Overview and Scope
Text mining refers to the process of extracting meaningful information and insights from unstructured text data. It involves techniques such as natural language processing (NLP), machine learning, and statistical analysis to uncover patterns, trends, and relationships within large volumes of textual information, enabling tasks like sentiment analysis, document categorization, and information retrieval.
Sizing and Forecast
The text mining market size has grown exponentially in recent years. It will grow from $5.86 billion in 2023 to $7.05 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period can be attributed to the growing demand for data-driven decision-making across industries, the development of more sophisticated machine learning algorithms, the integration of text mining with customer relationship management (CRM) systems, regulatory requirements, the emergence of sentiment analysis, and adoption of text mining for fraud detection and risk management.
The text mining market size is expected to see exponential growth in the next few years. It will grow to $14.82 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to increasing demand for efficient data extraction and analysis from unstructured text sources, expansion of industries, integration of text mining with other data analytics tools for comprehensive insights, increasing focus on customer experience management and personalization, growing awareness among enterprises, growth of big data analytics. Major trends in the forecast period include text classification, topic modeling, contextual understanding, multilingual text mining, and advancements in deep learning.
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Segmentation & Regional Insights
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
North America was the largest region in the text mining market in 2023. 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.
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Major Driver Impacting Market Growth
The growing trend of digitization is expected to propel the growth of the text mining market going forward. Digitization refers to converting analog information into digital format, typically involving data representation as binary numbers for storage and processing on computers or other digital devices. The growing digitization trend is fueled by its ability to streamline processes, enhance connectivity, and enable efficient access to information in various sectors. Digitization facilitates efficient text mining by converting analog data into machine-readable formats, enabling advanced analysis and extracting valuable insights from textual content. For instance, in November 2023, according to the Central Digital and Data Office, a U.K.-based government body, between April 2022 and April 2023, the government’s digital and data profession experienced a notable expansion of 19%, effectively meeting crucial demands for digital expertise. Therefore, the growing trend of digitization is driving the growth of the text mining market.
Key Industry Players
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
The text mining market report table of contents includes:
1. Executive Summary
2. Text Mining Market Characteristics
3. Text Mining Market Trends And Strategies
4. Text Mining Market – Macro Economic Scenario
5. Global Text Mining Market Size and Growth
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32. Global Text Mining Market Competitive Benchmarking
33. Global Text Mining Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Text Mining Market
35. Text Mining Market Future Outlook and Potential Analysis
36. Appendix
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