Rising focus of technological giants such as Microsoft, IBM, Google, and Apple towards improvement of text analytics techniques and principles has granted momentum to R&D activities in the field of text analytics in the past few years. And now, new and highly effective text analytics solutions are entering the market at a rapid pace and demand for effective solutions is soaring, notes Transparency Market Research (TMR) in a recent report.
As the demand from consumers rises at a sustained pace and the influx of highly efficient text analytics solutions continues to remain swift, the global market for text analytics will witness development at a rapid pace in the years to come, points TMR. Some of the leading vendors in the global text analytics market are IBM Corporation, SAP SE, RapidMiner, Inc., Attensity Group, Inc., Lexalytics, Inc. Microsoft Corporation, and Angoss Software Corporation.
Rising Popularity of Social Media Analytics to Drive Market
The global text analytics market is majorly driven by the rising volumes of structured and unstructured text data across organizations, which is triggered primarily from a continuously rising user base on social media platforms, expanding web of the Internet, and the increased use of mobile communication devices. Rising awareness about the enormous value of text analytics principles in gaining an extensive understanding of consumer preferences, maturing technology, and improved computing power of computers are also encouraging the favorable development of text analytics market.
Cloud-based Solutions to Gain Maximum Prominence
Presently, on-premise text analytics solutions are the most preferred mode of deployment, with nearly 84% share in the global text analytics market in 2015. While most companies prefer on-premise solutions owing to the added security and safety they grant to business critical data, a large number of companies are considering cloud-based solutions owing to their flexibility and cost-competitive nature. The number of companies wanting to make this shift is rather large and vendors in the text analytics arena must tackle the opportunity on priority.
While the market for on-premise text analytics solutions deployment will continue to lead the market in terms of revenues till 2024, a large number of medium- and small-sized companies will opt for cloud-based solutions. As a result, cloud will gain the most prominence and lead to the most lucrative returns in the years to come. TMR states that the cloud-based deployment segment will expand at the fastest CAGR of 20.2% from 2016 to 2024.
North America and Europe Markets to Compete Fiercely for Top Spot
Rapid technological advancements, a major share of population active on social media platforms, and rapid growth of mobile technology have bolstered the demand for effective text analytics solutions in developed regions such as North America and Europe. Although the text analytics market in North America has an upper hand in terms of market valuation, it will witness significant competition from Europe in terms of overall pace of development of the market. Over the period between 2015 and 2024, North America text analytics market is expected to expand at a 17.8% CAGR, rising from a valuation of US$1.09 bn in 2016 to US$4.75 bn by 2024. During the same period, the market in Europe is expected to expand at a minutely lower 17.2% CAGR.
Overall, the market for text analytics market will exhibit growth at a momentous pace across the entire globe as well from 2015 to 2024. The global market, which valued at US$2.82 bn in 2015, will exhibit a CAGR of 17.6% from 2016 to 2024, and rise to US$12.16 bn by 2024.
This review is based on a recent market intelligence report published by Transparency Market Research, titled “Text Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
For the study, the global text analytics market is segmented as follows:
Text analytics Market: By Deployment Type
Text Analytics Market: By Applications
- Data Analysis & Forecasting
- Fraud/Spam Detection
- Intelligence & Law Enforcement
- Customer Relationship Management (CRM)
Text Analytics Market: By End-User
- Military and Defense
- IT and Telecom
- Entertainment and Media
- Others (Automotive and Transportation and Hospitality)
Text Analytics Market: By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Asia
- Rest of APAC
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America