Global Text Analytics Market - Segmented by Deployment Model (On-premise Model, Cloud-based Model), Application (Predictive Analytics, Fraud Management, Risk Management, Business Intelligence), End User (BFSI, Healthcare, Energy and Utility, Manufacturing, Retail), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global text analytics market was valued at USD 3.95 billion and is expected to reach USD 10.38 billion by 2023 with an expected CAGR of 17.3% during the forecast period of 2018–2023. The scope of the report is limited to deployment models including on-premise and cloud-based, applications including predictive analytics, fraud management, risk management, business intelligence, and others, and end users including BFSI, healthcare, energy and utility, manufacturing, retail, and others. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The study also emphasizes the benefits of implementation of text analytics by diverse industries and prospects of the same.
Text analytics tools are being increasingly used by organizations to aid their business-making process by offering actionable insights from various forms of text sources, such as client interaction, emails, blogs, product reviews, tweets, and center logs. The primary objective of text analytics is to accumulate different forms of data, including structured and unstructured, which is further utilized for analysis, thereby fueling the organization’s business decisions. Text analytics can be practically incorporated into any industry, which creates an avenue for industry players to penetrate the market. This is expected to increase the competition amongst the industry over the forecast period.
Growing Demand for Social Media Analytics
The interaction between enterprises and customers are increasing through social media platforms including Facebook, Instagram, and Twitter, owing to the ease of communication. The companies procure better picture and understanding of their products and services owing to which the use of text analytics is expected to grow. Furthermore, the text mining of the data acquired from these social media platforms is utilized to create marketing campaigns and amend expenditure of the organization. The industry players use various models such as sentimental analysis and online activity analysis to device a customer’s behavior, which fuels the demand for text analytics over the forecast period.
Cloud-based Model to Exhibit Highest Growth
Corresponding to the increasing penetration of text analytics across the world, the demand for data security and flexibility is increasing, giving rise to cloud-based software. A cloud-based text analysis unleashes the ease of data clustering, identification of duplicates, and performing correlation. Moreover, the data size is increasing exponentially over time owing to rising data influx, which requires exceptional data management and sharing capabilities.
Asia-Pacific to Witness the Highest Growth
Asia-Pacific is witnessing significant growth in industries such as retail, BFSI, and healthcare, which is expected to propel the demand for data analytics such as text analytics. The industry players are focusing more on customer requirement and customer experience, which in turn, gives rise to analyzing consumer behavior towards diverse products. This is likely to fuel the text analytics market in the region over the forecast period. Furthermore, the region poses noteworthy opportunities for text analytics owing to the rising number of the customers utilizing social media platforms and online purchase, which is projected to boost the market.