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Text Analytics Market

Global Market Study on Text Analytics: Huge Technological Strides to Offer Impetus

Text Analytics Market by Solution (Software and Services), Software Solution of text analytics share was estimated to account for 51.6% of the total market value share.

Text Analytics Market Outlook (2023 to 2033)

The global demand for the text analytics market is estimated at US$ 6,223.4 Million as of 2022 and is anticipated to have sales of US$ 43,695.0 Million by the end of 2033. As of 2023, the text analytics market is estimated to be US$ 7,337.4 Million and is predicted to progress at a CAGR of 14.9% during 2023 to 2033.

Text analytics is the process of deriving insights, information, and understanding from unstructured text data. It is an interdisciplinary field that combines natural language processing (NLP), machine learning, and statistical techniques to analyze and make sense of textual data. The goal of text analytics is to extract meaningful insights from text sources such as social media posts, customer reviews, emails, chat logs, and news articles, among others.

The applications of text analytics are broad and include sentiment analysis, topic modeling, named entity recognition, document classification, and text summarization, among others. The insights gained from text analytics can be used for a variety of purposes, including customer sentiment analysis, market research, brand monitoring, and content optimization, among others.

The text analytics market held a 3.5% market share of the business analytics market.

North America held a high market share of 21.8% in 2022 and is expected to maintain its position throughout the forecast period, while the market in Europe held a 17.5% value share in the global market in 2022.

Text Analytics Market Size (2022)

US$ 6,223.4 Million

Text Analytics Market Size (2023)

US$ 7,337.4 Million

Projected Market Value (2033)

US$ 43,695.0 Million

Global Market Growth Rate (2023 to 2033)

14.9%

Software Solution Market Share (2022)

51.6%

US Market Share (2022)

19.5%

Retail and CPG Industry Market Share (2022)

18.4%

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What are the Drivers for The Text Analytics Market?

“Increasing Volume of Unstructured Data and Advancements in Natural Language Processing (NLP)”

An explosion of digital data, organizations are facing a significant challenge in managing and analyzing the vast amount of unstructured data generated from sources such as social media, customer feedback, and emails. Text analytics provides a solution for organizations to process and extract insights from this unstructured data.

NLP technology is advancing rapidly, enabling organizations to extract insights from unstructured data with greater accuracy and efficiency. This has led to an increase in the demand for text analytics solutions.

These factors are driving the demand for text analytics solutions and contributing to the growth of the market.

  • In May 2021, TCS and Microfocus' Vertica unified analytics platform announced a strategic alliance to accelerate enterprise data warehouse modernization for multiple data-driven companies utilising the Unified Analytics Platform.
  • In March 2021, Vertica, Microfocus' unified analytics platform, has announced that it is now open for Dell EMC Elastic Cloud Storage (ECS). This gives cloud innovation more power and influence and freedom for data analysis in a hybrid deployment, data resides, and on-premises data centre use.
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Which Factors Are Driving the Opportunity in the US for the Text Analytics Market?

“Growing Demand for Customer Insights and Increasing Investment in Big Data and Artificial Intelligence (AI)”

Companies in the US are increasingly interested in understanding their customers better and are using text analytics solutions to gain insights into customer sentiment, behaviour, and preferences. Companies are investing heavily in big data and AI technologies, which are driving demand for text analytics solutions.

The California Consumer Privacy Act (CCPA) in the US, is driving demand for text analytics solutions that can help companies comply with privacy and data protection requirements. These factors are creating a favourable environment for the text analytics market in the US.

These are the reasons why in 2022, the U.S. text analytics market companies helped the country to account for a dominant share of 19.5% in the global marketplace.

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Which Countries in East Asia Have the High Global CAGR for the Text Analytics Market?

“Japan Has the High Global CAGR for the Text Analytics Market”

In Japan, text analytics solutions are being used to improve customer satisfaction, reduce costs, and drive business growth. For example, in the retail industry, text analytics is being used to analyse customer reviews to identify common complaints and areas for improvement. In the financial industry, text analytics is being used to monitor financial news and social media for early signs of market trends.

Several local and international companies offer text analytics solutions in Japan, including NEC, Fujitsu, IBM, and Google. The competition in the market is intense, but there is still significant growth potential as text analytics technology continues to advance and new applications are discovered.

Overall, the text analytics market in Japan is expected to continue its growth trajectory in the coming years as more companies adopt text analytics solutions to gain a competitive advantage.

These factors are contributing to the high CAGR of 15.1 % of the text analytics market in Japan, and are expected to continue to drive growth in the coming years.

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Why does China Have a High Global Market for Text Analytics Market in East Asia?

“Growing Business Sector and Huge Population Driving Market for text Analytics”

China has a rapidly growing business sector, which is driving demand for text analytics as companies look for ways to gain insights from large amounts of unstructured data. With a big number of population, China has a massive pool of data that companies can analyse to gain valuable insights.

China has made significant investments in technology and innovation, which has allowed them to quickly adopt and integrate new technologies, including text analytics.

Due to this reason, the text analytics market for China in 2022 held a market share of 14.2% globally.

Category-wise Insights

Which Solution of the Text Analytics Market Held the Largest Market Share?

“Software Solution of Text Analytics Allows Having the Larger Market Share”

Software solutions for text analytics are typically user-friendly and can be used by people without extensive technical expertise. This makes it easy for organizations to get started with text analytics and start seeing results quickly. Software solutions for text analytics are designed to handle large volumes of data, making it easy for organizations to scale their text analytics operations as their needs change over time.

Overall, the combination of ease of use, cost-effectiveness, scalability, integration, and automation makes software solutions a popular choice for text analytics in the market.

In 2022, the software solution of text analytics share was estimated to account for 51.6% of the total market value share.

Which Industry of the Text Analytics Market holds a Larger Share of the Market?

“Retail and Consumer Packaged Goods (CPG) industry Holds a Larger Share Market”

In 2022, it was estimated that the retail and consumer packaged goods (CPG) industry market share was 18.4%.

The retail and consumer packaged goods (CPG) industries have seen significant growth in the adoption of text analytics solutions in recent years. Text analytics is a technology that allows organizations to extract insights and information from large volumes of unstructured text data. In the retail and CPG sectors, text analytics is being used for a variety of purposes.

Retailers and CPG companies are using text analytics to analyse customer reviews, social media posts, and other forms of customer feedback to gain insight into how customers feel about their products, services, and overall brand.

The market for text analytics in the retail and CPG sectors is expected to continue growing as more organizations look to harness the power of unstructured text data to drive their business forward.

Competitive Landscape

The text analytics market is competitive and constantly evolving, with companies offering a wide range of solutions for different use cases, such as sentiment analysis, customer feedback analysis, and content categorization, among others. The market is composed of several large players, as well as a growing number of smaller and more specialized firms.

  • In November 2020, Clarabridge, an Oracle Partner Network (OPN) member, announced that its customer experience analytics had been completely integrated with the cloud services of Oracle.
  • In July 2020, Text analytics features have been added to Microsoft Corporation's Azure Cognitive Services product. Text analytics for health features, according to the company, can process a wide variety of data and activities.

Recent developments related to key players providing the text analytics market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Text Analytics Market Report Scope

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2018-2022

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • Japan
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Solution
  • Application
  • Industry
  • Region

Key Companies Profiled

  • Microsoft Corporation
  • IBM Corporation
  • Oracle Corporation
  • SAP SE
  • Capgemini
  • NICE
  • SAS Institute Inc.
  • TIBCO Software Inc.
  • Attivio
  • Lexalytics
  • Medallia Inc.
  • Softweb Solutions Inc.
  • Confirmit AS
  • MaritzCX
  • Basis Technology
  • Micro Focus
  • bizAmica Software
  • Qualtrics
  • Kingland Systems
  • Sintelix Pty Ltd
  • Talkwalker Inc.
  • Meltwater

Pricing

Available upon Request

Key Segments of Text Analytics Market Research

By Solution:

  • Software
  • Services
    • Consulting and Advisory
    • Support and Maintenance
    • Training

By Application:

  • Sentiment Analysis
  • Risk and Fraud Management
  • Social Media Monitoring
  • Digital Advertising
  • Business Intelligence
  • Others

By Industry:

  • BFSI
  • Healthcare
  • Manufacturing
  • Retail and CPG
  • Hospitality
  • Telecommunication
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

- Companies Covered in This Report -

  • Microsoft Corporation
  • IBM Corporation
  • Oracle Corporation
  • SAP SE
  • Capgemini
  • NICE
  • SAS Institute Inc.
  • TIBCO Software Inc.
  • Attivio
  • Lexalytics
  • Medallia Inc.
  • Softweb Solutions Inc.
  • Confirmit AS
  • MaritzCX
  • Basis Technology
  • Micro Focus
  • bizAmica Software
  • Qualtrics
  • Kingland Systems
  • Sintelix Pty Ltd
  • Talkwalker Inc.
  • Meltwater

- Frequently Asked Questions -

In 2022, demand for the text analytics market amounted to US$ 6,223.4 Mn.

The global text analytics market is estimated to grow at a CAGR of 14.9% over the forecast period.

The market for text analytics market is forecasted to have a market value of US$ 43,695.0 Mn by 2033.

Demand for the text analytics market in Japan is projected to rise at 15.1% CAGR over the forecast period.

In 2022, the North America text analytics market held a dominant market share of 21.8%.

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