Covina, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Prophecy Market Insights has published a new research report titled “The Text Analytics market accounted for US$ 5.4 billion in 2020 and is estimated to be US$ 25.58 billion by 2030 and is anticipated to register a CAGR of 17%.”
What is Text Analytics? How Big It is Text Analytics Market Size and Share?
Overview:
Text analytics are set of machine learning, linguistic and statistical techniques which are used in processing of large volumes of unstructured text to derive insights and patterns. Text analytics software can independently sort, classify and extract the information from text identifying patterns, sentiments, relationships and other.
Growing business operations by emerging and small-sized players across globe has given positive impact on market growth. Further, growing adoption of digital technology and growing preference for cloud technology for data storage contribute to the increasing popularity of text analytics technologies. Furthermore, growing technological investment among emerging countries is expected fruitful the demand for Text Analytics Market growth.
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Some of the Top Market Leaders Are:
- International Business Machines Corporation
- Open Text Corporation
- SAS Institute Inc.
- SAP SE
- Clarabridge, Inc.
- Megaputer Intelligence, Inc.
- Meaning Cloud LLC.
- Luminoso Technologies, Inc.
- KNIME.com AG
- Infegy, Inc.
- Lexalytics, Inc.,
- Averbis
Recent Key Highlights of Text Analytics Market:
- In July 2020, Microsoft launched new text analytics for organizing deluge of healthcare data. The new launched tool is offers new analytics features in its Azure Cognitive service which help developers for processing and extracting insights from unstructured medical data in healthcare system.
Report Scope:
| Attribute | Details |
| Base year for estimation | 2020 |
| Forecast period | 2020 – 2030 |
| Market representation | Revenue in USD Million & CAGR from 2020 – 2030 |
| Market Segmentation | By Component- Software and Services By Application– Social Media Analysis, Business Intelligence, Fraud management, Risk management, and Customer Care service. By End-use Industry- Healthcare, BFSI, Energy and Utility and Retail & Ecommerce. |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Analyst View:
User-generated hashtags are example of text analytics that are likely to be used in daily life on blogs, social networks, and other platform to tag content. The capacity of text analytics to analyze hidden feelings in the text is a significant aspect that makes this industry appealing which is likely to propel Text Analytics market growth.
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Top Trends Influencing the Market:
- Digital Transformation: Businesses across sectors are embracing digital technologies to enhance operations, improve customer experiences, and stay competitive in the digital age.
- E-commerce Expansion: The continued growth of online retail and the rise of new e-commerce platforms are reshaping traditional retail landscapes and consumer buying behaviors.
- Artificial Intelligence (AI) and Machine Learning: AI and machine learning applications are revolutionizing industries by enabling data-driven decision-making, automation, and personalized customer experiences.
- Cybersecurity: As digital activities rise, the focus on cybersecurity measures has intensified, with businesses investing in robust security solutions to protect sensitive data from cyber threats.
Market Dynamics:
Market dynamics encompass the ever-changing forces that influence supply, demand, consumer behavior, competition, regulations, technology, economic indicators, global events, cyclical trends, and social factors within a market. Understanding these dynamics is vital for businesses as they navigate shifts in consumer preferences, regulatory landscapes, and economic conditions, allowing them to make informed decisions, adapt strategies, and remain competitive in the rapidly evolving marketplace.
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The Report Answers Questions Such As:
- What is the Text Analytics Market Size and Growth Rate According to the Report?
- What are the Core Components of Text Analytics Technology Mentioned in the Report?
- Who Are Some Key Players in the Text Analytics Market as Highlighted in the Report?
- What Are the Major Applications of Text Analytics Mentioned in the Report?
- How Are Emerging Technologies Such as AI and Machine Learning Impacting the Text Analytics Market?
- What Key Trends and Forces are Influencing the Text Analytics Market, according to the Report?
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