New York, US, March 29, 2023 (GLOBE NEWSWIRE) -- Market Analysis
The Text Analytics Market is likely to witness rapid revenue growth in the next few years. The growing use of business intelligence for prompt decision-making would drive market growth. Market Research Future (MRFR) states that the global text analytics market is projected to garner USD 9 billion by 2030, registering approximately 17% CAGR throughout the review period (2021-2030).
Text analytics process large volumes of unstructured text using machine learning, statistical and linguistic techniques. It enables businesses, governments, researchers, and media to derive insights and patterns that drive the customer experience or popularity of a product. The resulting data is then used with data visualization techniques to understand and make crucial decisions.
Text analytics uses various techniques, including topic modeling, sentiment analysis, named entity recognition, term frequency, and event extraction. Due to the growing internet use, a large amount of text data is generated from blogs, reviews, tweets, and various forum discussions & surveys.
Also, most customer interactions nowadays are digital, creating an enormous amount of text database that is unstructured and scattered around the web. If this text data is gathered, collated, structured, and analyzed properly, it can give valuable output that organizations can use to enhance profitability, customer experience, research, and security.
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Text Analytics Market Key Players
Eminent industry players profiled in the cloud backup market report include:
- IBM Corporation (US)
- SAP SE (Germany)
- SAS Institute Inc. (US)
- Clarabridge Inc. (US)
- Corporation (Canada)
- KNIME.com AG (Switzerland)
- MeaningCloud LLC (US)
- Infegy, Inc. (US)
- Averbis (Germany)Lexalytics, Inc. (US)
- Bitext Innovations SL (Spain)
- Megaputer Intelligence Luminoso Technologies Inc. (US)
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Industry Trends
Significant investments in developing high-performance and efficient text analytics boost the market size. Large upgrades in major offerings have enabled various applications to accelerate market demand. Besides, the rising demand for accurate and easy-to-use text analytics APIs suitable for multiple fields and languages fosters market growth.
APIs help build intelligent applications with aggregated multi-lingual content from multiple trusted sources across the web. APIs help analysts proactively identify, investigate, and monitor data to evaluate critical business risks and opportunities. The speech-to-text industry that perceives brisk digitization positively impacts the text analytics market shares.
Also, other industries moving toward digital transformation boost the market size. With the growing adoption of new text analytics tools that can address business intelligence needs, the market will likely gain significant traction in the next few years. Rising AI integrations drive the text analytics market.
Increasing R&D investments in AI and NLP technologies to build state-of-the-art deep learning-based NLP applications drive market growth. AI and NLP deliver significant value to businesses to extract intelligence for critical decision-making. On the other hand, factors such as high costs, safety & security issues, and the lack of awareness of the benefits of text analytics restrain the market growth.
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Segments
This text analytics market is segmented into components, applications, deployments, verticals, and regions. The component segment is bifurcated into software/solutions and services (managed and professional services). The application segment is bifurcated into documentation, workforce, customer experience, marketing, and risk & compliance management.
The deployment segment is bifurcated into on-cloud and on-premise. The vertical segment is bifurcated into BFSI, retail & e-commerce, government, IT & telecommunications, manufacturing, energy & utilities, travel & hospitality, and others. The region segment is bifurcated into the Americas, Asia-Pacific, Middle East & Africa, Europe, and rest-of-the-world.
Regional Analysis
North America dominates the global market for text analytics technology. The largest market share is attributed to major text analytics firms in the region. Besides, the increase in the utilization of text analytics solutions in various industrial verticals, such as retail & ecommerce, BFSI, IT & telecommunication, boosts the market in the region. Also, growing text analytics implementations in cell phones escalate the market value.
The expanding utilization of this technology for obtaining customer consent/ acknowledgment over speech/voice in mobile banking and buyers & IoT devices boost the text analytics market size. Rapid developments and rising applications of this technology substantiate market revenues. Moreover, the large presence of major technology providers and high spending on automotive infotainment systems increase the market sales of speech recognition.
Europe is another profitable market for speech recognition, headed by the rising interest in discourse and voice acknowledgment. Additionally, voice recognition tech observing significant advances and expanded applications in buyer gadgets and retail areas drives the market demand. The vast automotive sector in the region creates substantial market demand, increasingly using patterns of associated devices in robots.
APAC is an emerging market for text analytics systems. The growing number of developments and use of voice-empowered gadgets in the auto and medical businesses push the market growth. Furthermore, augmenting demand for standalone products of language recognition, speech-to-text, machine translation, and transliteration provides significant market opportunities. China, Japan, and Singapore are major text analytics markets supporting the regional market's growth.
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Competitive Analysis
The highly competitive text analytics market appears fragmented, with several notable players forming a competitive landscape. Industry players adopt strategic approaches such as collaborations, mergers & acquisitions, expansions, and product/ technology launches to gain a competitive advantage. Text analytics technology enables learning and plays experiences.
Text analytics providers increasingly integrate their systems with AI to develop efficient analytic solutions to assess text quickly and accurately. This offers a seamless, scalable, and more accurate approach to assessing the text. Further, market players make substantial investments in driving their R&D activities and expansion plans.
For instance, on Feb.23, 2023, Quantexa, a leading global provider of decision intelligence (DI) solutions, announced the acquisition of Aylien, a leader in NLP and advanced AI, to enter the text analytics market. Aylien's NLP and advanced AI solutions empower its customers to collect and analyze unstructured text data.
The combined offerings will empower Quantexa's customers to create real-time and reliable sets of actionable insights across risk & compliance practices and identify new growth opportunities. The move enables Quantexa to accelerate to the next phase of its business growth strategy and provide enhanced value to its existing customers by creating offerings for adjacent markets in the US$230 BN Decision Intelligence space.
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