Overview and Scope
Text analysis software refers to computer programs or tools designed to analyze, interpret, and extract insights from textual data. These tools utilize various techniques from natural language processing (NLP), machine learning, and computational linguistics to process and understand text in order to derive useful information.
Sizing and Forecast
The text analysis software market size has grown exponentially in recent years. It will grow from $4.02 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period can be attributed to increasingly popular among organizations, increasing demand for customer-centric solutions, rise of big data analytics, increasing adoption of the cloud-based solutions, increasing demand for intelligent text analysis software.
The text analysis software market size is expected to see exponential growth in the next few years. It will grow to $10.26 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to increase in the adoption of social media platforms, increased need for predictive analytics, growing technological investment income, increased demand for customer insights, increasing demand for improved customer experience. Major trends in the forecast period include technological advancements, adoption of text analysis software, new technology is introduced, advancements in artificial intelligence (AI) and natural language processing (NLP), adoption of social media platforms.
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Segmentation & Regional Insights
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
North America was the largest region in the text analysis software market in 2023. The regions covered in the text analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in the adoption of social media platforms is expected to propel the growth of the text analysis software market going forward. Social media platforms are online services or websites that allow users to produce and share content, participate in social networking activities, and communicate with others. The increase in adoption of social media platforms is due to cultural influence, mobile accessibility, information and news consumption, and brand promotion. Text analysis is extensively used on social media platforms to enable them to extract valuable insights from user-generated content, enhance user experiences, and facilitate meaningful interactions among users and brands. For instance, in February 2022, according to reports published by Avacado Social, a UK-based social media firm, the projected total number of social media users increased by 424 million users in 2021, an increase of 10% compared to the previous year. Therefore, the increase in the adoption of social media platforms is driving the growth of the text analysis software market.
Key Industry Players
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
The text analysis software market report table of contents includes:
1. Executive Summary
2. Text Analysis Software Market Characteristics
3. Text Analysis Software Market Trends And Strategies
4. Text Analysis Software Market – Macro Economic Scenario
5. Global Text Analysis Software Market Size and Growth
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32. Global Text Analysis Software Market Competitive Benchmarking
33. Global Text Analysis Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Text Analysis Software Market
35. Text Analysis Software Market Future Outlook and Potential Analysis
36. Appendix
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