Text Analytics Market Increase at 17.8 % CAGR, Reaching $29.42 Billion by 2030

According to the report, the global text analytics industry generated $5.86 billion in 2020, and is anticipated to generate $29.42 billion by 2030, witnessing a CAGR of 17.8% from 2021 to 2030.

Surge in need for social media analytics, predictive analytics for businesses, and rise in penetration of cloud computing technology drive the growth of the global text analytics market. However, lack of awareness, skilled workforce, & other operational challenges and data privacy & security concerns hinder the market growth. On the other hand, enhancing customer service and competitive intelligence present new opportunities in the coming years.

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Text analytics is the process of transforming unstructured text into structured data which helps in identifying meaningful patterns and new insights. It works by breaking sentences and phrases into their components and then evaluating each component using complex software rules and machine learning algorithms. Furthermore, this involves text mining, which is the process of pulling text from a source into a data analysis model, and natural language processing (NLP), which is the machine learning method of processing written language into data.

Covid-19 Scenario

1. The text analytics market has witnessed stable growth during the COVID-19 pandemic, owing to rise in investments in emerging technologies, such as artificial intelligence and machine learning.

2. Moreover, text analytics is being widely adopted by small and medium-sized enterprises (SMEs) to gain results in real-time, make strategic decisions, and resolve customer issues at priority basis.

3. In addition, text analytics identify actionable insights by aggregating text analysis results and incorporating business intelligence (BI) tools or easy-to-understand reports and graphics. This is positively influencing its utilization in the media, retail, healthcare, travel & tourism, military and defense, information technology (IT) & telecommunication, and banking, financial services, and insurance (BFSI) sectors.

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Based on components, the software segment held the highest market share in 2020, accounting for nearly three-fifths of the global text analytics market, and is estimated to maintain its leadership status throughout the forecast period. This is because it enables faster data extraction, data categorization, sentiment analysis, helping differentiate between people, and named entity recognition (NER), and even identifying the context. Moreover, the service segment is projected to manifest the highest CAGR of 19.1% from 2021 to 2030, as it helps organizations evaluate billions of points of view from a million people and determine the best course of action for their products (and even their brand as a whole) based on their customers' preferences to assure customer happiness and increase revenues.

Based on the deployment model, the on-premise segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global text analytics market, and is projected to maintain its lead position during the forecast period. This is because as it allows it to be hosted within the organization's network, giving the organization superior control over the functionality and performance of the software. However, the cloud segment is expected to portray the largest CAGR of 18.8% from 2021 to 2030, as it helps in the rapid scalability and flexibility of cloud-based deployments along with further cost-effectiveness of this solution.

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Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly one-third of the global text analytics industry, owing to high adoption of text analytics solutions across end-user segments such as BFSI, retail, and healthcare and increasing investments in new technologies such as data analytics, big data, and machine learning. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 19.3% during the forecast period, owing to, evolving consumer trends in the region and high population density enabling business better customer insights.

Adoption of text analytics has increased owing to industries realizing the potential of text analytics and are incorporating it as a core technology for simplifying their complex decision capability. As a result, high amounts of unstructured data are generated every minute, which represents one of the key factors encouraging enterprises worldwide to integrate text analytics. Text analytics automatically analyze data from social media posts, emails, live chats and surveys and procure quantitative insights. It assists in identifying patterns, improving customer satisfaction, detecting product issues, conducting market research, and monitoring brand reputation.

Leading Market Players

BASF SE
Huntsman International LLC
LyondellBasell Industries Holdings B.V.
Empower Materials
Anmol Chemicals Group
Kowa Company Ltd.
Shandong Lixing Chemical Co. Ltd.
ReactChem Co. Ltd.
SMC Global
TOAGOSEI Co. Ltd

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