The latest report by IMARC Group, titled “Text Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the text analytics industry size. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global text analytics market size reached US$ 8.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 33.0 Billion by 2032, exhibiting a growth rate (CAGR) of 15.5% during 2024-2032.
Text Analytics Market Trends:
The market is propelled by the exponential growth of unstructured data and significant advancements in natural language processing (NLP) technologies. In line with this, the increasing adoption of big data analytics across diverse industries further bolsters market expansion. Additionally, the increasing focus on enhancing customer experience management, the rising need for competitive intelligence, and the growing demand for sentiment analysis contribute to the momentum of the market.
Similarly, the continual integration of text analytics with machine learning and artificial intelligence (AI) technologies is enhancing the accuracy and efficiency of text analysis processes, thereby resulting in market growth. Furthermore, the expanding application of text analytics in risk management and fraud detection, as organizations increasingly rely on these technologies to mitigate risks and ensure security, is stimulating market growth.
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Text Analytics Market Scope and Growth Analysis:
The scope and growth of text analytics is expansive, including retail, healthcare, finance, and government, each utilizing text analytics to extract actionable insights from textual data. As per market analysis, a significantly increasing adoption of text analytics is propelled by the rising importance of data-driven decision-making. Besides this, continual innovations in cloud-based text analytics solutions and the development of real-time analytics capabilities are expanding the scope of the market.
In addition to this, the growing number of strategic partnerships and collaborations among key industry players are accelerating technological advancements and broadening the application range of text analytics, thereby resulting in market growth. According to the market analysis, organizations across different sectors increasingly recognize the value of text analytics in gaining competitive advantages and optimizing operations, resulting in growth of the market scope.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Clarabridge
- Infegy
- International Business Machines Corporation
- Lexalytics Inc.
- Luminoso Technologies Inc.
- Microsoft Corporation
- Open Text Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Tableau Software LLC
- The Hewlett Packard Enterprise Company
- TIBCO Software Inc
Text Analytics Market Segmentation:
Our report has categorized the market based on region, deployment model, organization size, application and end use industry.
Breakup by Deployment Model:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium Enterprises (SMEs)
Breakup by Application:
- Competitive Intelligence
- Customer Relationship Management
- Predictive Analytics
- Fraud Detection
- Brand Reputation
- Others
Breakup by End User:
- Fast Moving Consumer Goods (FMCG)
- Banking Financial Services and Insurance (BFSI)
- Healthcare and Pharmaceuticals
- Telecommunication
- Government
- Retail
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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