Text Analytics Market Size to Hit $27.63 Billion, Globally, by 2028 – Driven by Growing Demand for Text Categorization | The Insight Partners

The global text analytics market size to record a CAGR of 20.4% from 2022 to 2028, it is expected to grow from USD 8.45 billion in 2022 to USD 27.63 billion by 2028.

New York, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Text Analytics Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Deployment Type (Cloud-Based and On-Premise), Technology (NLP, AML, and Hybrid), Application (Predictive Analysis, Competitive Intelligence, Fraud/Spam Detection, and Social Media Monitoring), and Vertical (BFSI, Telecom, FMCG, Government, Academia and Education, Legal & Intellectual Property, Healthcare, Pharmaceuticals, Chemistry & Materials, Retail, and Others)”, the global text analytics market growth is fuelled by growing demand for text categorization, continuous technological advancements and widening number of industries using text analytics.

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Global Text Analytics Market – Report Scope:

Market Size Value in USD 8.45 Billion in 2022
Market Size Value by USD 27.63 Billion by 2028
Growth rate CAGR of 20.4% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 260
No. of Tables 22
No. of Charts & Figures 84
Historical data available Yes
Segments covered Deployment Type, Technology, Application, and Vertical

Global Text Analytics Market: Competitive Landscape and Key Developments

Angoss Software Corporation; Averbis GmbH; Bitext Innovations S.L.; Cambridge Semantics, Inc.; Clarabridge; Clarivate Analytics; RapidMiner Inc.; Expert System Group; Linguamatics; Basis Technology; SciBite; KNIME; IBM Corporation; Quertle Right Signature LLC; Lexalytics; OpenText Corp; Thomson Reuters Semantria, Inc.; Biomax Informatics AG; Elsevier; SAP SE; and SAS Institute Inc. are among the key text analytics market players operating in the industry. Many other text analytics market players were also analyzed during the course of the study.

In April 2022, Canvs AI, a text analytics platform for consumer insights, announced new platform updates to support exponential demand for the analysis of open-ended text. The company updated this platform in response to a significant traction it gained in open-ended text uploaded for the analysis purpose.

In March 2022, YFM completed the investment of US$ 6.10 million (£5 million) into Relative Insight Company. Relative Insight is a text analytics company, and this investment by YFM will help it expand operations in the US and promote product development.

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Global Text Analytics Market – Key Insights:

Data that are not organized in predefined data models and that consist of irregularities and ambiguities are categorized as unstructured. More than 70% of data generated today is unstructured and is, therefore, not suitable for analysis. Companies can leverage only 30% of data for insights and business decision-making if it is unstructured. As a result, enterprises seek analytical tools capable of offering improved analytical capabilities. Thus, enterprises’ efforts to exploit maximum value from unstructured data act as significant revenue opportunities for vendors operating in the global text analytics market.

The text analytics market size is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America dominated the text analytics market in 2022 and is expected to continue its dominance during the forecast period. The region houses numerous text analytics solution providers. These include Angoss Software Corporation; Cambridge Semantics, Inc.; Clarabridge; RapidMiner Inc. (Altair); IBM Corporation; Semantria (a spin-off of Lexalytics); OpenText Corp; Thomson Reuters; Elsevier; SAP SE; and SAS Institute Inc. In September 2022, AppTek and expert.ai signed a partnership agreement to roll out their AI-based text analytics solution for dynamic audio content in multiple languages. Moreover, governments of North American countries are also focusing on advanced technologies for extracting relevant information. In April 2022, the Department of Health and Human Services (HHS) Office of the Inspector General (OIG) started building AI text analytics for developing a new “bring your own documents” web portal. This portal would allow end users to apply natural language processing techniques to an ad hoc set of documents. According to HHS officials, text analytics is an emerging and developing technology, due to which the agency is seeking forward to harness its capabilities. The portal will be useful to search documents, obtain necessary information, and use “entity recognition and topic modeling” methods to gain more information about the documents. Expanding use of text analytics globally would assist in fueling the overall text analytics market growth.

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Impact of COVID-19 Pandemic on Global Text Analytics Market Growth:

Big data analytics and Hadoop are the prominent analytics software available in the text analytics market in North America. The automated analysis of data plays a major part in helping corporations keep up with huge data volumes and utilize these data for insights. Continuous improvements in consumer experience through the implementation of customer relationship management (CRM), and initiation of effective marketing and promotional activities are contributing to the progress of the text analytics market in North America. Active players in the text analytics market are endlessly refining and discovering the current text analytics architecture to provide more efficient solutions to end users. During the COVID-19 crisis, adoption of analytics witnessed an upward trend. Analytical solutions and technologies provide useful insights and assist in understanding COVID-19 scenario in countries. The pandemic has been a catastrophic event that led to depression, unemployment, and other psychological issues among individuals. During the peak of COVID-19 waves, individuals began expressing their sentiments on different social media platforms. With developments in deep learning-based language models, sentiment analysis solutions can be now used for the analysis of data gathered from different social media networks, such as Twitter. Thus, the use of sentiment analysis and text analytics to know human psychology surged during this global crisis.

Global Text Analytics Market: Application Overview

Based on application, the text analytics market size is segmented into predictive analysis, competitive intelligence, fraud/spam detection, and social media monitoring. The predictive analytics segment accounted for the largest share of the market in 2022. The BFSI sector implements predictive analysis to assess a customer’s credit scores and to know the lender’s creditworthiness to minimize risk of defaulting. Manufacturing enterprises use predictive analysis to manage resources through the predictive analysis of inventory, thus improving operations. Predictive analytics is changing the ways of working in industries, which, in turn, contributes to the text analytics market growth in this segment

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