Text analytics is an emerging technology in the field of big data analytics targeted to handle unstructured text data. Due to data deluge, there is a huge demand for text analytics from various end user industries, such as BFSI, Healthcare FMCG’s, Telecom, and so on, which is a major driver for the text analytics market. The global text analytics market is expected to grow at a CAGR of 18% during 2019-2029. The increasing popularity of text analytics technology is credited by the growing adoption of social media platforms and a rising preference towards cloud technology for data storing. There is a worldwide shift amongst companies to accept cloud technology. The capability to control fraud, supervise risk and plan successful marketing campaigns, are the key factors for the adoption of text analytics across industries. The global text analytics market is also bound to certain limitations such as lack of awareness among end users for software management, high operation cost and agreement issue with current IT infrastructure. However, added gain of predictive analytics and reliability to analyze big data is anticipated to generate breakthrough opportunities for the market in future.
Wide Range of Applications of Text Analytics Compels Market Growth
Industry specific text analytics technology is utilized across sectors such as banking and insurance firms, Law enforcement and civil litigation, government enterprise, IT sector, Publishing firms and media, Pharmaceuticals based research companies and others for varied applications such as fraud detection, analysis of warranty, medical research and e-discovery. About 7485 Exabyte of Electronically stored Information is available in the market. Huge availability of data has necessitated the demand of tool for industry specific data mining. Companies such as IBM, SAP SE and Microsoft have assessed the market requirements and provide the services to develop Industry specific text analytics tools.
Text analytics are used in industry specific application in integration with various software’s such as customer relationship management, Competitive Intelligence software and others. For e.g. banking sector and insurance sector utilizes customer relationship management applications for better establishing a proper communication with customer by automated systems. Pharmaceutical and health care sector utilizes competitive intelligence based application for mining, classifying and analyzing the information related to scientific articles and patents.
BFSI Remains the Largest Market
On the basis of end user the text analytics market is segmented into consumer goods, banking financial services and insurance (BFSI), healthcare and pharmaceuticals, telecommunication, government, retail and others. Currently, the market is dominated by BFSI sector with 27% revenue share in 2019. There is high inflow of data in BFSI sector and also the demand for fraud detection, customer relationship management and so on. Moreover, consumer goods and retails are the fastest growing applications growing at 20% CAGR during 2021-2029.
North America & APAC Are Key Markets
Geographically text analytics market is segmented into North America, Europe, Asia Pacific and RoW. North America & APAC are the major eye-catching regions for the text analytics market due to the high numbers of social media followers, advanced technological infrastructures, and fast growth of digital platforms such as E-Commerce and social media marketing. These factors are expected to facilitate both these regions in presenting attractive expansion chances for the global text analytics market in the coming years as well. The Asia Pacific region has witnessed various positive trends for the adoption of text analytics. There has been significant growth in the online population during last few years. And companies are rapidly seeking opportunities from social media marketing. There has been an increased usage of social media analytics for marketing purpose. Asia Pacific currently holds approx 31% revenue share in Text analytics market which is expected to grow up to 37% by 2022.
Innovation to Enhance Market Share of Key Competitors
Major players in the text analytics market include, Angoss Software Corporation, Basis Technology Corporation, Lexalytics, Inc, Microsoft Corporation, Opentext Corporation, Predixion Software, Rapidminer, Inc., SAP SE and SAS Institute, Inc. and so on. Companies are majorly focusing on embedding text analytics abilities such as natural language processing across many enterprise applications ranging from consumer service to market study to social media monitoring. Companies are adopting many strategies such as innovation in their technology, new software development and merger & acquisition to enhance market share.
Historical & Forecast Period
This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2029.
Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.
Deployment Type (2019-2029; US$ Mn)
- On Cloud
Application area (2019-2029; US$ Mn)
- Competitive Intelligence
- Customer Relationship Management
- Predictive Analytics
- Fraud Detection
- Brand Reputation
Technology (2019-2029; US$ Mn)
- Descriptive Data Analysis
- Predictive Analytics
- Text Clustering
- Web Mining
End User Segment (2019-2029; US$ Mn)
- Fast Moving Consumer Goods (FMCG)
- Banking Financial Services And Insurance (BFSI)
- Healthcare And Pharmaceuticals
Region type Segment (2019-2029; US$ Mn)
- North America
- Asia Pacific
- Latin America
Global Impact of Covid-19 Segment (2020-2021; US$ Mn)
- Pre Covid-19 situation
- Post Covid-19 situation
Key questions answered in this report
- What are the key market segments in current scenario and in the future by product categories?
- What are the key market segments in current scenario and in the future by regions?
- What is the key impact of Covid-19 over market revenues and market determinants in the sulphur recovery technology market?
- What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
- What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
- How to overcome the current market challenges and leverage the opportunities in each of the market segment?
- Who are the key players in the text analytics market and what are their key product categories and strategies?
- What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth?
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 Key offerings
1.2 Market Segmentation
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.5 Approach Adopted
Chapter 2. Executive Summary
2.1 Market Snapshot: Global Text Analytics Market
2.2 Global Text Analytics Market, by Deployment type, 2020 (US$ Mn)
2.3 Global Text Analytics Market, by Application Area, 2020 (US$ Mn)
2.4 Global Text Analytics Market, by Technology, 2020 (US$ Mn)
2.5 Global Text Analytics Market, by End User Vertical, 2020 (US$ Mn)
2.6 Global Text Analytics Market, by Geography, 2020 (US$ Mn)
2.6 Global Text Analytics Market, Competitive Analysis, 2020 (US$ Mn)
2.7 Global Text Analytics Market, by Impact of Covid 19, 2020 (US$ Mn)
2.8 Porter’s Five force Model
2.9 See Saw Analysis
2.10 Key Buying Criteria
2.11 Impact of Covid 19
Chapter 3. Market Determinants
3.1. Market Drivers
3.1.1. Growing Need of Social Media Analytics
3.1.2. Rise in industry Specific Text Analytics Applications
3.1.3. Emergence of Multilingual Text Analytics To Break The Language Barrier
3.2. Market Restraints
3.2.1. Limited Adoption Due To Software Handling Issues
3.3. Market Opportunities
3.3.1. Convergence of Text Analytics With Big Data
3.3.2. Added Advantage of Predictive Analytics
3.4. Market Challenges
3.4.1. Costly Procedures of Text Analytics
3.4.2. increasing Awareness Among End Users
3.4.3. inconsistency in interpretation
Chapter 4. Global Text Analytics Market by Application 2019-2029 ($ Million)
4.1. Global Text Analytics Competitive intelligence Market 2019-2029 ($ Million)
4.2. Global Text Analytics Customer Relationship Management Market 2019-2029 ($ Million)
4.3. Global Text Predictive Analytics Market 2019-2029 ($ Million)
4.4. Global Text Analytics Fraud Detection Market 2019-2029 ($ Million)
4.5. Global Text Analytics Brand Reputation Market 2019-2029 ($ Million)
Chapter 5. Global Text Analytics Market by Deployment Mode 2019-2029 ($ Million)
5.1. Global Text Analytics On-Premises Market 2019-2029 ($ Million)
5.2. Global Text Analytics Cloud Market 2019-2029 ($ Million)
Chapter 6. Global Text Analytics Market by End User 2019-2029 ($ Million)
6.1. Global Text Analytics Fast Moving Consumer Goods (FMCG) Market by Geography 2019-2029 ($ Million)
6.2. Global Text Analytics Banking Financial Services and insurance (BFSI) Market by Geography 2019-2029 ($ Million)
6.3. Global Text Analytics Healthcare and Pharmaceuticals Market by Geography 2019-2029 ($ Million)
6.4. Global Text Analytics Telecommunication Market by Geography 2019-2029 ($ Million)
6.5. Global Text Analytics Government Market by Geography 2019-2029 ($ Million)
6.6. Global Text Analytics Retail Market by Geography 2019-2029 ($ Million)
Chapter 7. Global Text Analytics Market by Technology 2019-2029 ($ Million)
7.1. Descriptive Data Analysis
7.2. Predictive Analytics
7.3. Text Clustering
7.4. Web Mining
Chapter 8. North America Text Analytics Market 2019-2029 ($ Million)
8.1. United States
Chapter 9. Europe Text Analytics Market 2019-2029 ($ Million)
9.6. Rest of Europe
Chapter 10. Asia Pacific Text Analytics Market 2019-2029 ($ Million)
10.4. Rest of Asia Pacific
Chapter 11. Rest of World Text Analytics Market 2019-2029 ($ Million)
11.1 Latin America
11.2. Middle East & Africa
Chapter 12 Company Profiles
12.1. Angoss Software Corporation
12.1.2. Product Portfolio
12.1.3. Scot Analysis
12.2. Basis Technology Corporation
12.2.2. Product Portfolio
12.2.3. Scot Analysis
12.3. Clarabridge, inc.
12.3.2. Product Portfolio
12.3.3. Strategic Moves
12.3.4. Scot Analysis
12.4. international Business Machines (Ibm) Corporation
12.4.2. Product Portfolio
12.4.3. Strategic Moves
12.4.4. Scot Analysis
12.5.2. Product Portfolio
12.5.3. Scot Analysis
12.6. Kana (Acquired by Verint)
12.6.2. Product Portfolio
12.6.3. Strategic Moves
12.6.4. Scot Analysis
12.12. Lexalytics, inc
12.12.2. Product Portfolio
12.12.3. Scot Analysis
12.8. Microsoft Corporation
12.8.2. Product Portfolio
12.8.3. Strategic Moves
12.8.4. Scot Analysis
12.9. Netbase Solution
12.9.2. Product Portfolio
12.9.3. Scot Analysis
12.10. Opentext Corporation
12.10.2. Product Portfolio
12.10.3. Strategic Moves
12.10.4. Scot Analysis
12.11. Predixion Software (Acquired by Greenwave Systems)
12.11.2. Product Portfolio
12.11.3. Strategic Moves
12.11.4. Scot Analysis
12.12. Rapidminer, inc.
12.12.2. Product Portfolio
12.12.3. Strategic Moves
12.12.4. Scot Analysis
12.13. Sap Se
12.13.2. Product Portfolio
12.13.3. Scot Analysis
12.14. Sas institute, inc.
12.14.2. Product Portfolio
12.14.3. Scot Analysis
12.15.2. Product Portfolio
12.15.3. Scot Analysis
- Angoss Software Corporation
- Basis Technology Corporation
- Lexalytics Inc
- Microsoft Corporation
- Opentext Corporation
- Predixion Software
- Rapidminer Inc.
- SAP SE
- SAS Institute Inc.