December 10, 2018: Adroit Market Research launched a study titled, “Global Text Analytics Market Size 2017 by Product (Cloud & On-premise), by Application (Customer-facing apps, Semantic/cognitive search, Integrated advanced analytics, Business intelligence (BI) & Competitive intelligence/brand awareness), by End-use (FMCG, BFSI, Healthcare & Pharma, Telecom, Government & Retail), by Region and Forecast 2018 to 2025”. The study covers the global text analytics market value for a period ranging from 2012 to 2025, where 2012 to 2017 imply the actual annual consumption with forecast between 2018 and 2025. The global text analytics market report also includes qualitative insights of the market such as drivers, restraints, value chain, regulatory framework and trade statistics. The value chain has been analyzed in detail covering key stages. Additionally, we have provided a glimpse of the global predictive analytics market. The global text analytics market 2018 gives a holistic view encompassing development, consumption, for key regions and countries.
By 2025, the global text analytics market size is estimated to reach USD 21.7 billion by 2025 driven mainly by the increasing amount of unstructured data. Unstructured data provides a gold mine of information for the companies which they can leverage for competitive strategies.
Text analytics enables organizations to accurately interpret what customers are saying through comments, reviews and other digital dialogues on the internet by using machine learning, statistics and visualization techniques. Growing awareness among the companies to enhance the customer experience management has contributed significantly to the global text analytics industry.
Text analytics market can also be segmented on the basis of implementation: cloud or on premise. The demand for cloud based text analytics software is increasing rapidly as most of the companies prefer cost-effective solutions. On premise solutions enable companies to invest in dedicated infrastructure and resources but, on premise solutions provide higher security as compared to cloud solutions. Nevertheless, the industry has a bullish stance towards cloud based solutions supported by improved cloud security solutions and stricter privacy regulations. This hints towards a high growth rate for cloud based text analytics software during the forecast period which is expected to account for almost 80% of the global text analytics market share in 2025.
Semantic technology in text analytics helps to derive meaning from data, including text, speech and other forms of data. Semantic technology uses linguistic analysis to find contextual relationships between words, meanings, tenses & genders. The semantic and cognitive search segment of the text analytics market is expected to contribute the highest share amongst the applications.
Text analytics is used across various sectors such as retail, BFSI, FMCG, healthcare & pharmaceuticals, telecom and government. Retail segment accounted for over 25% of the global text analytics market in 2017. Banking segment in text analytics market is expected to grow at a CAGR of 28.3% in the forecast period owing to the requirement of improving customer relationship management and fraud detection. Growing networking and communication devices have resulted in increased frauds across the banking sector. Hence, statistical and machine learning algorithms in text analytics help in fraud detection and detect activities such as money laundering, credit card frauds and others.
IBM, Medallia, Micro Focus, Qualtrics, SAS, Clarabridge, Lexalytics and OpenText are the leading players present within the global text analytics market. These companies are focusing on expanding their presence in the global text analytics industry over the next few years by adopting strategies such as mergers & acquisitions and product standardization. For instance, in November 2018, SAP SE announced acquisition of Qualtrics International Inc. to provide an end-to-end predictive analytics solution. The deal was valued at USD 7 billion.
Key segments of the global text analytics market
Deployment type Overview, 2012-2025 (USD million)
Application Overview, 2012-2025 (USD million)
- Customer-facing apps
- Semantic/cognitive search
- Integrated advanced analytics
- Business intelligence (BI)
- Competitive intelligence/brand awareness
End-use Overview, 2012-2025 (USD million)
- Healthcare and Pharmaceuticals
Regional Overview, 2012-2025 (USD million)
- North America
- Rest of world