What are the Historical Developments and Current Growth Metrics of the Text Analysis Software Market?
The text analysis software market has seen considerable growth due to a variety of factors.
• In the last few years, the market size of text analysis software has seen a rapid uptick. The market is projected to rise from $4.84 billion in 2024 to $5.85 billion in 2025, marking a compound annual growth rate (CAGR) of 20.9%.
Factors propelling growth in the historic period include a growing popularity among organizations, the upsurge in the demand for customer-centric solutions, the emergence of big data analytics, a rise in the preference for cloud-based solutions, and an escalating demand for intelligent text analysis software.
What is the Forecasted Market Size and CAGR for the Text Analysis Software Market?
The text analysis software market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, a rising trend in the size of the text analysis software market is anticipated, mounting to $12.37 billion in 2029, thanks to a compound annual growth rate (CAGR) of 20.6%.
The predicted expansion during this phase could be derived from the heightened usage of social media platforms, a surge in demand for predictive analytics, an increase in technological investment returns, a growing need for consumer insights, and a rising demand for enhanced customer experiences. Key trends projected for this period encompass technological advances, the acceptance of text analysis software, the launch of contemporary technology, the evolution in artificial intelligence (AI) and natural language processing (NLP), and the increased use of social media platforms.
What Key Factors and Trends Are Driving The Growth Text Analysis Software Market?
The surge in the usage of social media platforms is anticipated to drive the expansion of the text analysis software market. These platforms are digital services or websites facilitating the creation and sharing of content, involvement in social networking functions, and interaction with other individuals. The growing acceptance of these platforms is largely due to cultural impacts, accessibility via mobile devices, the need for information and news, and promotion of brands. Text analysis is widely utilized on these platforms to obtain crucial insights from content generated by users, improve user interfaces, and promote substantial interactions between users and brands. For example, a We Are Social Ltd report in January 2024 stated that social media user identities have increased by 5.6% in the previous year, with 266 million fresh users starting to use social media during 2023. Accordingly, the escalating acceptance of social media platforms is fueling the expansion of the text analysis software market.
What Are The Market Segments In The Text Analysis Software Market?
The text analysis software market covered in this report is segmented –
1) By Product: Clouds-Based, On-Premise
2) By Functionality: Text Analytics, Sentiment Analysis, Predictive Analytics, Social Media Monitoring, Other Functionalities
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By End-User: Banking, Financial Services, And Insurance (BFSI), Retail, Healthcare, Manufacturing, Other End-Users
Subsegments:
1) By Cloud-Based: Multi-User Access, Scalability And Flexibility, Integration With Other Cloud Applications
2) By On-Premise: Local Data Storage, Customization Options, Enhanced Data Security Features
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How Are New Trends Impacting The Size Of The Text Analysis Software Market?
Leading firms in the text analysis software industry are creating cutting-edge solutions like text analysis platforms to cater to the transforming needs of businesses for solutions that are scalable and effective for gleaning insights from textual data. These platforms, crafted to analyze and obtain insights from text data, employ various methods from natural language processing (NLP), machine learning, and artificial intelligence (AI). For reference, Netigate, a software company from Sweden, launched text analysis in September 2022. This is an innovative feature that employs AI machine learning to comprehend text data almost similarly to humans. This new product aims to redefine how customers deal with open-text feedback by offering features such as sentiment analysis, pattern discovery, and keyword classification. Furthermore, these features encompass sentiment analysis, subject, attribute, and aspect categorization, semantic clustering, natural language processing, multilingual processing, tracking the progression of sentiment over time, and extracting multi-word phrases.
Who Are the Key Players In The Text Analysis Software Market?
Major companies operating in the text analysis software market are:
• Amazon.com Inc.
• Google LLC
• Microsoft Corporation
• International Business Machines Corporation (IBM Corporation)
• SAP SE
• QSR International Inc.
• SAS Institute Inc.
• Ascribe GmbH
• Expert System S.p.A.
• KNIME AG
• RapidMiner Inc.
• Bitext Innovations S.L.
• Lexalytics Inc.
• AYLIEN Ltd.
• Luminoso Technologies Inc.
• Clarabridge Inc.
• Averbis GmbH
• MonkeyLearn Inc.
• Sayint.AI
• Provalis Research
• MeaningCloud LLC
• Smartlogic Holdings Limited
• Megaputer Intelligence Inc.
• Stratifyd Inc.
• Angoss Software Corporation
• Etuma Oy
• indico data solutions Inc.
• Keatext Inc.
• NetOwl by BAE Systems
What Are The Regional Insights Into The Text Analysis Software Market?
North America was the largest region in the text analysis software market in 2024. The regions covered in the text analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
