Global Text Analytics Market was valued at $2.7 billion in 2016 and is expected to reach $18.3 billion by 2024, having a CAGR of 27.9% during the forecast period of 2017 to 2024. The predictive analysis application segment gained the highest revenue share in the global text analytics market.
The global text analytics market has witnessed decent growth in the recent years due to the advancements in technology. The prime factor driving the growth of global text analytics market is the increase in adoption of cloud computing technology by the enterprises. Moreover, the acceptance and usage of social media platforms and analysis of unstructured text on such platforms are fueling the market growth. According to Pew Research Centre, nowadays 65% of adults use social networking sites a nearly tenfold rise since the past decade. However, the misuse of data, high cost of analytics software and lack of awareness regarding such technology act as the major hurdles in the growth of the market. Whereas, generation of humongous data and advancement in technology leading to linguistic analysis are expected to create huge opportunities for the growth of market in the coming years.
The global text analytics market is segmented on the basis of deployment mode, application, end users, and geography. By deployment mode, the market is segmented into onpremise, and cloud based model. On the basis of application, the market is segmented as predictive analytics, competitive intelligence, customer relationship management, fraud detection, and brand reputation. By end users, the segment is categorized into FMCG, BFSI, healthcare & pharmaceuticals, telecom, government, and retail. Geography wise, the market is segmented into North America, Europe, AsiaPacific, and Rest of the World. North America was the largest global text analytics market in terms of revenue, by holding 2/5 shares of the market, in 2016. It is expected to maintain its dominance and grow with a CAGR of 24.8% from 2017-2024.
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GLOBAL TEXT ANALYTICS MARKET SEGMENTATION
By Deployment mode
• Onpremise model
• Cloud based model
• Predictive Analytics
• Competitive Intelligence
• Customer Relationship Management
• Fraud detection
• Brand Reputation
By End user
• Healthcare and Pharmaceuticals
• North America
• Rest of the World
KEY MARKET PLAYERS
• Attensity Inc.
• Microsoft Corporation
• Statistical Analysis System
• International Business Machine IBM
• Hewlett Packard HP
• Tableau Software
• Tibco Software
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