WILMINGTON, DE, UNITED STATES, December 14, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Global Text Analytics Market by Component, Deployment Model, Enterprise Size, Application, and Industry Verticals: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global text analytics market size was valued at $5.86 billion in 2020, and is projected to reach $29.42 billion by 2030, growing at a CAGR of 17.8 % from 2021 to 2030.
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Text analytics is the automated process of translating large volumes of unstructured text, which is combined with data visualization tools, this technique enables companies to understand the story behind the numbers and make better decisions. Furthermore, growing need for social media analytics and predictive analytics for businesses are boosting the growth of the global text analytics market.
In addition, rise in highly customized and industry-specific applications is positively impacts growth of the market. However, lack of awareness, skilled workforce, and other operational challenges and data privacy and security concerns is hampering the market growth. On the contrary, enhancing customer service and competitive intelligence is expected to offer remunerative opportunities for expansion of the text analytics market during the forecast period.
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Competitive Analysis:
The competitive environment of Text Analytics Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Text Analytics Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Clarabridge, Inc.
IBM
Luminoso Technologies, Inc.
Megaputer Intelligence, Inc.
Microsoft Corporation
Micro Focus LLC
Open Text Corporation
Oracle Corporation
SAP SE
SAS and Many More
Region wise, the text analytics market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to expanding investments in new technologies such as IoT, AI, and ML, the expanding presence of text analytics providers, and increased government support for compliance with regulations. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the increasing technology investments. This leads to a growing demand for solutions in text Analytics utilized for the maintenance automation and plant safety process which is driving the text analytic market in Asia-Pacific region.
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The outbreak of COVID-19 is anticipated to have a positive impact on growth of text analytics market. This is attributed as industries around the world are focusing on boosting their overall sales by establishing their online presence. 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.
In addition, 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.
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