Published: Jul, 2018
The growth of the global market for text analytics depends on several factors outlined in a report by Transparency Market Research (TMR). There has been in influx of market players in the global text analytics market over the past decade, and each of the new players are on the lookout for expanding their consumer base. Several new and old players have engaged in hard fist competition amongst themselves and this has led to the inception of better tools for text analytics.
The number of players operating in the global market for text analytics very large, and this makes the competitive landscape extremely fragmented. Furthermore, the leading market players have been elevating their technological gradient in order to form an image of expertise in the minds of the consumers. It is anticipated that the new players in the global market for text analytics would form strategic alliances amongst themselves to handle the counterattacks by the existential players.
A report by Transparency Market Research (TMR) predicts that the global market for text analytics would expand at a CAGR of 17.6% over the period between 2015 and 2024. The global market was valued at US$2.82 bn in 2015 and is expected to rise to a value of US$12.16 bn by 2024.
Growth of IT to Propel Market Demand
The demand within the global market for text analytics has risen on account of the expansion of the IT industry. It has become easier to mine valuable information from text received through e-mail, social media, and other channels. This has in turn helped businesses in analyzing their strategies and understanding the propensities of their consumers. The increasing dependence of global businesses on text analytics is expected to give an impetus to the growth of the global market for text analytics.
Furthermore, key industries such as defense and aerospace also use text analytics to study patterns of their previous operations and optimize the future operations. The growth of the telecom sector is another key driver of demand within the global market for text analytics.
Security Breaches to Hamper Growth
Although the relevance of text analytics is expansive in several industries, there is a range of factors that could hamper the growth of the global market. On-premise solutions are the most common form of text analytics but their high price is a haunting factor for market growth. Furthermore, the purchase of licensed copies of products is often done with contempt and careless, which further poses a threat to the growth of the global market. Nevertheless, the quest of several businesses to achieve reckon and renown through the use of text analytics is expected to drive demand within the global market over the coming years.
The review is based on TMR’s report titled “Text Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”.
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
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