Text analytics is an emerging technology in the field of big data analytics targeted to handle unstructured text data. Due to data deluge, there is a huge demand for text analytics from various end-user industries, such as BFSI, Healthcare FMCG’s, Telecom, and so on, which is a major driver for the text analytics market. The global text analytics market is expected to grow at a CAGR of 18% during 2019 - 2029. The increasing popularity of text analytics technology is credited by the growing adoption of social media platforms and a rising preference towards cloud technology for data storing. There is a worldwide shift amongst companies to accept cloud technology.

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About 7485 Exabyte of Electronically stored Information is available in the market. Huge availability of data has necessitated the demand of tool for industry specific data mining. Companies such as IBM, SAP SE and Microsoft have assessed the market requirements and provide the services to develop Industry-specific text analytics tools.

Text analytics are used in industry-specific application in integration with various software’s such as customer relationship management, Competitive Intelligence software and others. For e.g. banking sector and insurance sector utilizes customer relationship management applications for better establishing a proper communication with customer by automated systems. Pharmaceutical and health care sector utilizes competitive intelligence-based application for mining, classifying and analyzing the information related to scientific articles and patents. 

On the basis of end user the text analytics market is segmented into consumer goods, banking financial services and insurance (BFSI), healthcare and pharmaceuticals, telecommunication, government, retail and others. Currently, the market is dominated by BFSI sector with 27% revenue share in 2021. There is high inflow of data in BFSI sector and also the demand for fraud detection, customer relationship management and so on. Moreover, consumer goods and retails are the fastest growing applications growing at 20% CAGR during 2019 - 2029.

Geographically text analytics market is segmented into North America, Europe, Asia Pacific, and RoW. North America & APAC are the major eye-catching regions for the text analytics market due to the high numbers of social media followers, advanced technological infrastructures, and fast growth of digital platforms such as E-Commerce and social media marketing. These factors are expected to facilitate both these regions in presenting attractive expansion chances for the global text analytics market in the coming years as well.  The Asia Pacific region has witnessed various positive trends for the adoption of text analytics. There has been significant growth in online population during last few years.

Major players in the text analytics market include Angoss Software Corporation, Basis Technology Corporation, Lexalytics, Inc, Microsoft Corporation, Opentext Corporation, Predixion Software, Rapidminer, Inc., SAP SE and SAS Institute, Inc.  and so on. Companies are adopting many strategies such as innovation in their technology, new software development and merger & acquisition to enhance market share.

Key Market Movements 

• The global text analytics market is expected to grow at a CAGR of 18% during 2019 - 2029.
• Due to data deluge, there is a huge demand for text analytics from various end user industries, such as BFSI, Healthcare FMCG’s, Telecom, and so on, which is a major driver for the text analytics market.
• Currently, the market is dominated by BFSI sector with 27% revenue share in 2021.
• Consumer goods and retails are the fastest-growing applications growing at 20% CAGR during 2019 - 2029.
• North America & APAC are the major eye-catching regions for the text analytics market due to the high numbers of social media followers, advanced technological infrastructures, and fast growth of digital platforms such as E-Commerce and social media marketing.
• Major players in the text analytics market include Angoss Software Corporation, Basis Technology Corporation, Lexalytics, Inc, Microsoft Corporation, Opentext Corporation, Predixion Software, Rapidminer, Inc., SAP SE and SAS Institute, Inc.  and so on

The Global Text Analytics Market is Segmented into:

*Complete segmentation list is on the report page