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Written by Mark Smith » Updated on: October 17th, 2024
The latest report by IMARC Group, titled “Text Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the text analytics market analysis. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global text analytics market size reached US$ 8.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 33.0 Billion by 2032, exhibiting a growth rate (CAGR) of 15.5% during 2024-2032.
Text Analytics Market Trends:
The global market is primarily driven by the increasing volume of unstructured data generated from various sources, such as social media, customer feedback, and online reviews. In line with this, organizations are increasingly adopting text analytics to enhance customer experience by understanding sentiment and behavior, thereby driving market growth. Furthermore, the rising demand for competitive intelligence is also propelling market growth, as businesses use text analytics to analyze market trends and competitor strategies.
Similarly, the increasing adoption of artificial intelligence and machine learning technologies is enhancing accuracy and efficiency, further fueling market demand. Besides this, regulatory compliance requirements are compelling organizations to use text analytics to monitor and manage large volumes of textual data, thereby providing an impetus to the market. The rapid expansion of cloud computing and big data technologies facilitates the integration of solutions, expanding market reach.
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Text Analytics Market Scope and Growth Analysis:
The scope of the market is broadening as businesses across multiple industries recognize the value of extracting actionable insights from vast amounts of textual data. The market scope is expected to witness substantial growth due to the increasing integration of text analytics with other advanced technologies such as natural language processing (NLP) and artificial intelligence (AI), which improve the accuracy and depth of analysis. The expanding use cases of text analytics in customer relationship management, fraud detection, market research, and risk management are contributing to market expansion.
According to market analysis, the rise in digital transformation initiatives across sectors is also driving demand for text analytics solutions, as organizations seek to leverage textual data for strategic decision-making. Moreover, the growing preference for cloud-based analytics solutions is enhancing the market's scope and scalability, allowing companies of all sizes to adopt text analytics tools and services.
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/text-analytics-market
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.
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:
Breakup by Organization Size:
Breakup by Application:
Breakup by End User:
Breakup by Region:
Key highlights of the report:
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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