Text Analytics Market size is set to grow by USD 18.08 billion from 2024-2028, popularity of soa among end-users to boost the market growth, Technavio

NEW YORK, June 18, 2024 /PRNewswire/ -- The global text analytics market  size is estimated to grow by USD 18.08 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 22.58%  during the forecast period.  popularity of soa among end-users is driving market growth, with a trend towards emergence of advanced text analytical tools  However, system integration and interoperability issues  poses a challenge.Key market players include 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., Microsoft Corp., NICE Ltd., OpenText Corp., Oracle Corp., Qualtrics LLC, SAP SE, SAS Institute Inc., and TIBCO Software Inc..

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Key Market Trends Fueling Growth

Text analytics is a valuable tool for businesses seeking to make data-driven decisions. Advanced text analytics, in particular, enables companies to gain insights into consumer behaviors and optimize marketing strategies. Predictive analytics, a type of text analytics, uses advanced mathematics and statistical tools to forecast future scenarios. This technology is increasingly adopted by organizations to manage projects, plan business strategies, and mitigate errors in manual calculations. The global text analytics market is expected to grow due to the availability of large data volumes from technologies like robotic process automation and the IoT. 

The Text Analytics market is experiencing significant growth due to the increasing demand for gaining insights from unstructured data. Key technologies like Natural Language Processing (NLP), Machine Learning (ML), and Artificial Intelligence (AI) are driving trends in this sector. Companies are utilizing text analytics to improve customer service, enhance marketing strategies, and optimize business operations. Sentiment analysis, topic modeling, and entity extraction are popular applications. Cloud-based solutions and customizable platforms are also gaining traction. The future of text analytics lies in real-time analysis, multilingual support, and integration with other data sources. 

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Market Challenges

• The text analytics market is experiencing growth in sectors like telecommunication, BFSI, retail, and media and entertainment. However, organizations encounter challenges integrating text analytics solutions with their existing IT infrastructure. Vendors must offer unified IT solutions to prevent technical glitches and additional costs. System integration and interoperability issues arise during IT updates or mergers, which can discourage adoption. Customized solutions are often cost-prohibitive, limiting market growth. Organizations must ensure text analytics solutions are compatible with their systems before implementation.
• The Text Analytics market faces several challenges in effectively extracting valuable insights from large volumes of data. One challenge is the complexity of unstructured data, such as social media postsings and customer reviews. Another challenge is the need for real-time analysis to keep up with the fast-paced business environment. Additionally, ensuring data security and privacy is a major concern. Furthermore, the lack of standardization in data formats and the need for interoperability between different systems can hinder the adoption of Text Analytics. Lastly, the high cost of implementing and maintaining Text Analytics solutions can be a barrier for small and medium-sized businesses.

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Segment Overview 

This text analytics market report extensively covers market segmentation by

1. Deployment 
• 1.1 Cloud
• 1.2 On-premises
2. Component 
• 2.1 Software
• 2.2 Services
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Cloud-  The Text Analytics market is experiencing significant growth due to the increasing adoption of cloud-based solutions among businesses. Cloud-based text analytics software and services, offered by vendors like Microsoft, SAP, SAS Institute, IBM, Lexalytics, and Open Text, provide cost savings, ease of deployment, and faster ROI for Small and Medium Enterprises (SMEs). Solutions like Lexalytics' Semantria API offer remote access, data backup, and customized Natural Language Processing (NLP) services. Integrations with cloud platforms, such as Amazon Web Services (AWS), further streamline analytical tasks and improve business outcomes.

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Research Analysis

The Text Analytics Market encompasses cloud-based applications that leverage predictive analytics for fraud and risk management in various sectors. Business intelligence tools employ machine learning algorithms to identify patterns in structured and unstructured data from multiple sources, including social media and unstructured text data. These insights enable informed business decisions and aid in cybercrime prevention. The market caters to numerous industries, such as banking, insurance, finance, and legal services, by providing software and services components for compliance monitoring and customer sentiment analysis. Fraud detection cases are effectively managed through advanced text analytics solutions, ensuring robust security and regulatory adherence.

Market Research Overview

The Text Analytics Market encompasses the usage and analysis of natural language data to derive valuable insights. This field leverages various techniques such as sentiment analysis, text mining, and speech recognition. The market is witnessing significant growth due to the increasing volume of digital data and the need for effective data management. Businesses across industries are adopting text analytics to gain a deeper understanding of customer behavior, improve operational efficiency, and enhance decision-making processes. The technology finds applications in sectors like healthcare, finance, and customer service. The future of text analytics lies in the integration of advanced technologies like artificial intelligence and machine learning to provide more accurate and actionable insights.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• Cloud
• On-premises
• Component
• Software
• Services
• Geography
• Europe
• North America
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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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SOURCE Technavio