Text Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Text Analytics Market is segmented by Deployment (On-premise, Cloud), Application (Fraud Management, Risk Management, Business Intelligence, Social Media Analysis, Customer Care Services), End-user Industry (BFSI, Healthcare, Energy and Utility, Retail and E-commerce), and Geography.

Market Snapshot

Text Analytics Market
Study Period: 2019- 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 17.35 %

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Market Overview

The global text analytics market was valued at USD 5.46 billion in 2020 and is expected to reach a value of USD 14.84 billion by 2026 at a CAGR of 17.35% over the forecast period (2021-2026). Some cloud-based applications, including predictive analytics, fraud management, risk management, business intelligence, cybercrime prevention, etc., use text analytics.

  • Text analytics tools are being increasingly used by organizations to aid their business-making process by offering actionable insights from various forms of text sources, such as client interaction, e-mails, blogs, product reviews, tweets, and center logs.
  • The primary objective of text analytics is to accumulate different forms of data, including structured and unstructured, which are further utilized for the analysis, thereby fueling the organization’s business decisions.
  • Some of the primary benefits of text analytics include cost reduction, enhanced processing speed, integration of big data, and better consistency.
  • Nowadays, there is a large amount of unstructured data generated, such as user’s tweets and e-mails. This information is bundled by organizations to understand consumer behavior toward the company and its products, which adds value to the firm’s growth.
  • Data generated by enterprises mainly consists of unstructured data (80%), while only 20% of the data is structured. Data comes in various types of formats, from structured, numeric data in traditional databases to unstructured text documents, like videos, audio, e-mails, stock ticker data, and financial transactions.
  • The rising demand for machine learning and big data analytics is expected to propel the text analytics market across the globe. COVID-19 is expected to increase the demand for text analytics further as people continue to work from home and are expected to heavily use social media platforms and e-mails for interacting with the brands.

Scope of the Report

Text analysis uses many linguistic, statistical, and machine learning techniques. It involves information retrieval from unstructured data and the process of structuring the input text to derive patterns and trends and evaluating and interpreting the output data. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

By Deployment
On-premise
Cloud
By Application
Risk Management
Fraud Management
Business Intelligence
Social Media Analysis
Customer Care Services
By End-User Industry
BFSI
Healthcare
Energy and Utility
Retail and E-commerce
Other End User Industries
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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Key Market Trends

Retail and E-commerce to Hold a Significant Share in Text Analytics Market

  • In retail, text analytics plays an important role in analyzing customer behavior and predicting consumer nature, which is likely to drive the market in the industry. By adopting text analytics, organizations can provide personalized schemes and discounts to their customers by making use of their historical trends.
  • Retailers use social media platforms as a key source to acquire data to utilize text analytics, anticipate the demand and supply, and enhance the customer experience.
  • In order to meet increased expectations and direct communication from consumers, retailers should implement the technology and processes that enable them to manage the volume, variety, access, and governance of consumer data.
  • Retailers need the integration of insights and AI necessary for perceiving intent and prescribing targeted responses. Retail companies need to centralize access to a vast amount of data siloed across IT, marketing, sales, call centers, and third-party sources to identify their customer's behaviors, wants, and needs.
  • According to a report by Hitachi Solution, AI generated USD 40 billion in additional revenue in the retail market over the past three years. An AI-text analytics solution can help in analyzing customers' behavior. The help of the online chat program helps the company display their feedbacks, demands, common questions, and answers without even interacting with them directly.
  • This helps the retailer understand the shift toward customers' behavior, their demands, the pattern of what they need, and customers' emotions. Moreover, it helps to make data-driven decisions for enhancing customer services.
Text Analytics Market

North America to Execute a Significant Market Share

  • The United States is a prominent market in the North American region due to the growing adoption of text analytics solutions across end-user industries, such as BFSI, retail, and healthcare. The region is a pioneer in adopting advanced technologies, thereby, driving the market's growth.
  • The rising investments in emerging technologies, like AI and machine learning, among others, are expected to create scope for the market.
  • Additionally, the United States has a strong foothold of text analytics vendors, which contributes to the market's growth. Some of them include IBM Corporation, SAS Institute Inc., Luminoso Technologies Inc., and Microsoft Corporation, among others.
  • On November 5, 2020, Microsoft, a US-based company, announced Hindi's addition as the latest language under its text analytics service to support businesses and organizations with customer sentiment analysis. Text analytics is part of the company's Azure Cognitive Services.
  • Using this service, organizations can find out what people think of their topic, brand, or topic. This enables analyzing Hindi text for clues about positive, neutral, or negative sentiment. The text analytics service can be combined with the Azure Speech-to-Text service for any textual/audio input or feedback.
  • Academic institutions have become involved in the text mining initiative in the country. For instance, in the United States, the School of Information at the University of California, Berkeley, is developing a program known as BioText, to assist biology researchers in text mining and analysis.
Text Analytics Market

Competitive Landscape

The text analytics market is a propelling market with several players in the market. However, the major players such as IBM Corporation, SAP SE dominate the market. Therefore, the market is consolidated.

  • May 2021 – TCS and Microfocus’s unified analytics platform, Vertica, announced a strategic partnership to accelerate the process of modernization in enterprise data warehouses for various data-driven companies using Unified Analytics Platform.
  • July 2020 - Microsoft Corporation announced the inclusion of text analytics capabilities within its Azure Cognitive Services product. According to the company, text analytics for health features can process various data types and tasks, including extracting more than 100 types of personally identifiable information (like protected health information) from unstructured texts.

Recent Developments

  • March 2021 - Microfocus’s unified analytics platform, Vertica, announced that this unified analytics platform is now available for Dell EMC Elastic Cloud Storage (ECS). This allows more leverage and freedom to cloud innovation for analytics in a hybrid deployment, data resides, and on-premises data center use.
  • June 2021 – Clarabridge announced the debut of its intelligent search assistant, Clara. This intelligent search assistant provides better customer engagement, critical answer experience and delivers visual results in seconds by interacting across vast data sources and customer feedback.
  • November 2020 - Clarabridge is a member of Oracle Partner Network (OPN) and announced that its customer experience analytics is now fully integrated with Oracle Cloud CX Service. This allows us to understand customer feedback from social media platforms, messages, surveys, chats, calls, and emails.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGTHS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitute Product

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Impact of COVID-19 on the Market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Growing Demand for Social Media Analytics

      2. 5.1.2 Rising Practice of Predictive Analytics

    2. 5.2 Market Restraints

      1. 5.2.1 Lack of Skilled Personnel and Awareness

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Deployment

      1. 6.1.1 On-premise

      2. 6.1.2 Cloud

    2. 6.2 By Application

      1. 6.2.1 Risk Management

      2. 6.2.2 Fraud Management

      3. 6.2.3 Business Intelligence

      4. 6.2.4 Social Media Analysis

      5. 6.2.5 Customer Care Services

    3. 6.3 By End-User Industry

      1. 6.3.1 BFSI

      2. 6.3.2 Healthcare

      3. 6.3.3 Energy and Utility

      4. 6.3.4 Retail and E-commerce

      5. 6.3.5 Other End User Industries

    4. 6.4 By Geography

      1. 6.4.1 North America

      2. 6.4.2 Europe

      3. 6.4.3 Asia Pacific

      4. 6.4.4 Latin America

      5. 6.4.5 Middle East and Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 IBM Corporation

      2. 7.1.2 Microsoft Corporation

      3. 7.1.3 SAP SE

      4. 7.1.4 SAS Institute Inc.

      5. 7.1.5 Lexalytics Inc.

      6. 7.1.6 Luminoso Technologies Inc.

      7. 7.1.7 Clarabridge Inc.

      8. 7.1.8 Micro Focus International PLC

      9. 7.1.9 OpenText Corporation

      10. 7.1.10 RapidMiner Inc.

      11. 7.1.11 Infegy Inc.

      12. 7.1.12 Medallia Inc.

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Text Analytics Market market is studied from 2019 - 2026.

The Text Analytics Market is growing at a CAGR of 17.35% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

SAP SE, IBM Corporation, Clarabridge, Inc., SAS Institute Inc., Microsoft Corporation are the major companies operating in Text Analytics Market.

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