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Text Analytics Market by Component (Software, Services), Application, Deployment Model, Organization Size, Industry Vertical, Region - Global Forecast to 2022

Text Analytics Market: Global Forecast until 2022

  • May 2017
  • 157 pages
  • ID: 4911697
In this report:
In the software component, APAC is expected to grow at the highest CAGR of ##.##% from 2017 to 2022, as the region has adopted the use of social media on a large scale, which is pushing companies to adopt text analytics software and services, to create insights from the unstructured data.
The market size of the retail and eCommerce industry vertical is expected to grow from USD ##.## million in 2017 to USD ##.## million by 2022, at a CAGR of ##.##% during the forecast period.

Summary

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"Growing need for social media analytics and availability of customized solutions is anticipated to propel the market increase."

The overall text analytics market size is forecasted to grow from ~$4.0B in 2017 to ~$8.8B by 2022, at a CAGR of 17.20 percent. The development and modernizations in text review is ascribed by the growing acknowledgment of online networking sites and growing inclination of organizations towards cloud globally. The ability to control misrepresentation of data, supervision of collected data, and creation of a successful plan to mitigate data-related risks are the main factors driving the worldwide text content analysis market.

As massive amounts of data are being produced by different data sources, cloud adoption is facilitating several organizations to analyze these data volumes to obtain actionable insights. The strategic benefits from text analytics solutions to embellish segment market share and obtain a leading edge over players have influenced the adoption of text analytics solutions in various organizations. Moreover, text analytics is gaining traction with the advent of cutting-edge technologies which is assisting in transformation of the methods used for making business decisions.

"Customer Experience Management is intended to hold the largest part of market share during the estimate period."

Among the different applications in the text analytics market, the CEM application is forecasted to hold the biggest market share during the outlook period. Text mining is the most traditional application in customer service and is frequently utilized to improve customer experience through several information sources. Today, text analytics is implemented to offer fast, computerized feedback to the clients, which significantly reduces dependency on executives for resolving issues.

"Asia-Pac is expected to grow at the maximal rate during the estimate period."

In 2017, North America (NA) is forecasted to dominate the text analytics market with biggest market size. This forecast is anticipated to continue throughout the outlook period. The text analytics market is revealing a strong positive trend in this area due to the easy availability of text analytics solutions. Different firms and sectors are adopting text analytics software and services to create business models that support real-time decision making and improve productivity. The APAC area is forecast to exhibit the maximum growth rate. This increase can be accredited to increasing awareness, surge in info, and growing demand for real-time analytics.

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions were managed with main people.

The break-up of the profiles of the primary participants is presented below:

• By Organization: Tier 1: 22.0 percent, Tier 2: 30.0 percent, and Tier 3: 48.0 percent

• By Description: C-suite: 30.0 percent, D-level: 45.0 percent, and Others: 25.0 percent

• By Area: North America continent: 48.0 percent, EU: 30.0 percent, Asia-Pacific: 22.0 percent

Segment Research

The document breaks down the text analytics market established on components, which include software and services; services segment is further split into managed services and professional services. Under professional services, the industry report is further divided into support and maintenance, consulting services, and system integration and deployment.

Established on deployment models, the sector is divided into on-premises and cloud. Under organization size, it is split into Small and Medium-sized Enterprises and big enterprises, whereas under the application segment, the sector is divided into Customer Experience Management ; marketing management; governance, risk and compliance management; document management; workforce management; and others. Under industry verticals, the sector includes Banking, Financial Services, and Insurance, telecommunications and Information Technology, retail and eCommerce, healthcare and life sciences, manufacturing, government and defense, energy and utilities, media and entertainment, travel and hospitality, and others. The areas are divided into north america, Europe (EU), Asia-Pac, Middle East (ME) and African continent, and Latin America area.

Why acquiring this study can help you

This study will help the industry leaders (and new entrants) in the following aspects:

1. This document breaks down the text analytics market comprehensively and offers the best approximations of the revenue data for the global market and sub-segments across several verticals and localities.

2. The market research benefits partners to comprehend the pulse of the sector and offers them with info on the main market drivers, market restraints, opportunities, and alternatives.

3. This industry report will facilitate partners to better find out the players and obtain additional insights to improve their rank in the business sector. The competitive outlook section includes recent product launches; alliances, strategic agreements, and collaborations; mergers and acquisitions; and business developments.

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