What is the Current and Estimated Market Size for Text Analytics?
The text analytics market size, which has witnessed a rapid growth in the last few years, is predicted to leap from $10.86 billion in 2024 to $12.75 billion in 2025 at a compound annual growth rate (CAGR) of 17.4%. This growth trajectory is largely attributed to the data explosion, enhanced customer experience needs, regulatory compliance, and increasing demand for actionable insights and competitive intelligence.
In the following years, the text analytics market size is predicted to experience an exponential growth and reach a market value of $28.19 billion in 2029, expanding at a CAGR of 21.9%. This anticipated growth is fueled by industry-specific solutions, multilingual text analytics, automated report generation, and predictive analytics and forecasting. Major trends that will shape the market during the forecast period include improvements in AI models’ explainability, voice-to-text analytics, multilingual text analytics, integration of Artificial Intelligence and Machine Learning, and automation in text summarization, among others.
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What’s Contributing to the Text Analytics Market Growth?
The text analytics market is presently being propelled by the rising demand for social media analytics. The practice of gathering data from social media sites and blogs to inform business decisions has seen an increase due to rapid growth of social media and growing demand for analytical solutions that enhance decision-making capabilities. For instance, in February 2023, the UK registered an increase of 0.3% (224,000 users) in the number of internet users, as per data from US-based SaaS media monitoring company, Meltwater NV. Therefore, the growing demand for social media is indeed promising for the future growth of the text analytics industry.
How is the Text Analytics Market Segmented?
The text analytics market in this report is segmented as follows:
1) By Component: Software, Services
2) By Deployment: On-premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And medium Enterprises (SME’s)
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Which Pioneering Companies are Reshaping the Text Analytics Market Landscape?
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 Emerging Trends in the Text Analytics Market?
Companies operating in the text analytics market are increasingly focused on innovative and advanced solutions. In September 2024, UK-based event measurement company, Explori, launched an AI-powered text analysis tool. This tool automates the coding of open-ended feedback and enables benchmarking against industry standards, effectively boosting data analysis efficiency for event organizers. This innovation allows users to make data-driven decisions quickly, optimizing resource allocation and ensuring event success.
How Do Regions Fare in the Text Analytics Market?
In 2024, North America was the largest region in the text analytics market. However, during the forecast period, Asia-Pacific is expected to be the fastest-growing region. Other regions covered in the text analytics market report are Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Text Analytics Market Report 2025 Offer?
The text analytics software refers to tools that help in automatically converting large volumes of unstructured text into quantitative data to identify insights, trends, and patterns. These tools enable researchers, governments, businesses, and media to exploit their vast content libraries for evidence-based decision making. The Text Analytics Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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