According to new market research report “Text Analytics Market by Component (Software, Services), Application (Customer Experience Management, Marketing Management, Governance, Risk and Compliance Management), Deployment Model, Organization Size, Industry Vertical, Region – Global Forecast to 2022”, The text analytics market size is expected to grow from USD 3.97 Billion in 2017 to USD 8.79 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.2%. The key forces driving the text analytics market include growing need for social media analytics, predictive analytics for businesses, and the need for customized and industry-specific applications.
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“Cloud-based text analytics solutions are expected to gain the maximum traction during the forecast period.”
The cloud deployment market share is expected to increase rapidly since most of the firms are swiftly transforming themselves from brick to click models. A cloud server for text analytics means less storage space and reduced maintenance cost. Cloud-based text analytics solutions are gaining traction among Small and Medium-sized Enterprises (SMEs) as SMEs face the challenge of affordability of the infrastructure required for an on-premises implementation.
“The text analytics software component is expected to contribute the largest market share in 2017.”
Among components, text analytics software is expected to continue its dominance throughout the forecast period. Text analytics solutions empower users to perform quick data extraction and categorization with real-time insights from the stored data. Moreover, growing importance of insights generated from social media content to build effective marketing campaigns and enhance customer experience is driving the market growth.
“North America is expected to constitute the largest market share; Asia Pacific (APAC) to grow at the highest CAGR.”
In terms of market share, North America is expected to continue its dominance throughout the forecast period. Early adoption of new and emerging technologies and large numbers of text analytics vendors in the region would help consolidate the majority of revenues in the market. The APAC region is expected to grow at the highest CAGR during the forecast period. Growing technology expenditures in countries such as China and India and the demand for cost-effective analytical software and services among SMEs are expected to drive the market growth during the forecast period.
The major vendors providing text analytics software and services are SAP SE (Walldorf, Germany), IBM Corporation (New York, US), SAS Institute, Inc. (North Carolina, US), OpenText Corporation (Ontario, Canada), Clarabridge, Inc. (Virginia, US), Megaputer Intelligence, Inc. (Indiana, US), Luminoso Technologies, Inc. (Massachusetts, US), MeaningCloud LLC (New York, US), KNIME.com AG (Zurich, Switzerland), Infegy, Inc. (Missouri, US), Lexalytics, Inc. (Massachusetts, US), Bitext Innovations S.L. (Madrid Spain), and Averbis (Freiburg Germany).