Text Analytics Market Size

Text Analytics Market Size

Text Analytics Market size exceeded USD 6 billion in 2020 and is poised to register gains at around 20% CAGR between 2021 and 2027. Increasing popularity of social media analytics for gaining crucial business insights is likely to fuel the industry growth. Social media analytics enables organizations to gain better understanding of customer preferences and offer customized ads to expand market presence across a diverse clientele. Text analytics has become a key enabler for marketing agencies to track the digital footprints of customers such as browsing behavior, keyword search, and liked pages.

The text analytics industry has received a strong impetus amid the ongoing COVID-19 pandemic. Market acceleration in the text analytics space has been substantial as R&D focus has shifted to a global analysis of textual data. Text analytics has been rapidly deployed to detect patterns from which conclusions can be drawn for quick decision-making. For instance, SAS Institute aims to analyze over 50,000 full text documents on COVID-19 to provide healthcare researchers with future action plans.
 

The increasing traction of enterprises toward sentiment analysis has emerged as the major driving force behind text analytics market demand. With the proliferation of online reviews, blogs, ratings, and recommendations, businesses are pressurized to ensure that their services receive good ratings for maintaining market competitiveness. Text analytics assists such enterprises in understanding customer sentiments and improving their services for enhanced customer satisfaction.