Text Analytics Market Size, Share Global Analysis Report, 2020–2026

Industry Insights

[196+ Pages Report] Global Text Analytics Market generated revenue of USD 6.16 Billion in 2020; 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 2021 to 2026.

This specialized and expertise-oriented industry research report scrutinizes the technical and commercial business outlook of the Text Analytics industry. The report analyzes and declares the historical and current trends analysis of the Text Analytics industry and subsequently recommends the projected trends anticipated to be observed in the text analytics market during the upcoming years.

Key Insights from Primary Research

• As per our primary respondents, the global text analytics market is set to grow annually at a rate of around 18%
• It was established through primary research that the text analytics market was valued at around USD 4.5 Billion in 2019.
• North America is dominating the market in 2019, as it is digitally mature market and presence of text analytics vendors.
• On basis of component segment, ‘software’ dominated the global text analytics market in 2019
• Based on application, the global text analytics market was led by ‘customer experience management’ in 2019.

Key Recommendations from Analysts

• As per our analysts, the global text analytics market is expected to grow significantly over the forecast period and expected to reach around USD 14.1 Billion by 2026.
• As per analysts, the rise in digitization, increasing technological developments in APAC region will boost the sales of the text analytics solutions and services.
• As per our analysts, the growing demand for social media analytics, and increasing adoption of business intelligence tools, are significantly influencing the market growth over the past few years.
• As per our analysts has identified that adoption of business intelligence tools is augmenting the text analytics market demand.
• As per analysts, the governance, risk, and compliance management is expected to grow over at a faster rate in upcoming years due to rising demand from various industry verticals to comply with federal legislation.

The text analytics market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire text analytics market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms of both volumes (Units) and value (USD Million) from FY 2016 – 2026.

The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the Text Analytics industry are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.

Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the Text Analytics industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the text analytics market.

The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the Text Analytics industry. The text analytics market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.

The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the Text Analytics sector. Key strategic developments in the text analytics market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the text analytics market are appropriately highlighted in the report.

Growing social media analytics drives the market growth of text analytics as it helps federal agencies and national security authorities to track citizens ' actions for possible terrorist threats. Growing the deployment of text mining tools for fraud detection also leads to market share in text analytics. The platform enables the firm to simplify the processing of insurance claims and identify false claims by matching them with use cases. However, lack of awareness and the high cost of text analytics solutions are limiting the market growth. In addition, the increasing growth in information and demand for real-time analytics will continue to increase the demand for text analytics solutions in the coming years.

The text analytics market research report delivers an acute valuation and taxonomy of the Text Analytics industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the Text Analytics industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the Text Analytics industry is provided for the leading economies of the world.

The text analytics market is segmented based on component, organization, deployment, industry vertical, and application. On the basis of component segmentation, the market is classified into software, and services. The services are further segmented into professional and managed services. In terms of organization size, the market has been segmented into large and SMBs. In terms of application segmentation, the market is bifurcated into customer experience management, marketing management, governance, risk, and compliance management, document management, workforce management, and others. The market has been classified into cloud and on-premise in terms of deployment mode. The end-user verticals of the market are 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, and travel and hospitality, among others.

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

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

The taxonomy of the Text Analytics industry by its scope and segmentation is as follows:

By Component Segmentation Analysis

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

By Application Segmentation Analysis

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

By Deployment Segmentation Analysis

• On-premises
• Cloud

By Organization Segmentation Analysis

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

By Industry Vertical Segmentation Analysis

• 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

Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • 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