[PDF] Text Analytics Market to Witness Significant Growth with Increasing R&D Efforts in Understanding COVID-19

United States/WA: The global Text Analytics market is estimated to account for US$ 13,060.4 million by 2025

Report Pages:[173 Pages]

Competitive Landscape:

Major players operating in the global text analytics market include, SAP SE, International Business Machines Corporation, SAS Institute, Inc., Opentext Corporation, Medallia, Clarabridge, Inc., Bitext Innovations S.L., Lexalytics, Inc., Megaputer Intelligence, Inc., Luminoso Technologies, Inc., and Knime.Com AG.

The Text Analytics Market Report by Deployment Model (Cloud, On-Premises), by Application (Competitive Intelligence, Customer Relationship Management, Predictive Analytics, Fraud Detection and Brand Reputation), by Organization Size (Small and Medium Enterprises and Large Enterprises), by End Users (Banking, Financial Services, and Insurance, Retail and E-Commerce, Government and Defense, Healthcare and Life Sciences, Manufacturing, Telecommunications and Information Technology.), and by Geography (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) – Global Forecast to 2027, is estimated to exhibit a CAGR of 17.7% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.

Market Overview:

Text analysis refers to the process of deriving quality information out of text. It includes “the discovery by computers of new, hidden, and sometimes unknown facts.” With the help of this information, business experts can understand consumer behavior, customer demographics, and preferences. It can also be used to determine which advertisements and promotional materials are working and which are not. As technology is always improving, the scope of text mining has been steadily increasing too.

Many companies across the globe are using unstructured text mining for business insight and analysis. The reason behind this is the fact that it helps save a lot of time and money. Businesses can focus more on developing their products and services instead of trying to understand each customer’s needs and buying behaviors. These insights are also useful for businesses that need to generate leads or sales pitches to customers who are yet to purchase something from the company. Furthermore, text analytics can be employed for finding out the right keywords for a product or a business idea.

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 Key Market Drivers:

Increasing demand for text analytics is expected to propel growth of the global text analytics market over the forecast period. For instance, in February 2021, Medallia, in partnership with DLT Solutions, a government technology aggregator, gained a contract from the General Services Administration to deliver a text analytics and natural language processing tool to the agency’s Technology Transfer Services unit.

Moreover, addition of regional languages in text analytics is also expected to propel growth of the global text analytics market over the forecast period. For instance, in November 2020, Microsoft added Hindi as the latest language to its Text Analytics service.

Covid-19 Impact Analysis

In the U.S., from 3 January 2020 to 5:56pm CEST, 24 August 2021, there have been 37,588,957 confirmed cases of COVID-19 with 623,900 deaths, reported to WHO. Several scientific studies are being published every day on Covid-19. Text analytics can help analyze several documents. It can help accelerate R&D efforts in understanding COVID-19. Thus, emergence of Covid-19 is expected to offer lucrative growth opportunities for players in the analytics market.

Key Takeaways

• The text analytics market is expected to exhibit a CAGR of 17.7% over the forecast period, owing to automation of text analysis operations. For instance, in January 2021, Assent Compliance, a supply chain data management vendor, opted AWS to automate its text analysis operations.

• Among regions, North America is expected to witness significant growth in the text analytics market, owing to M&A activities in the region. For instance, in July 2021, Qualtrics, an experience management provider, entered into a definitive agreement to acquire Clarabridge, a provider of omnichannel conversational analytics.

• Europe is also expected to witness significant growth in the text analytics market, owing to M&A activities in the region. For instance, in May 2021, Scorebuddy acquired CxMoments, a fully integrated text analytics solution that uses artificial intelligence (AI) and machine learning to mine text data.

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