Text analytics market expected to grow at $ +8 billion by 2024 with a compound annual growth rate (CAGR) of + 18% over the forecast period of $ 5 billion in 2019. Key growth drivers for the market include an increasing need for social media analytics and an increased need for predictive analytics for the business.
By industry, the healthcare and life sciences sectors grew at the highest CAGR over the forecast period.
Text analytics is broken down by industry. Industry sectors include BFSI, telecommunications and IT, retail and e-commerce, medical and life sciences, manufacturing, government and defense, energy and utilities, media and entertainment, travel and entertainment and others (education, research, construction, and outsourcing). The healthcare and life sciences sectors are the fastest-growing segments of the text analytics market as demand grows in dealing with big data and providing valuable insights.
Manage applications, governance, risk, and compliance to grow rapidly during the forecast period
Based on the application, the market is divided into customer experience management, marketing management, governance, risk and compliance management, document management, people management, and fraud detection and supply chain management. Among other things, customer experience management is expected to dominate the market as penetration increases to improve business by consolidating customer views on products and services. However, governance, risk and compliance management applications are expected to grow at the highest CAGR as the number of federally compliant applications in the BFSI, retail and e-commerce, telecommunications and IT and government sectors increases.
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Key Market Segments:
Key Market players:
SAP SE (Walldorf, Germany), International Business Machines Corporation (New York, U.S.), SAS Institute, Inc. (North Carolina, U.S.), OpenText Corporation (Ontario, Canada), Clarabridge, Inc. (Virginia, U.S.), Megaputer Intelligence, Inc. (Indiana, U.S.), Luminoso Technologies, Inc. (Massachusetts, U.S.), MeaningCloud LLC (New York, U.S.), KNIME.com AG (Zurich, Switzerland), Infegy, Inc. (Missouri, U.S.), Lexalytics, Inc. (Massachusetts, U.S.), and Averbis (Freiburg Germany).
Based on components:
- Managed services
- Professional services
- Support and maintenance
- Consulting services
- System integration and deployment
Based on applications:
- Customer experience management
- Marketing management
- Governance, risk, and compliance management
- Document management
- Workforce management
Based on deployment modes:
Based on organization size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Based on Industry vertical:
- Banking, Financial Services, and Insurance (BFSI)
- Telecommunications and Information Technology (IT)
- Retail and eCommerce
- Healthcare and life sciences
- Government and defense
- Energy and utilities
- Media and entertainment
- Travel and hospitality
Based on regions:
- North America
- Latin America
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North America holds the largest market for the forecast period
The highest growth rate in APAC may be due to increased technology investment among emerging countries. This increases the demand for text analysis solutions used for the maintenance and automation of plant safety processes.
North America is expected to be a leading region in adopting and developing text analytics. Increasing investment in emerging technologies like IoT, AI, ML, increasing the presence of text analytics vendors, and increasing government support for regulatory compliance are key factors that are expected to contribute to market growth over the forecast period.
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Table of Content:
Chapter 1 Global Text Analytics Market Overview
Chapter 2 Global Economic Impact on Text Analytics Industry
Chapter 3 Global Text Analytics Market Competition by Manufacturers
Chapter 4 Global Text Analytics Production, Revenue (Value) by Region
Chapter 5 Global Text Analytics Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Global Text Analytics Production, Revenue (Value), Price Trend by Type
Chapter 7 Global Text Analytics Market Analysis by Application
Chapter 8 Text Analytics Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Global Text Analytics Market Forecast
Chapter 13 Appendix
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