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[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.
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.
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