How Has the Text Analytics Market Evolved Historically and What is its Current Size?
The text analytics market has seen considerable growth due to a variety of factors.
• Over the past few years, there has been a swift increase in the size of the text analytics market. The market, which is forecasted to increase from $10.86 billion in 2024 to $12.75 billion in 2025, is expected to experience a compound annual growth rate (CAGR) of 17.4%.
The surge in growth during the historic period is due to the explosion of data, a need for actionable insights, improvement in customer experience, regulatory compliance, and competitive intelligence.
What is the Forecasted Market Size and CAGR for the Text AnalyticsMarket?
The text analytics market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the text analytics market is predicted to witness exceptional expansion in the coming years. The market is projected to reach $28.19 billion by 2029, with a compound annual growth rate (CAGR) of 21.9%.
The growth forecasted for this period can be attributed to factors such as tailor-made industry solutions, multilingual text analytics, anticipatory analytics, and automated generation of reports. Key trends expected during this forecast period include a greater emphasis on explainability in AI models, text-from-voice analytics, integration of machine learning and artificial intelligence, automated text summarisation, and enhancements to conversational AI and chatbots.
What Are The Primary Growth Drivers In The Text Analytics Market?
The expansion of the text analytics market is being propelled by the increased need for social media analytics. Social media analytics involves the gathering of data from social media platforms and blogs, and using this data to inform business decisions. The proliferation of social media and the accompanying demand for analytical solutions to enhance decision-making processes are encouraging the use of various text analytics methods. Sentiment analysis, event detection, and other techniques are examples of this. For instance, Meltwater NV, a U.S.-based SaaS media monitoring firm, reported in February 2023 that the number of internet users in the UK had hit 66.11 million. This was an increase of 224,000 users, or a 0.3% increase from 2022 to 2023. Consequently, the swelling demand for social media is projected to drive the expansion of the text analytics sector in the forecast period.
What Is The Segmentation Of The Global Text Analytics Market?
The text analytics market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And medium Enterprises (SME’s)
Subsegments:
1) By Software: Text Analytics Platforms, Natural Language Processing (NLP) Tools, Sentiment Analysis Software, Data Mining Software, Visualization Tools
2) By Services: Consulting Services, Integration Services, Support And Maintenance Services, Training And Education Services
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What Emerging Trends Are Shaping The Text Analytics Market Landscape?
Advancements in technology are a growing trend in the text analytics industry. Entities within this market are prioritizing the creation of advanced, innovative solutions to cater to the specialized needs of different customer sectors worldwide. For instance, Explori, a UK-based event measurement firm, unveiled an AI-fueled text analysis tool in September 2024. The tool automates open-ended feedback coding and enables comparison with industry standards, greatly enhancing data analysis efficiency for event planners. This development makes it possible for users to quickly arrive at informed decisions based on data, subsequently boosting the success of events and making resource allocation more efficient.
Who Are the Key Players in the Text Analytics Market?
Major companies operating in the text analytics market include:
• International Business Machines Corporation
• Microsoft Corporation
• SAP SE
• SAS Institute Inc.
• Lexalytics Inc.
• Luminoso Technologies Inc.
• Clarabridge Inc.
• Micro Focus International PLC
• OpenText Corporation
• RapidMiner Inc.
• Infegy Inc.
• Medallia Inc.
• Megaputer Intelligence Inc.
• Oracle Corporation
• TIBCO Software Inc.
• Bitext Innovations SL
• Basis Technology Corporation
• MeaningCloud LLC
• KNIME. com AG
• Averbis GmbH
• bizAmica Software Pvt. Ltd.
• Kingland Systems
• Capgemini SE
• NICE Ltd.
• Verint Systems Inc.
• Amazon Web Services Inc.
• Expert System S. p. A.
• Aylien Ltd.
• Provalis Research
• Linguamatics Ltd.
What are the Regional Insights into the Text Analytics Market?
North America was the largest region in the text analytics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the text analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
