Text Analytics Market 2023: Industry Insight, Drivers, Trends, Global Analysis and Forecast by 2028

According to IMARC Group latest report titled “Text Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on text analytics market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global text analytics market size reached US$ 7.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.7 Billion by 2028, exhibiting a growth rate (CAGR) of 17.6% during 2023-2028.

Text analytics is a sophisticated technology that interprets textual data to derive meaningful insights and patterns. Characterized by natural language processing and machine learning techniques, it examines data from various sources like emails, social media, and documents. Its properties allow for the automation of sentiment analysis, trend detection, and customer feedback evaluation. The advantages of text analytics are vast, including the enhancement of customer experience, streamlining of operations, and informed decision-making processes.

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Market Trends:

The global market is primarily driven by the heightened emphasis on customer experience management across businesses, which relies heavily on customer feedback analysis. The growing volume of unstructured data generated from digital platforms necessitates robust analytical tools, thus reinforcing the market's progress. Moreover, the integration of AI and machine learning for predictive analytics is becoming commonplace, augmenting the market's dynamics. The proliferation of cloud computing is also facilitating the adoption of text analytics services, offering scalability and accessibility. Additionally, the need for compliance and risk management across industries requires the deployment of text analytics for monitoring and governance. Furthermore, the market benefits from the strategic collaborations aimed at enhancing analytical capabilities and expanding customer base. The escalating adoption of text analytics in the retail sector for customer sentiment and trend analysis is another vital market driver. Alongside, the financial services sector's utilization of text analytics for fraud detection and customer service optimization plays a crucial role.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Clarabridge
• Infegy
• International Business Machines Corporation
• Lexalytics Inc.
• Luminoso Technologies Inc.
• Microsoft Corporation
• Open Text Corporation
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• Tableau Software LLC
• The Hewlett Packard Enterprise Company
• TIBCO Software Inc

Text Analytics Market Segmentation:

Our report has categorized the market based on region, deployment model, organization size, application and end use industry.

Breakup by Deployment Model:

• On-premises
• Cloud-based

Breakup by Organization Size:

• Large Enterprises
• Small and Medium Enterprises (SMEs)

Breakup by Application:

• Competitive Intelligence
• Customer Relationship Management
• Predictive Analytics
• Fraud Detection
• Brand Reputation
• Others

Breakup by End User:

• Fast Moving Consumer Goods (FMCG)
• Banking Financial Services and Insurance (BFSI)
• Healthcare and Pharmaceuticals
• Telecommunication
• Government
• Retail
• Others

 Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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