Global Text Analytics Market Projected to Reach USD 16.46 Billion by 2026

17-Jun-2021 | Facts and Factors

According to a Facts and Factors report, the global Text Analytics Market generated revenue of USD 6.16 Billion in 2019; further, this yearly revenue is estimated to rise to around USD 16.46 Billion by the end of 2026, increasing at a CAGR of around 17.8% from 2020 to 2026.

Text analytics is defined by e-mail, blogging, tweets, forums, and other kinds of textual communication as a technique for assessing text content. It is the last word given to comprehension, data, and text mining of natural languages. Text analytics is the process of automatically collecting information from various textual sources to find new, previously unexplored information. The fact that data mining instruments are developed for managing structured information from databases is comparable to data mining.

Browse the full “Text Analytics Market By Component (Software, Service), By Application (Customer experience management, Marketing management, Governance, risk, and compliance management, Document management, Workforce management, and Others), By Deployment (On-premises, Cloud), By Organization (Large Enterprises, Small and Medium-sized Enterprises), By End-Use(Banking, Financial Services, and Insurance (BFSI), Telecommunications and Information Technology (IT), Retail and e-Commerce, Healthcare and life sciences, Manufacturing, Government and defense, energy and utilities, Media and entertainment, Travel and hospitality and Others)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” report at  https://www.fnfresearch.com/text-analytics-market-by-component-software-service-by-1186

Text analysis is an emerging technique that is increasing in prominence from marketing to finance in various industries. It enables them to extract and analyze enormous volumes of texts which assist policy-makers to understand the dynamics of the market, anticipate results and trends, identify fraud and risk management. There are numerous sophisticated text analysis basics and methods, including frequency of words, collocation, concordance, categorization of texts, feelings analysis, language identification, and many more. Depending on the findings required, the study of the text can extend its AI wings across other texts.

COVID-19 Impact

As activities in the IT business usually take place using a structure called 'work from home' the worldwide shutdown did not influence the textile analysis market. As a result, there is a steady demand worldwide for the usage of text analysis in the applications sector.

In addition, during the coronavirus pandemic, text analytics was very used to examine the coronavirus information in the health sector. The Text Analytics program helps to generate correct text data, trends, insights, and patterns from unstructured text.

Fast-growing scope of application across different industry verticals

Text analytics generates value throughout various sectors of industry. Leading players are constantly improving algorithms for linguistic processing to help organizations become aware of the current trends in various vertical industries. In Europe, prominent sports traders exploit the advantages of text analytics through the analysis of Twitter feeds to get a deep local grasp of gaming and sports trends. NLP techniques and machine learning processes that enable firms to identify hidden patterns are utilized to produce Twitter feed in many languages across the area. The Voice of the Customer (VOC) program allows telecom firms to obtain customer views on broadband. In order to detect fraud against claims, insurance firms use text analytics. Customer service routing is also one of the primary text analysis applications. Companies utilize business review sites to assess consumer perceptions and product/service requirements. In health care, research establishments are continuously using data sources such as medical notes, social media posts, and the publication of literature to aid in the study in health care and clinical practice. In the next several years, growth will be driven by the Text Analytics market.

North America Region Dominates the Global Text Analytics Market

The world text analytics market in North America is predicted to be bigger, while Asia Pacific (APAC) is anticipated to expand over the projected period with the greatest CAGR. The growth rate of APAC is the greatest among rising nations due to increasing technology investments. This leads to a growing demand for solutions in Text Analytics utilized for the maintenance automation and plant safety process.

In terms of adopting and developing text analytics, North America is likely to be the dominating area. The expanding investments in new technologies such as IoT, AI, and ML, the expanding presence of text analytics providers, and increased government support for compliance with regulations are the main drivers that are likely to help market expansion during the projected period.

Report Scope

Some of the essential market players operating in the text analytics market

SAP SE, SAS Institute, Inc., International Business Machines Corporation, Clarabridge, Inc., OpenText Corporation, Megaputer Intelligence, Inc., MeaningCloud LLC, Luminoso Technologies, Inc., KNIME.com AG, Lexalytics, Inc., Infegy, Inc., and Averbis among others.

The global Text Analytics market is segmented as follows:

By Component:

• Software
• Service
  • Managed services
  • Professional services
  • Support and maintenance
  • Consulting services
  • System integration and deployment

By Application:

• Customer experience management
• Marketing management
• Governance, risk, and compliance management
• Document management
• Workforce management
• Others

By Deployment:

• On-premises
• Cloud

By Organization:

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

By Industry Vertical:

• Banking, Financial Services, and Insurance (BFSI)
• Telecommunications and Information Technology (IT)
• Retail and e-Commerce
• Healthcare and life sciences
• Manufacturing
• Government and defense
• Energy and utilities
• Media and entertainment
• Travel and hospitality
• Others

By Region:

• 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

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