Text Analytics Market size worth over $20 Bn by 2027
Published Date: March 23, 2021 Authors: Preeti Wadhwani, Smriti Loomba
Text Analytics Market size is set to surpass USD 20 billion by 2027, according to a new research report by Global Market Insights Inc.
The rising demand to improve client engagement processes and enhance customer experience across industry verticals is likely to drive text analytics market growth. Text analytics helps in extracting high-quality information from both structured and unstructured datasets. The enterprise-wide need to ensure customer satisfaction and effective business decisions is enabling the demand for text analytics solutions.
The increasing adoption of business intelligence tools across enterprises to propel the industry demand
The text analytics market is poised to grow at more than 20% CAGR through 2027 propelled by rising acceptance of business intelligence tools by enterprises to gain efficiency in business processes. Text analytics helps companies with analyzing unstructured data through integrated BI tools. It also complements the capabilities of BI tools to gain in-depth insights from the earlier discarded textual data. An upsurge in large volumes of unstructured data is enabling enterprises to adopt text analytics solutions along with BI software.
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The volatile regulatory landscape and rising complexities are driving the GRC management software demand
The governance, risk and compliance (GRC) management software segment is anticipated to capture around 15% market share in 2027 driven by extensive pressure on enterprises to ensure legal compliance with rapidly changing legal frameworks. This software helps enterprises in detecting regulatory violations on audio communications. Text analytics enables enterprises to leverage textual intelligence embedded in documents for augmenting business operations and ensuring regularity compliance.
Browse key industry insights spread across 250 pages with 305 market data tables and 33 figures & charts from the report, “Text Analytics Market Size By Component (Software [Customer Intelligence, Customer Relationship Management (CRM), Fraud Detection, Governance, Risk & Compliance (GRC) Management], Service [Professional Service, Managed Services]), By Deployment Model (On-premise, Cloud), By End-use (BFSI, Retail, Government, Healthcare & Lifesciences, IT & Telecom, Travel & Hospitality, Media & Entertainment), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Robust scalability and performance benefits are fueling the on-premise deployment market growth
The on-premise deployment segment in the text analytics market is set to register growth rate of above 10% CAGR from 2021 to 2027. This deployment provides enterprises with high level of data security and control. This software is suitable for enterprises managing critical textual data such as product design blueprints, drug development documents, and financial records. This also eliminates the need for connecting to the cloud infrastructure, mitigating cyber risks. Additionally, several cost and security benefits offered by the on-premise deployment of text analytics software are supporting the market revenue.
The BFSI application segment in the market is projected to grow significantly
The BFSI application segment is estimated to grow significantly through 2027 owing to the extensive competition and need to provide personalized customer experience in the market. Several technology enterprises are focusing on development of sophisticated text analytics solutions for banking institutions. For instance, in October 2020, Temenos AG launched Transact Data Hub, a data platform embedded with Temenos Transact platform for core banking applications. This launch helped the company to assist banking enterprises with contextual customer experience and advanced analytics applications.
Rising significance of advanced analytics tools and surging digitization in Europe
Europe text analytics market is predicted to account for nearly USD 5 billion by 2027 impelled by extensive digitization and growing popularity of advanced analytics tools. The enterprises operating across diverse industry verticals are emphasizing on analytics solutions. For instance, in April 2019, Panasonic Avionics unveiled Insights, a cloud-based data analytics platform. This platform helped the airline to analyze inflight data generated from inflight entertainment, connectivity, social media, location, and weather monitors in real-time to extract actionable insights, enabling it to better serve its passengers by understanding their preferences.
Focus on developing new products by key players to augment market share
The companies are focusing on new product developments and portfolio expansion initiatives. Some of the key players operating in the text analytics market are Amazon Web Services Inc., Altair Engineering Inc., Basis Technology, Bitext Innovations, S.L, Brandwatch, Clarabridge, Hewlett Packard Enterprises Inc., IBM Corporation, Interactions LLC, Jive Software, Khoros, LLC., Lexalytics Inc., Luminoso Technologies Inc., Medallia Inc., Megaputer Intelligence Inc., Microsoft Corporation, NetBase Solutions Inc., OpenText Corporation, RapidMiner Inc., SAP SE, SAS Institute Inc., Unmetric Inc., and Verint Systems Inc.
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