Text analytics is an emerging technology in the field of big data analytics targeted to handle unstructured text data. Due to data deluge, there is a huge demand for text analytics from various end-user industries, such as BFSI, Healthcare FMCG’s, Telecom, and so on, which is a major driver for the text analytics market. The global text analytics market is expected to grow at a CAGR of 18% during 2025-2033. The increasing popularity of text analytics technology is credited by the growing adoption of social media platforms and a rising preference towards cloud technology for data storing. There is a worldwide shift amongst companies to accept cloud technology. The capability to control fraud, supervise risk and plan successful marketing campaigns, are the key factors for the adoption of text analytics across industries. The global text analytics market is also bound to certain limitations such as lack of awareness among end users for software management, high operation cost and agreement issue with current IT infrastructure. However, added gain of predictive analytics and reliability to analyze big data is anticipated to generate breakthrough opportunities for the market in future.

Wide Range of Applications of Text Analytics Compels Market Growth

Industry specific text analytics technology is utilized across sectors such as banking and insurance firms, Law enforcement and civil litigation, government enterprise, IT sector, Publishing firms and media, Pharmaceuticals based research companies and others for varied applications such as fraud detection, analysis of warranty, medical research and e-discovery. About 7485 Exabyte of Electronically stored Information is available in the market. Huge availability of data has necessitated the demand of tool for industry specific data mining. Companies such as IBM, SAP SE and Microsoft have assessed the market requirements and provide the services to develop Industry specific text analytics tools.

Text analytics are used in industry specific application in integration with various software’s such as customer relationship management, Competitive Intelligence software and others. For e.g. banking sector and insurance sector utilizes customer relationship management applications for better establishing a proper communication with customer by automated systems. Pharmaceutical and health care sector utilizes competitive intelligence based application for mining, classifying and analyzing the information related to scientific articles and patents. 

BFSI Remains the Largest Market

On the basis of end user the text analytics market is segmented into consumer goods, banking financial services and insurance (BFSI), healthcare and pharmaceuticals, telecommunication, government, retail, and others. Currently, the market is dominated by BFSI sector with 27% revenue share in 2020. There is high inflow of data in BFSI sector and also the demand for fraud detection, customer relationship management and so on. Moreover, consumer goods and retails are the fastest-growing applications growing at 20% CAGR during 2025-2033.

North America & APAC Are Key Markets

Geographically text analytics market is segmented into North America, Europe, Asia Pacific, and RoW. North America & APAC are the major eye-catching regions for the text analytics market due to the high numbers of social media followers, advanced technological infrastructures, and fast growth of digital platforms such as E-Commerce and social media marketing. These factors are expected to facilitate both these regions in presenting attractive expansion chances for the global text analytics market in the coming years as well.  The Asia Pacific region has witnessed various positive trends for the adoption of text analytics. There has been significant growth in the online population during last few years. And companies are rapidly seeking opportunities from social media marketing. There has been an increased usage of social media analytics for marketing purpose.   Asia Pacific currently holds approx 31% revenue share in Text analytics market which is expected to grow up to 37% by 2025.

Innovation to Enhance Market Share of Key Competitors

Major players in the text analytics market include Angoss Software Corporation, Basis Technology Corporation, Lexalytics, Inc, Microsoft Corporation, Opentext Corporation, Predixion Software, Rapidminer, Inc., SAP SE, and SAS Institute, Inc. and so on. Companies are majorly focusing on embedding text analytics abilities such as natural language processing across many enterprise applications ranging from consumer service to market study to social media monitoring. Companies are adopting many strategies such as innovation in their technology, new software development, and merger & acquisition to enhance market share.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Text Analytics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Text Analytics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Text Analytics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Text Analytics market?
• Which is the largest regional market for Text Analytics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Text Analytics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Text Analytics market worldwide?