The global market for text analytics has been exhibiting a tremendous rise in its market valuation since the last few years. The growing need for social media analytics and the increasing number of applications associated with industry-specific text analytics are fueling the demand for text analytics solution in the global arena.
According to a report by Transparency Market Research (TMR), the global text analytics market recorded a revenue of US$2.8 bn in 2015. Analysts expect this market to rise at a remarkable CAGR of 17.60% during the period from 2016 to 2024 and reach US$12.1 bn by the end of 2024.
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Cloud-based Text Analytics Solutions to be driven by Increasing Adoption of SaaS
On-premise solutions and cloud-based solutions are the key text analytics solutions available in the global market. Cloud-based solutions enjoy a relatively higher demand than on-premise solutions.
The shifting preference of companies towards SaaS solutions, on account of the lack of in-house skills for the compiling and evaluating unstructured data, has fueled the demand for cloud-based text analytics solutions significantly. This trend is likely to continue in the coming years, owing to which, this segment is likely to report the fastest CAGR of 20.2% between 2016 and 2024.
IT and Telecom to Register Highest Demand for Text Analytics Solutions in Near Future
The IT and telecom, military and defense, media and entertainment, automotive, BFSI, manufacturing, hospitality, transportation, healthcare, and retail sectors are the prime end users of text analytics solutions across the world. In 2015, the demand for text analytics solutions was the highest from the military and defense sector. However, in the coming years the IT and telecom industry is likely to report the highest demand for text analytics solutions.
Analysts anticipate the demand from this industry to rise at a CAGR of 18.50% during the period from 2016 to 2024. The need to enhance the visibility in internal procedures, core operations, and current market condition in order to forecast accurate results is likely to increase the uptake of text analytics solutions in this industry over the next few years.
North America to Sustain Leadership in Global Text Analytics Market
North America led the global market for text analytics in 2015 and was closely followed by Europe. A dynamic market environment in this region has driven the North America text analytics market remarkably in the recent times. This market is likely to maintain its dominance in the coming years. Other regional markets are also projected to witness a steady rise in the adoption of text analytics in local businesses.
Market Players Focus on Introducing New Products for Business Expansion
Microsoft Corp., SAS Institute Inc., Angoss Software Corp., Predixion Software, OpenText, SAP SE, Attensity Group Inc., Lexalytics Inc., IBM Corp., Clarabridge, and RapidMiner Inc. are the leading text analytics solution providers in the global arena. Established companies such as Clarabridge, IBM, OpenText, RapidMiner, and Lexalytics are focusing on introducing new products to strengthen their positions while new entrants are getting involved in mergers, acquisitions, and strategic partnerships to gain a foothold in this market.