What Has Been the Growth of the Text Mining Market So Far?
The text mining market has seen considerable growth due to a variety of factors.
• The scale of the text mining market has seen substantial expansion in the past few years. It is predicted to rise from its $7.05 billion worth in 2024 to an estimated $8.51 billion by 2025, which translates to a significant annual compound growth rate (CAGR) of 20.7%.
This substantial growth during the historic period can be linked to various factors. These include the increased need for data-led decision making across various sectors, advancements in machine learning algorithms, amalgamation of text mining with customer relationship management (CRM) systems, specific regulatory requirements, the rise of sentiment analysis, and the utilization of text mining in detecting fraud and managing risk.
What Is the Forecasted Market Size and Growth Rate for The Text Mining Market Size In The Coming Years?
The text mining market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for tremendous expansion in the text mining market size in the coming years. By 2029, it is projected to surge to a value of $17.82 billion, showcasing a compound annual growth rate (CAGR) of 20.3%.
The expected growth in the forecast period can be linked to various factors such as a rise in the need for effective data extraction and analysis from unarranged text sources, industry expansion, merging of text mining with other data analytic tools for in-depth insights, an increased emphasis on managing the customer experience and personalization, growing enterprise awareness, and the expansion of big data analytics. Noteworthy trends forecasted during this period encompass text classification, topic modeling, understanding of context, multilingual text mining, and breakthroughs in deep learning.
What Factors Are Driving Growth In The Text Mining Market?
The increasing digital transformation trend is set to boost the expansion of the text mining market. Digital transformation involves changing analog information into a digital version, typically configuring data into binary numbers for storage and manipulation in computers or other digital gadgets. The rising trend of digital transformation supports process enhancement, boosts connectivity, and provides efficient access to data across various fields. It makes text mining effective by transforming analog data into formats that machines can read, allowing advanced analysis and gleaning essential insights from textual content. For example, the Central Digital and Data Office, a governmental entity in the U.K., noted that from April 2022 to April 2023, the government's digital and data profession grew remarkably by 19%, successfully addressing crucial requirements for digital proficiency. As a result, the escalating trend of digital transformation is fueling the advancement of the text mining market.
What Are The Main Segments Of The Global Text Mining Market?
The text mining market covered in this report is segmented –
1) By Product: On-premise, Cloud-based
2) By Application: Data Analysis And Forecasting, Fraud Or Spam Detection, Intelligence And Law Enforcement, Customer Relationship Management (CRM), Text Mining For Natural Language Processing (NLP), Text Mining For Sentiment Analysis
3) By End-Use: Healthcare, Retail, Banking, Financial Services And Insurance (BFSI), Government, Media And Entertainment, Other End Users
Subsegments:
1) By On-Premise: Local Deployment, Customization Options, Data Security And Privacy Control
2) By Cloud-Based: Scalable Infrastructure, Remote Access And Collaboration, Integration With Cloud Applications
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Which Emerging Market Trends Are Altering The Text Mining Industry?
Prominent businesses in the text mining market are concentrating on creating sophisticated solutions, such as enhanced natural language processing, to establish a competitive advantage. The application of this advanced natural language processing is crucial in text mining because it boosts the capability to perform a more precise, efficient, and detailed analysis of textual data. For example, in May 2023, ONTOFORCE NV, a data science firm originating from Belgium, introduced superior Natural Language Processing (NLP) capabilities to extract valuable knowledge from unstructured data sources within life sciences. This move matches the rising significance of NLP in the sector, where close to 80% of data is saved in unstructured formats, which makes it difficult to retrieve and examine.
Who Are the Key Players In The Text Mining Market?
Major companies operating in the text mining market are:
• Microsoft Corporation
• International Business Machines Corporation
• SAP SE
• Capgemini SE
• SAS Institute
• Confirmit
• Basis Technology
• Kingland Systems LLC
• KNIME
• Altair Engineering Inc.
• RapidMiner
• Bitext
• Mozenda
• InMoment
• Semantic Web Company GmbH
• Wonderflow
• PrediCX
• NextWealth Entrepreneurs Private Limited
• Angoss Software Corporation
• Averbis GmbH
• Netowl Inc.
• MeaningCloud
• DeepOpinion
• Funnel Science
• SmatSocial
What Is The Most Dominant Region In The Text Mining Market?
North America was the largest region in the text mining market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the text mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
