Text Analytics Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Text Analytics Market covers analysis by Deployment Type (Cloud-Based and On-Premise), Technology (NLP, AML, and Hybrid), Application (Predictive Analysis, Competitive Intelligence, Fraud/Spam Detection, and Social Media Monitoring), and Vertical (BFSI, Telecom, FMCG, Government, Academia and Education, Legal & Intellectual Property, Healthcare, Pharmaceuticals, Chemistry & Materials, Retail, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPTE100000198
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 260
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The text analytics market is expected to grow from US$ 8.45 billion in 2022 to US$ 27.63 billion by 2028; it is estimated to record a CAGR of 20.4% from 2022 to 2028.

Text analytics plays an increasingly important role in several use cases across different industry verticals. For example, the insurance industry has different and distinct use cases such as claims automation, policy review, and risk engineering that require text analysis. Text analytics allows insurance companies to locate specific information within minimal time. Digital advertising is another end use of text analytics. Unlike a cookie-based approach, contextual advertising analyzes text on a webpage to understand content in an in-depth manner. Widening number of industries using text analytics would drive the overall text analytics market growth.

Owing to increasing competitiveness, companies are seeking advanced analytical solutions capable of utilizing large volumes of data, thereby aiding in better and faster decision-making. With the use of sentiment analysis and voice-of-customer (VoC) solutions, companies can improve customer intimacy and service quality, which enables them to drive customer satisfaction, loyalty, and revenue. The use of text analytics solutions in risk management and fraud detection application in the banking and financial sector helps save millions of dollars over a deal. This will further contribute towards the growth of text analytics market.

Text categorization is one of the prominent use cases of text analytics. The process is based on machine learning and models taken from current datasets, further matching the model data sets with new datasets for making predictions. In text categorization, the end user’s system is fed with a pre-built set of text examples and their relevant categories. A machine learning algorithm learns how each text is categorized and creates rules for itself. When new text is presented, it applies these rules to categorize it. This supervised learning-based approach to text categorization saves the time and effort required to set and implement new rules. Growing demand for text categorization will help in fueling the text analytics market growth.

Strategic Insights

Regional Analysis of Text Analytics Market

APAC ranked third in terms of text analytics market share in 2022. Continuous growth in the retail, banking, fast-moving consumer goods (FMCG), and healthcare sectors in emerging markets of the Philippines, China, India, and Australia have attracted several international enterprises targeting these economies for the expansion of their business. With the expansion of business into the mentioned countries, their day-to-day functions would create enormous amounts of unstructured text through. This factor is projected to develop growth opportunities for vendors operating in APAC and thus impacting text analytics market. Also, the proliferation of the healthcare sector in Australia, Japan, Taiwan, South Korea, China, Singapore, etc., is anticipated to generate significant demand for text analytics platforms owing to the generation of huge amount of unstructured textual data. ~80% of biomedical data created is unstructured text, which requires text analytics solutions to unlock insights with the use of natural language processing-based solutions.

Owing to continuous technological advancements, it is projected that the advent of different AI regulations in the US, Europe, and Asia will promote the adoption of AI solutions in Asia Pacific by 2025. This adoption will further triggering the machine learning and automated machine learning platform penetration. The use of machine learning platforms would lead to new data categories, thereby expanding the scope of text categorization.

During the COVID-19 pandemic, people’s participation on Twitter, Facebook, and other popular social media platform was tremendous. Twitter was s preferred platform to gather public opinions in the form of comments, reviews, and posts related to COVID-19. Later, different models, tools, and matrices, as well as sentimental analysis, were utilized for classifying public opinions on COVID-19, and also to know situation across the world. The pandemic has positively fueled the text analytics market.

Lucrative Regions – Text Analytics Market Share

Lucrative Regions – Text Analytics Market Share

Market Insights – Text Analytics Market

 

Industry Vertical-Based Insights

Based on industry vertical, the text analytics market size is segmented into BFSI, IT & telecom, healthcare, government & defense, education, retail, manufacturing, and others. In 2022, the BFSI segment accounted for the largest text analytics market share. It includes insurance agencies, commercial banks, mutual funds, non-banking financial companies, cooperatives, banks, and broking firms. Text analytics in the BFSI sector provides a new opportunity for fraud detection. Fraud detection in this sector is achieved through social network analysis or predictive analysis, among other methods. Using text analytics as a method for fraud detection has increased the identification of frauds by more than 50%, as these types of analysis have an accuracy of almost 90%.

The aforesaid stakeholders in the BFSI sector end up into generating and consuming massive amount of unstructured text data from various sources. Thu, the use of advanced text analytics solutions helps the BFSI sector in making data-driven decisions. Topic labeling, intent detection gender detection, semantic similarities keyword extraction, and entity extraction are few text analytics solutions used by financial service providers.

The text analytics market players are mainly focused on developing advanced and efficient products.

  • In December 2022, Canvs AI unveiled translation for Canvs MRX. This will allow customers to directly analyze open-ended text available in various languages on the Canvs platform. Based on Google Cloud Translation, the translation for Canvs MRX automatically identifies language of an open-ended text on import and translates it to English for processing on Canvs platform.
  • In September 2022, expert.ai and AppTek signed a strategic partnership to introduce their AI-based text analytics solution for dynamic audio content in multiple languages. Through this partnership, Automatic Speech Recognition and Neural Machine Translation technologies of AppTek, in combination with natural language understanding capabilities of expert.ai, will allow organizations to take advantages of audio content in an unstructured data set.

The text analytics market size is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America. In 2022, North America led the market with a substantial revenue share, followed by Europe.

Angoss Software Corporation; Averbis GmbH; Bitext Innovations S.L.; Cambridge Semantics, Inc.; Clarabridge; Clarivate Analytics; RapidMiner Inc. (Altair); Expert System Group; Linguamatics; Basis Technology; SciBite; KNIME; IBM Corporation; Quertle Right Signature LLC; Semantria (Lexalytics); OpenText Corp; Thomson Reuters; Biomax Informatics AG; Elsevier; SAP SE; and SAS Institute Inc. are among the key text analytics market players profiled in the study. The report provides detailed market insights that help text analytics market players to implement various growth strategies.


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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Deployment Type , Technology , Application, and Vertical

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

The List of Companies

  1. IBM Corporation
  2. SAP SE
  3. SAS Institute Inc.
  4. Clarabridge
  5. Expert Systems
  6. OpenText Corp.
  7. Basis Technology
  8. Linguamatics
  9. ANGOSS SOFTWARE CORPORATION
  10. KNIME

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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