Text Analytics Market is Expected to Reach at Approx. USD 9 Billion by 2023 with 17% of CAGR

Text Analytics Market
Text Analytics, By Component (Software, Services), Application (Customer Experience Management, Workforce Management), Deployment (On Premise, Cloud), By Vertical (BFSI, Manufacturing, Government, Retail, E-Commerce) – Global Forecast 2023

Market Highlights

In this rapidly changing world of technology, Text Analytics Market will drive the growth prospects during the forecast period. This can be attributed to the growing popularity and acceptance of social media platforms and the inclination towards effective data analysis.

 

As compared to other regions, the text analytics market in North America is expected to witness significantly healthy growth. In North America, U.S. and Canada are anticipated to drive the growth of text analytics market. This is owing to the presence of large number of established players of text analytics market. In addition to this, organizations are adopting text analytics solutions in order to gain insights from the data spread over the internet and also to determine the impact of existing strategies of the companies and is expected to be a major factor for the growth of text analytics market.

 

The text analytics market is growing rapidly over 17% of CAGR and is expected to reach at approx. USD 9 billion by the end of forecast period.

 

Text Analytics Market

  • SAP SE (Germany)
  • IBM Corporation (US)
  • SAS Institute, Inc. (US)
  • OpenText Corporation (Canada)
  • Clarabridge, Inc. (US)
  • Megaputer Intelligence, Inc. (US)
  • Luminoso Technologies, Inc. (US)
  • MeaningCloud LLC (US)
  • KNIME.com AG (Switzerland)
  • Infegy, Inc. (US)
  • Lexalytics, Inc. (US)
  • Averbis (Germany
  • Bitext Innovations S.L.(Spain)

 

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Text Analytics Market Segmentation

The text analytics market has been segmented on the basis of component, application, deployment and vertical. By vertical segmentation, IT and telecommunication sector is estimated to drive market share of text analytics market. For achieving improvement in visibility in market trends and core operations, these upcoming industries are expected to incorporate increased number of text analytics solutions.

 

Market Research Analysis:

The global text analytics market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. In the global text analytics market, Asia Pacific is anticipated to witness relatively faster adoption and hence the growth rate as compared with other regions. Within Asia Pacific, customer experience management segment is projected to contribute the faster share growth. Furthermore, text analytics is implemented to offer quick, computerized feedback to the clients, which reduces dependency for resolving issues on executives. North America is rapidly deploying the text analytics solution due to the dynamic market environment. It holds the largest market share of the overall insurance market. Early adoption of new and emerging technologies and large numbers of text analytics vendors in the region is responsible for driving the majority of revenues in the market

 

Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of text analytics market. In Europe, the advancements in technology and growing social media analysis for brand building; and the growing need of organizations to analyze the preferences of customers, among others, are the key factors driving the growth of text analytics market.

 

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Text analytics market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth during the forecast period.

 

Text analytics market in Middle East and Africa occupies a relatively smaller pie of the global digital impression system market. Within Middle East and Africa counties including UAE, South Africa and Saudi are driving the growth.

 

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