Report : Text Analytics Market to 2025 - Global Analysis and Forecast by Deployment Type (On-premise, Cloud), Technology ( Natural Language Processing, Automated Machine Learning, Hybrid), Application ( Predictive Analysis, Social Media Monitoring Fraud/ Spam Detection, Competitive Intelligence and Others) and Verticals ( BFSI, Telecom Sector, Government, FMCG, Pharmaceutical, Legal & Intellectual Property, Academia & Education, Chemistry & Materials, Healthcare, Retail and Others)
According to the new research report published by The Insight Partners, titled “Text Analytics Market - Global Analysis and Forecast to 2025”, the global text analytics market is expected to reach US$ 18.28 billion in 2025, registering a CAGR of 24.2% during the forecast period 2017 to 2025.
In 2016, North America accounted for the largest revenue share of around more than one-third of the total market share, followed by Europe.
The North America, Asia-Pacific and Europe in total hold more than half of the total market, while the regions such as Middle East and Africa and South America are exhibiting a slow growth curve towards the adoptions of text analytics solution. The reason for slow growth rate in these regions could be attributed to the lack of internet penetration as well as limited usage of social networking sites. Manufacturing plants in these regions are also quite sparse and distributed.
Competitive Intelligence is the analysis and collection of information to understand competitive activity, view past market aberration and objectively interpret events. It delivers insight into challenges and marketplace dynamics in a disciplined, structured, and ethical manner using non-published and published sources. The competitive intelligence application of text analytics is gaining a huge growth opportunity owing to the advantages it offers for organizations in tracking their competitors regarding their customers, price, place, promotions, and products. Owing to the insights gained through competitive intelligence by implementing text analytics, organizations are largely investing on text analytics software and model for gaining competitive intelligence. The competitive intelligence market for text analytics is expected to witness a lucrative CAGR growth of 24.6% in the forecast period.
The BFSI sector includes credit, banking financial information, investing, insurance, mergers & acquisitions/due diligence, trading, and payments markets. It serves institutional (corporate) and retail (consumer) markets and includes service, information, and regulatory components. These sectors and market components consume and produce bulk volumes of semi-structured such as forms and filings, structured transactional data, and “unstructured” news and communications. Text analytics reinforces both vertical needs which are particularly tailored to the business goals, business domains, sources of information, and workflows, along with horizontal enterprise functions such as marketing and customer relationship management (CRM). Thus, the BFSI vertical segment market is expected to grow at a CAGR of 24.1% during the forecast period 2017 to 2025.
Key findings of the study:
The global Text Analytics market is segmented on the basis of deployment type, technology, application and verticals. The deployment type segment is further segmented into In- Premises and Cloud Based text analytics. Based on Technology the market is segmented into Natural Language Processing (NLP), Automate Machine Learning and Hybrid. NLP prepares the text for more advanced analysis and consist of methods identifying text by parts of speech; synonyms, root words & stems, roles identification (subject, object and action) and others. Hybrid on the other hand comprise of analytical software integrated with machine learning and linguistic capabilities.
Based on application, the global text analytics market is segmented into predictive analysis, social media monitoring, fraud/spam detection and competitive detection and others. Vertical segment is bifurcated into BFSI, telecom sector, government, FMCG, pharmaceutical, academia & education, legal & intellectual, chemistry & materials, healthcare, retail and others. On the basis of geography, the market is segmented into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM).
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