Text Mining Global Market Report 2024

The text mining market size has grown exponentially in recent years. It will grow from $5.86 billion in 2023 to $7.05 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The expansion witnessed in the historical period can be ascribed to several factors including the increasing need for data-driven decision-making across industries, advancements in machine learning algorithms, the integration of text mining capabilities with customer relationship management (CRM) systems, compliance with regulatory requirements, the rise of sentiment analysis techniques, and the adoption of text mining for fraud detection and risk management purposes.

The text mining market size is expected to see exponential growth in the next few years. It will grow to $14.82 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The anticipated growth in the forecast period can be attributed to several key drivers, including the rising demand for efficient extraction and analysis of data from unstructured text sources, the expansion of various industries, the integration of text mining with other data analytics tools to provide comprehensive insights, a heightened focus on customer experience management and personalization strategies, increased awareness among enterprises regarding the benefits of text mining, and the continued growth of big data analytics capabilities. Key trends expected to shape the forecast period include advancements in text classification techniques, the implementation of topic modeling algorithms, improved contextual understanding of text data, the development of multilingual text mining solutions to cater to diverse language requirements, and ongoing advancements in deep learning methodologies for text analysis.

The upward trajectory of digitization is poised to be a significant driver propelling the growth of the text mining market in the foreseeable future. Digitization, characterized by the conversion of analog information into digital format, serves as a cornerstone for streamlining processes, enhancing connectivity, and facilitating efficient access to information across various sectors. The growing digitization trend plays a pivotal role in enabling efficient text mining endeavors by transforming analog data into machine-readable formats, thereby empowering advanced analysis and extraction of valuable insights from textual content. For instance, insights from the Central Digital and Data Office in November 2023 highlight a notable 19% expansion within the government's digital and data profession between April 2022 and April 2023, effectively meeting crucial demands for digital expertise. This underscores the pivotal role of digitization in propelling the growth trajectory of the text mining market.

Key players within the text mining market landscape are strategically focused on developing advanced solutions, notably advanced natural language processing (NLP), to gain a competitive edge in the market. Advanced NLP holds significant utility in text mining endeavors as it enhances text mining capabilities by enabling more accurate, efficient, and nuanced analysis of textual data. For instance, ONTOFORCE NV, a leading data science company based in Belgium, launched advanced Natural Language Processing (NLP) capabilities in May 2023 to unlock valuable insights from unstructured data sources in life sciences. This strategic initiative aligns with the increasing significance of NLP within the industry, where up to 80% of data is stored in unstructured formats, posing challenges for access and analysis. By leveraging advanced NLP capabilities, organizations can extract meaningful insights from unstructured textual data, thereby enhancing decision-making processes and driving innovation across diverse domains.

In December 2022, Babel Street Inc., a US-based provider of virtual data and intelligence solutions, acquired the text analytics platform Rosette from BasisTech LLC for an undisclosed sum. This strategic acquisition underscores Babel Street's dedication to delivering innovative solutions for identity intelligence and risk operations, tailored to the requirements of government and commercial institutions. BasisTech LLC, a US-based software development company, offers text mining capabilities as part of its text analytics platform.

Major companies operating in the text mining market are Microsoft Corporation, International Business Machines Corporation, SAP SE, Capgemini SE, SAS Institute, Confirmit, Basis Technology, Kingland Systems LLC, KNIME, Altair Engineering Inc., RapidMiner, Bitext, Mozenda, InMoment, Semantic Web Company GmbH, Wonderflow, PrediCX, NextWealth Entrepreneurs Private Limited, Angoss Software Corporation, Averbis GmbH, Netowl Inc., MeaningCloud, DeepOpinion, Funnel Science, SmatSocial.

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

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

Text mining refers to the systematic process of extracting valuable insights and information from unstructured text data. This involves utilizing techniques such as natural language processing (NLP), machine learning, and statistical analysis to uncover patterns, trends, and relationships within extensive textual datasets. Key tasks facilitated by text mining include sentiment analysis, document categorization, and information retrieval.

The primary product types in text mining are on-premise and cloud-based solutions. On-premise text mining software is installed and operated on the organization's internal computers or servers, rather than being hosted on a remote facility or cloud service. These applications find application across various domains including data analysis and forecasting, fraud and spam detection, intelligence and law enforcement, customer relationship management (CRM), NLP-driven text mining, and sentiment analysis. End-users of text mining software span diverse sectors such as healthcare, retail, banking, financial services and insurance (BFSI), government, media and entertainment, among others.

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

The text mining market includes revenues earned by entities by providing services such as named entity recognition (NER), topic modeling, entity recognition, document summarization, and sentiment analysis. 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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