Text Analytics Global Market Report 2024

Text analytics refers to software or tools designed to automatically convert extensive amounts of unstructured text into quantitative data, enabling the identification of insights, trends, and patterns. This technology empowers businesses, governments, researchers, and the media to harness vast content for informed decision-making.

The main types of text analytics include software and services. The text analytics software segment involves the sale of tools that assist users in extracting insights from both structured and unstructured text data through natural language processing. Examples of insights derived include sentiment analysis, key phrases, language, themes and patterns, entities, and more. This software can be deployed on-premise or in the cloud and is applicable to both large enterprises and SMEs. Text analytics solutions find applications across various industries such as BFSI, healthcare, energy and utilities, retail, e-commerce, and others. These solutions are employed for purposes like risk management, fraud detection, business intelligence, social media analysis, and customer care services.

The text analytics market research report is one of a series of new reports that provides text analytics market statistics, including text analytics industry global market size, regional shares, competitors with a text analytics market share, detailed text analytics market segments, market trends and opportunities, and any further data you may need to thrive in the text analytics industry. This text analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The text analytics market size has grown rapidly in recent years. It will grow from $9.35 billion in 2023 to $11.09 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth observed in the historical period can be attributed to factors such as the explosion of data, a demand for actionable insights, the enhancement of customer experience, regulatory compliance requirements, and the pursuit of competitive intelligence.

The text analytics market size is expected to see rapid growth in the next few years. It will grow to $22.88 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%.
The anticipated growth in the forecast period can be attributed to the adoption of industry-specific solutions, the integration of multilingual text analytics, the utilization of predictive analytics and forecasting, and the implementation of automated report generation. Noteworthy trends expected in this period include a heightened focus on explainability in AI models, the emergence of voice-to-text analytics, advancements in multilingual text analytics, increased integration of artificial intelligence and machine learning, automation in text summarization, and enhancements in conversational AI and chatbots.

The text analytics market is experiencing growth, propelled by the increasing demand for social media analytics. Social media analytics involves collecting data from platforms and blogs, analyzing it to inform business decisions. The surge in social media use globally, with over 3.6 billion users projected to reach 4.41 billion by 2025, has led organizations to adopt text analytics techniques like sentiment analysis and event detection. According to the Content Marketing Institute, more than 81% of global organizations are utilizing social media analytics tools, showcasing a rising demand that is expected to drive the growth of the text analytics industry.

The expansion of cloud computing is anticipated to be a driving force in the growth of the text analytics market. Cloud computing, enabling access to computing resources over the internet without physical ownership, has found utility in text analytics for enhancing decision-making processes and harnessing unstructured data. In 2022, the United States contributed to 45% of total cloud service revenues, projected to allocate over $258 billion toward public cloud services in 2023. Increased adoption of hybrid cloud and the use of multiple public clouds further supports the expectation that heightened cloud computing will drive the growth of the text analytics market.

A key trend in the text analytics market is technological innovation, with companies focusing on developing advanced solutions to meet specific demands. In March 2021, Kensho Communications introduced Kensho NERD, a machine-learning system for Named Entity Recognition and Disambiguation, enhancing the exploitation of textual data by linking entities mentioned in documents to corresponding database records.

Major companies in the text analytics industry are embracing strategic partnerships to deliver essential services. AppTek and expert. ai collaborated to launch AI-based text analytics for dynamic audio content in multiple languages, combining the natural language understanding expertise of expert. ai with AppTek's proficiency in automatic speech recognition and neural machine translation technologies. This partnership aims to empower organizations to leverage audio content for enhanced intelligent automation and decision-making.

In September 2021, InMoment's acquisition of Lexalytics, an Experience Improvement (XI) TM solutions provider acquiring a leader in text analytics and natural language processing, showcases strategic moves within the industry. The acquisition enhances organizations' flexibility in adopting various text analytics infrastructures and opens up new market opportunities.

Major companies operating in the in the text analytics market report are International Business Machines Corporation, Microsoft Corporation, SAP SE, SAS Institute Inc., Lexalytics Inc., Luminoso Technologies Inc., Clarabridge Inc., Micro Focus International PLC, OpenText Corporation, RapidMiner Inc., Infegy Inc., Medallia Inc., Megaputer Intelligence Inc., Oracle Corporation, TIBCO Software Inc., Bitext Innovations SL, Basis Technology Corporation, MeaningCloud LLC, KNIME. com AG, Averbis GmbH, bizAmica Software Pvt. Ltd., Kingland Systems, Capgemini SE, NICE Ltd., Verint Systems Inc., Amazon Web Services Inc., Expert System S. p. A., Aylien Ltd., Provalis Research, Linguamatics Ltd.

North America was the largest region in the text analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the text analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the text analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The text analytics market includes revenues earned by entities by providing solutions that understand, analyze, and derive insights from unstructured text into quantitative data by utilizing sentiment analysis, topic modeling, named entity recognition, term frequency, and event extraction techniques. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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