Text Analytics Market - Growth, Trends, Forecasts (2020 - 2025)
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.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The global text analytics market was valued at USD 5.46 billion in 2019 and is expected to reach a value of USD 14.84 billion by 2025 at a CAGR of 17.35% over the forecast period (2020-2025). 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, emails, 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 is 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 emails. 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, emails, 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 further increase the demand for text analytics 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 Middle East & Africa.
Social Media Analysis
Customer Care Services
End User Industry
Energy and Utility
Retail and E-commerce
Other End User Industries
Rest of Europe
Rest of Asia Pacific
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 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, over the past three years, AI generated USD 40 billion in additional revenue in the retail market. An AI-text analytics solution can help in analyzing customers’ behavior. With the help of the online chat program, it helps the company to display their feedbacks, demands, common questions, and answers, without even interacting with them directly.
This helps retailer in understanding 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.
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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 or brand or topic. This enables analyzing Hindi text for clues about positive, neutral, or negative sentiment. The text analytics service can be used for any textual/audio input or feedback, combined with Azure Speech-to-Text service.
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.
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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.
July 2020 - Microsoft Corporation announced the inclusion of text analytics capabilities within its Azure Cognitive Services product. According to the company, the text analytics for health feature can process various data types and tasks, including extracting more than 100 types of personally identifiable information (like protected health information) from unstructured texts.
March 2020 -SAS released its COVID-19 search tool, which may extract text and numerical data from more than 50,000 research articles and allow users’ quick access to relevant information.