Market Overview
The global text analytics market size is expected to register a CAGR of 17% for the years spanning 2020 and 2030. The market is expected to be worth USD 9 billion in 2030.
Many organizations use text analysis technologies and software programs when they want to retrieve data that has valuable information and insights that they can use to inform strategic decisions. Many in the tech and IT fields refer to this process and these technologies as data mining.
A variety of companies in many industry verticals use text analysis to summarize, classify, and make an order and sense out of seemingly random data that are unrelated.
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Segment overview
By component
This segment can be further grouped as follows:
- Software
- Services
- Managed services
- Professional services
By application
This segment can be further grouped as follows:
- Documentation management
- Workforce management
- Customer experience management
- Marketing management
- Risk and compliance management
By Deployment
This segment can be further grouped as follows:
- Cloud
- On-premises
By Vertical
This segment can be further grouped as follows:
- BFSI
- Retail and e-commerce
- Government
- IT and telecommunications
- Manufacturing
- Energy and utilities
- Hospitality
The retail and e-commerce sub-sector is currently holding the largest market share in the vertical sector. This trend is expected to continue for the time period that this report covers. Many retail companies value text analysis because is a key variable in terms of understanding and predicting consumer behavior and buying patterns.
These companies also use text data gleaned from various social media platforms to anticipate what future supply and demand will be like in a particular target market. The objective is to provide superior customer service and an unforgettable buying experience.
Retailers are best served when they use the insights gleaned from analyzing text data to implement new and innovative technologies and processes that will allow them to meet sudden increases in demand and provide the best shopping experience for customers.
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Regional analysis
The global text analytics market can be grouped into the following geographic regions;
- North America
- Asia-Pacific
- The European Union
- The rest of the world.
The North American region currently enjoys the largest regional market share. This is expected to continue for the time period that this report covers. The reason for this is that many industries like BFSI, retail, and healthcare are using text analysis in their daily operations to inform strategic decision-making.
The United States, especially, is home to the world’s largest text analysis companies. That’s also one key reason why the North American region enjoys such a large edge in the market in comparison to the rest of the world.
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