
  • The growth in the retail sector across the globe is expected to boost the text analytics market over the forecast period.
  • Furthermore, the growth in mobile shopping and payment is growing at a high pace, which is, in turn, projected to propel the use of text analytics.
graph

To understand key trends, Download Sample Report

Asia-Pacific to Execute a Significant Growth Rate

  • Asia-Pacific is witnessing significant growth in industries such as retail, BFSI, and healthcare, which is expected to propel the demand for data analytics such as text analytics.
  • The industry players are focusing more on customer requirement and customer experience, which in turn, gives rise to analyzing consumer behavior towards diverse products. This is likely to fuel the text analytics market in the region over the forecast period.
  • Furthermore, the region poses noteworthy opportunities for text analytics owing to the rising number of customers utilizing social media platforms and online purchase, which is projected to boost the market.
heatmap

To understand geography trends, Download Sample Report

Competitive Landscape

The text analytics market is a propelling market with several players in the market. However, the major players such as IBM Corporation, SAP SE dominate the market. Therefore, the market is consolidated. 

  • October 2018 - SAS launched a new platform for analytics enhancing the visual data mining and machine learning. Furthermore, it includes visual text analytics, which eases deep learning, forecasting, and text analytics, which is expected to ascend the company’s product portfolio and generate revenue.
  • February 2018 - Linguamatics commenced the integration of their NLP platform at Atrius Health to recognize and collect crucial clinical and hidden clinical unstructured patient data, which is projected to compel other companies to increase the usage of text analytics.

Major Players

  1. SAP SE
  2. IBM Corporation
  3. Clarabridge, Inc.
  4. Confirmit AS
  5. Megaputer Intelligence, Inc.

* Complete list of players covered available in the table of contents below

competition

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Growing Demand for Social Media Analytics

      2. 4.3.2 Rising Practice of Predictive Analytics

    4. 4.4 Market Restraints

      1. 4.4.1 Lack of Skilled Personnel and Awareness

    5. 4.5 Value Chain / Supply Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Deployment

      1. 5.1.1 On-premise

      2. 5.1.2 Cloud

    2. 5.2 By Application

      1. 5.2.1 Predictive Analytics

      2. 5.2.2 Fraud Management

      3. 5.2.3 Risk Management

      4. 5.2.4 Business Intelligence

      5. 5.2.5 Other Applications

    3. 5.3 By End-user Industry

      1. 5.3.1 BFSI

      2. 5.3.2 Healthcare

      3. 5.3.3 Energy and Utility

      4. 5.3.4 Manufacturing

      5. 5.3.5 Retail

      6. 5.3.6 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Rest of Asia-Pacific

      4. 5.4.4 Latin America

      5. 5.4.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Algolia

      2. 6.1.2 Bitext Innovations S.L.

      3. 6.1.3 Clarabridge, Inc.

      4. 6.1.4 Confirmit AS

      5. 6.1.5 EpiAnalytics

      6. 6.1.6 Infegy, Inc.

      7. 6.1.7 International Business Machines (IBM) Corporation

      8. 6.1.8 Lavastorm Analytics

      9. 6.1.9 Lexalytics, Inc.

      10. 6.1.10 Medallia, Inc.

      11. 6.1.11 Megaputer Intelligence, Inc.

      12. 6.1.12 OdinText, Inc.

      13. 6.1.13 RapidMiner, Inc.

      14. 6.1.14 SAP SE

      15. 6.1.15 TheySay Limited

    2. *List Not Exhaustive
  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please Enter a Valid Message!


Complete your payment details below

Shipping & Billing Information

Payment Information