Text Analytics Market is estimated to be US$ 25.58 billion by 2030 with a CAGR of 17% during the forecast period
Text Analytics
market accounted for
US$ 5.4 billion in 2020 and is estimated to be US$ 25.58 billion by 2030 and is
anticipated to register a CAGR of 17%. Text analytics, often known as text data
mining or text mining, is a technique for extracting high-quality information
from text. Statistical pattern learning, for example, is a standard way for
acquiring high-quality data by creating patterns and trends. Text analytics
software helps organizations better understand their customers by analyzing
data from a variety of sources and supporting them in determining client wishes
and purchasing behaviors. The ability of text analytics to interpret hidden
feelings in text is one of the most intriguing aspects of this sector. Text analytics is used in a range of industries,
including food and beverage, telecommunications, government, retail,
healthcare, pharmaceuticals, banking, financial services, and insurance, to
name a few.
The report " Text Analytics
Market, By Component (Software and Services), By Application (Social Media
Analysis, Business Intelligence, Fraud management, Risk management, and
Customer Care service), By End-use Industry (Healthcare, BFSI, Energy and
Utility and Retail & Ecommerce) and By Region (North America, Europe, Asia
Pacific, Latin America, and Middle East & Africa) - Market Trends,
Analysis, and Forecast till 2030”
·
In June
2021, Dhiva, the next generation AI-driven Analytical Business
Intelligence automation company, announced the launch of Dhiva 2.0. The
platform features Dhiva Analyst and Dhiva Explorer to automate "Why
Analytics" and identify drivers of performance with diagnostic Machine
Learning and a symbolic AI engine leveraging hundreds of analytical rules and
constructs. Text and analytical summaries for reports and dashboards can
be generated in minutes with Machine Learning models without templates or
coding.
·
In June 2021, Dataiku, a leading AI and machine learning platform,
announced that it is available in AWS Marketplace, a digital catalog with
thousands of software listings from independent software vendors that make it
easy to find, test, buy and deploy software that runs on Amazon Web Services,
Inc. (AWS). Customers can also easily leverage the
AWS Machine Learning Services to include computer vision or text analytics
seamlessly into their Dataiku projects.
Analyst View:
Text analytics tools are becoming more popular
due to the expanding use of social media platforms and a growing desire for
cloud technology for data storage. Companies all across the world are embracing
cloud computing. The ability to detect fraud, manage risk, and plan efficient
marketing activities are some of the major reasons driving the worldwide text
analytics applications business. Buyers in underdeveloped countries, on the other
hand, are less aware of the fundamental concepts of text analytics and its
benefits due to their low economies. Text analytics users, on the other hand,
frequently struggle to reach their full potential due to a lack of experience
and competent employees in dealing with digital data and multilingual
capabilities. As a result, a lack of knowledge and qualified individuals may
stifle market growth.
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Key Market Insights from the report:
The Text Analytics market accounted for US$ 5.4
billion in 2020 and is estimated to be US$ 25.58 billion by 2030 and is
anticipated to register a CAGR of 17%. The Global Text Analytics Market is
segmented based on the component, application, end-user and region.
·
By Component,
the Global Text Analytics Market is segmented into Software and Services.
·
By
Application, the market is segmented in Social Media Analysis, Business Intelligence,
Fraud management, Risk management, and Customer Care service.
·
By End-use
Industry, the Global Text Analytics Market is segmented into Healthcare, BFSI, Energy and Utility
and Retail & Ecommerce.
·
By Region, the
Global Text Analytics Market is segmented into North America, Europe, Asia
Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the Text
Analytics market in the upcoming forecast era.
Competitive Landscape:
The key players operating in the global Text
Analytics market includes International Business Machines Corporation,
Open Text Corporation, SAS Institute, Inc., SAP SE, Clarabridge, Inc.,
Megaputer Intelligence, Inc., Meaning Cloud LLC., Luminoso Technologies, Inc.,
KNIME.com AG, Infegy, Inc., Lexalytics, Inc., and Averbis.
The market provides detailed information
regarding the industrial base, productivity, strengths, manufacturers, and
recent trends which will help companies enlarge the businesses and promote
financial growth. Furthermore, the report exhibits dynamic factors including
segments, sub-segments, regional marketplaces, competition, dominant key
players, and market forecasts. In addition, the market includes recent
collaborations, mergers, acquisitions, and partnerships along with regulatory
frameworks across different regions impacting the market trajectory. Recent technological
advances and innovations influencing the global market are included in the
report.
Prophecy Market Insights is specialized market
research, analytics, marketing/business strategy, and solutions that offers
strategic and tactical support to clients for making well-informed business
decisions and to identify and achieve high-value opportunities in the target
business area. We also help our clients to address business challenges and
provide the best possible solutions to overcome them and transform their
business.
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