Text analytics market 2023-2027: A descriptive analysis of five forces model, market dynamics, and segmentation- Technavio

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Jan 23, 2023, 19:00 ET

NEW YORK, Jan. 23, 2023 /PRNewswire/ -- According to Technavio, the global text analytics market size is estimated to grow by USD 12,755.09 million from 2022 to 2027. The market is estimated to grow at a CAGR of over 19.82% during the forecast period. However, the growth momentum will progress. Europe is estimated to account for 30% of the growth of the global market during the forecast period.

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Technavio has announced its latest market research report titled Global Text Analytics Market 2023-2027

Global text analytics market - Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–

Bargaining Power of Buyers
The threat of New Entrants
Threat of Rivalry
Bargaining Power of Suppliers
Threat of Substitutes
Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Global text analytics market – Customer Landscape

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global text analytics market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on deployment (Cloud and On-premises), and components (Software and Services).

The cloud segment will grow at a significant rate during the forecast period. Cloud-based solutions are less expensive than on-premise software. This software does not require the actual installation of the hardware and software at end-user premises and is maintained at the vendor's data center, where it can be accessed by end-users on a subscription basis. Thus, the cloud-based model is beneficial for SMEs as it allows them to streamline and automate their daily operations in an efficient manner, reduce errors, and lower costs. Hence, this segment is estimated to grow at a significantly high pace during the forecast period.

Geography Overview
By geography, the global text analytics market is segmented into Europe, North America, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global text analytics market.

Europe will account for 30% of the growth of the global market during the forecast period. The high adoption of technologies and the considerable installed base of IoT data collection devices increase the need for text analytics. The manufacturing, transportation, media and entertainment, government, and healthcare sectors will be the major contributors of revenue to the market in the region. Additionally, the market is expanding as governments of several countries in the region have also implemented several initiatives to increase revenue from the industrial internet and aid economic growth, which will increase segment growth in this region during the forecast period.

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Global text analytics market – Market Dynamics
Key factor driving market growth

The need to improve business efficiency is notably driving the market growth.
Owing to an increase in the number of connected devices in end-user industries businesses are expanding and new players are entering the market.
Hence, the demand for results and profits will increase owing to intensified competition.
Business operators have realized that they must establish better communication platforms to connect with end-users without location barriers, optimize costs, deliver better services, and increase revenues. Such factors will drive the growth of the market during the forecast period.

Leading trends influencing the market

The evolution of programmatic advertisement buying is an emerging trend in the market.
Consumers are supported by programmatic advertisement buying in automating their decision-making process associated with the buying of digital advertisements by targeting specific demographics and audiences.
These advertisements are placed using real-time bidding (RTB) and AI for online displays, mobile and video campaigns, and social media campaigns.
Furthermore. these advertisements use analytics solutions for buying digital advertisements. These factors will fuel the market growth during the forecast period.

Major challenges hindering the market growth

The lack of a skilled workforce for developing text analytics algorithms is a major challenge impeding the market.
The lack of skilled operators and proper training has resulted in a disinclination to execute wide-scale automation, as substantial time, training, and budget have to be allocated for the successful implementation of AI in text analytics solutions.
This scenario is expected to change gradually during the forecast period as several end-users are transitioning from traditional manual operations to automated functions for improving process efficiency.
Therefore, the lack of technical expertise among users limits the scope of advanced text analytics solutions. These factors will affect the growth of the during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this text analytics market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the text analytics market between 2023 and 2027
Precise estimation of the size of the text analytics market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the text analytics market industry across Europe, North America, APAC, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of text analytics market vendors

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Text Analytics Market Scope
Report Coverage	Details
Page number	169
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 19.82%
Market growth 2023-2027	USD 12,755.09 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	17.87
Regional analysis	Europe, North America, APAC, Middle East and Africa, and South America
Performing market contribution	Europe at 30%
Key countries	US, Japan, China, Germany, and France
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Alphabet Inc., Averbis GmbH, Bitext Innovations SL, Forsta AS, Infegy, InMoment Inc., International Business Machines Corp., KNIME AG, Luminoso Technologies Inc., MeaningCloud LLC, Megaputer Intelligence Inc., Micro Focus International Plc, Microsoft Corp., NICE Ltd., Open Text Corp., Oracle Corp., Qualtrics International Inc., SAP SE, SAS Institute Inc., and TIBCO Software Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Deployment
Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global text analytics market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global text analytics market 2017 - 2021 ($ million)

4.2 Deployment Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – Deployment Segment 2017 - 2021 ($ million)

4.3 Component Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Component Segment 2017 - 2021 ($ million)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Deployment

6.1 Market segments

Exhibit 30: Chart on Deployment - Market share 2022-2027 (%)
Exhibit 31: Data Table on Deployment - Market share 2022-2027 (%)

6.2 Comparison by Deployment

Exhibit 32: Chart on Comparison by Deployment
Exhibit 33: Data Table on Comparison by Deployment

6.3 Cloud - Market size and forecast 2022-2027

Exhibit 34: Chart on Cloud - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Cloud - Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Cloud - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Cloud - Year-over-year growth 2022-2027 (%)

6.4 On-premises - Market size and forecast 2022-2027

Exhibit 38: Chart on On-premises - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on On-premises - Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on On-premises - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on On-premises - Year-over-year growth 2022-2027 (%)

6.5 Market opportunity by Deployment

Exhibit 42: Market opportunity by Deployment ($ million)

7 Market Segmentation by Component

7.1 Market segments

Exhibit 43: Chart on Component - Market share 2022-2027 (%)
Exhibit 44: Data Table on Component - Market share 2022-2027 (%)

7.2 Comparison by Component

Exhibit 45: Chart on Comparison by Component
Exhibit 46: Data Table on Comparison by Component

7.3 Software - Market size and forecast 2022-2027

Exhibit 47: Chart on Software - Market size and forecast 2022-2027 ($ million)
Exhibit 48: Data Table on Software - Market size and forecast 2022-2027 ($ million)
Exhibit 49: Chart on Software - Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Software - Year-over-year growth 2022-2027 (%)

7.4 Services - Market size and forecast 2022-2027

Exhibit 51: Chart on Services - Market size and forecast 2022-2027 ($ million)
Exhibit 52: Data Table on Services - Market size and forecast 2022-2027 ($ million)
Exhibit 53: Chart on Services - Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Services - Year-over-year growth 2022-2027 (%)

7.5 Market opportunity by Component

Exhibit 55: Market opportunity by Component ($ million)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 57: Chart on Market share by geography 2022-2027 (%)
Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 59: Chart on Geographic comparison
Exhibit 60: Data Table on Geographic comparison

9.3 Europe - Market size and forecast 2022-2027

Exhibit 61: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 62: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 63: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 64: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.4 North America - Market size and forecast 2022-2027

Exhibit 65: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 66: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 67: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.5 APAC - Market size and forecast 2022-2027

Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.6 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 73: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.7 South America - Market size and forecast 2022-2027

Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.8 US - Market size and forecast 2022-2027

Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)

9.9 Japan - Market size and forecast 2022-2027

Exhibit 85: Chart on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on Japan - Year-over-year growth 2022-2027 (%)

9.10 China - Market size and forecast 2022-2027

Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)

9.11 Germany - Market size and forecast 2022-2027

Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)

9.12 France - Market size and forecast 2022-2027

Exhibit 97: Chart on France - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on France - Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on France - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on France - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 102: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 104: Overview on factors of disruption

11.4 Industry risks

Exhibit 105: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 106: Vendors covered

12.2 Market positioning of vendors

Exhibit 107: Matrix on vendor position and classification

12.3 Alphabet Inc.

Exhibit 108: Alphabet Inc. - Overview
Exhibit 109: Alphabet Inc. - Business segments
Exhibit 110: Alphabet Inc. - Key news
Exhibit 111: Alphabet Inc. - Key offerings
Exhibit 112: Alphabet Inc. - Segment focus

12.4 Averbis GmbH

Exhibit 113: Averbis GmbH - Overview
Exhibit 114: Averbis GmbH - Product / Service
Exhibit 115: Averbis GmbH - Key offerings

12.5 Bitext Innovations SL

Exhibit 116: Bitext Innovations SL - Overview
Exhibit 117: Bitext Innovations SL - Product / Service
Exhibit 118: Bitext Innovations SL - Key offerings

12.6 Forsta AS

Exhibit 119: Forsta AS - Overview
Exhibit 120: Forsta AS - Product / Service
Exhibit 121: Forsta AS - Key offerings

12.7 Infegy

Exhibit 122: Infegy - Overview
Exhibit 123: Infegy - Product / Service
Exhibit 124: Infegy - Key offerings

12.8 InMoment Inc.

Exhibit 125: InMoment Inc. - Overview
Exhibit 126: InMoment Inc. - Product / Service
Exhibit 127: InMoment Inc. - Key offerings

12.9 International Business Machines Corp.

Exhibit 128: International Business Machines Corp. - Overview
Exhibit 129: International Business Machines Corp. - Business segments
Exhibit 130: International Business Machines Corp. - Key news
Exhibit 131: International Business Machines Corp. - Key offerings
Exhibit 132: International Business Machines Corp. - Segment focus

12.10 Micro Focus International Plc

Exhibit 133: Micro Focus International Plc - Overview
Exhibit 134: Micro Focus International Plc - Product / Service
Exhibit 135: Micro Focus International Plc - Key news
Exhibit 136: Micro Focus International Plc - Key offerings

12.11 Microsoft Corp.

Exhibit 137: Microsoft Corp. - Overview
Exhibit 138: Microsoft Corp. - Business segments
Exhibit 139: Microsoft Corp. - Key news
Exhibit 140: Microsoft Corp. - Key offerings
Exhibit 141: Microsoft Corp. - Segment focus

12.12 NICE Ltd.

Exhibit 142: NICE Ltd. - Overview
Exhibit 143: NICE Ltd. - Business segments
Exhibit 144: NICE Ltd. - Key news
Exhibit 145: NICE Ltd. - Key offerings
Exhibit 146: NICE Ltd. - Segment focus

12.13 Open Text Corp.

Exhibit 147: Open Text Corp. - Overview
Exhibit 148: Open Text Corp. - Product / Service
Exhibit 149: Open Text Corp. - Key news
Exhibit 150: Open Text Corp. - Key offerings

12.14 Oracle Corp.

Exhibit 151: Oracle Corp. - Overview
Exhibit 152: Oracle Corp. - Business segments
Exhibit 153: Oracle Corp. - Key news
Exhibit 154: Oracle Corp. - Key offerings
Exhibit 155: Oracle Corp. - Segment focus

12.15 Qualtrics International Inc.

Exhibit 156: Qualtrics International Inc. - Overview
Exhibit 157: Qualtrics International Inc. - Product / Service
Exhibit 158: Qualtrics International Inc. - Key offerings

12.16 SAP SE

Exhibit 159: SAP SE - Overview
Exhibit 160: SAP SE - Business segments
Exhibit 161: SAP SE - Key news
Exhibit 162: SAP SE - Key offerings
Exhibit 163: SAP SE - Segment focus

12.17 SAS Institute Inc.

Exhibit 164: SAS Institute Inc. - Overview
Exhibit 165: SAS Institute Inc. - Product / Service
Exhibit 166: SAS Institute Inc. - Key news
Exhibit 167: SAS Institute Inc. - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 168: Inclusions checklist
Exhibit 169: Exclusions checklist

13.3 Currency conversion rates for US$

Exhibit 170: Currency conversion rates for US$

13.4 Research methodology

Exhibit 171: Research methodology
Exhibit 172: Validation techniques employed for market sizing
Exhibit 173: Information sources

13.5 List of abbreviations

Exhibit 174: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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