According to IMARC Group latest report titled” Text Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market exhibited strong growth during 2015-2020. The global text analytics market size to grow at a CAGR of around 20% during 2021-2026. Text analytics refers to an automated process of translating large amounts of unstructured text, including emails, online reviews, tweets, call center agent notes, etc., to quantitative data. It helps in acquiring insights about trends and related information. Text analytics relies on text mining and natural language processing (NLP) algorithms to find meaning from written communication. It assists organizations in making better decisions by incorporating data visualization tools. At present, organizations across countries widely utilize text analytics to evaluate text in several languages and understand customer opinions.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Due to the sudden outbreak of the COVID-19 pandemic, numerous organizations across the globe are focusing on establishing and improving their online presence, which is driving the text analytics market. Moreover, the rising adoption of text analytics by small and medium-sized enterprises (SMEs) to gain results in real-time is further catalyzing the global market. Text analytics also aids in identifying patterns, improving customer satisfaction, detecting product issues, and monitoring brand reputation, which are positively influencing the market growth. In the coming years, the increasing demand for text analytics across diverse industry verticals, such as retail, healthcare, travel and tourism, military and defense, information technology (IT) and telecommunication, BFSI, etc., is expected to fuel the text analytics market in the coming years.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 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:
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
Breakup by End User:
- Fast Moving Consumer Goods (FMCG)
- Banking Financial Services and Insurance (BFSI)
- Healthcare and Pharmaceuticals
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 (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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