Text Analytics Market Overview:

The global text analytics market was valued at USD 15.54 billion in 2023 and is anticipated to grow significantly, reaching USD 52.21 billion by 2030, reflecting a compound annual growth rate (CAGR) of 18.9% from 2024 to 2030. This growth highlights the increasing importance of text analytics in modern business operations, driven by the need to derive actionable insights from vast amounts of unstructured data.

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Text Analytics Market Dynamics:

Growth Drivers: Social Media Content and Digital Data Explosion

The increasing volume of unstructured data generated through digital platforms like social media, customer reviews, emails, documents, and surveys has become one of the key drivers of the text analytics market. As businesses look for deeper insights into customer preferences and market trends, text analytics tools equipped with AI and NLP capabilities allow for more efficient and accurate processing of this vast data. Through techniques like sentiment analysis, topic modeling, and entity recognition, organizations can analyze social media conversations, customer feedback, and online reviews to better understand customer behavior and make informed business decisions.

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Text Analytics Market Segmentation:

by Component

Software
Services

In 2023, the software segment dominated the text analytics market, representing the core of the market's offerings. Text analytics software includes NLP engines, machine learning tools, and other platforms that process unstructured textual data. These tools are widely applicable across various industries, including customer experience management, social media monitoring, healthcare analytics, fraud detection, and compliance monitoring.

by Deployment Mode

On premises
Cloud based

by Application

Customer experience management (CEM)
Government risk & compliance
Document Management
Others

Application Segmentation: Customer Experience Management

The customer experience management (CEM) segment accounted for the largest share of the text analytics market in 2023. As businesses place greater emphasis on understanding customer preferences and feedback, text analytics has become a critical tool for enhancing product offerings and improving customer retention. By analyzing consumer data and using predictive analytics, companies can anticipate customer behavior and implement strategies that boost overall satisfaction.

by Industry

Banking & Finance
Telecommunication & IT
Healthcare
Others

Text Analytics Market Key Players:

1. IBM Corporation (US)
2. SAS Institute (US)
3. Microsoft Corporation (US)
4. SAP SE (Germany)
5. Google LLC (US)
6. Amazon Web Services, Inc. (US)
7. Clarabridge (US)
8. OpenText Corporation (Canada)
9. RapidMiner (Boston)
10. KNIME (Switzerland)
11. Lexalytics (US)
12. Expert System (China)
13. Averbis (Germany)
14. Bitext (Spain)
15. Angoss Software Corporation (Canada)
16. Luminoso Technologies, Inc. (India)
17. MeaningCloud (New York)
18. Megaputer Intelligence (US)
19. Altair Engineering, Inc. (US)
20. MonkeyLearn (California)

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Text Analytics Market Regional Analysis:

North America led the text analytics market in 2023, driven by the presence of major players such as IBM, SAS Institute, and OpenText. Businesses in North America have been quick to adopt data-driven decision-making practices across industries like finance, healthcare, and retail, fueling the demand for text analytics solutions. The region's well-developed technological infrastructure, high internet penetration, and access to advanced computing resources further facilitate the implementation of text analytics tools.

The Asia-Pacific region is also witnessing significant growth in the adoption of text analytics solutions, driven by the increasing volume of data generated through digital channels and the need for businesses to extract valuable insights. Countries such as Japan, Australia, and South Korea are leading the way in technological adoption and digital infrastructure, creating favorable conditions for the growth of the text analytics market in the region.

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Key Questions Answered in the Text Analytics Market Report are:

• What is Text Analytics ?
• What is the expected CAGR of the Text Analytics market during the forecast period?
• What are the global and regional trends in the Text Analytics Market?
• What are the major challenges that the Text Analytics Market could face in the future?
• How is the intervention from regulatory authority is shaping the Text Analytics Market?
• What growth strategies are the players considering to increase their presence in Automotive Relay Market?
• Who held the largest market share in Text Analytics Market?

Key Offerings:

• Market Overview
• Market Share
• Market Size
• Forecast by Revenue
• Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
• Market Segmentation – A detailed analysis by segments, sub-segments and region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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