Selbyville, Delaware, March 24, 2021 (GLOBE NEWSWIRE) —
Global Market Insights, Inc. has recently added a new report on the text analytics market which estimates the market valuation for text analytics will cross US$ 20 billion by 2027. Increasing demand for analyzing customer behavior and business decisions supported by analytics technologies, driving the industry growth.
The demand for text analytics is primarily driven by the increasing need to convert unstructured data into a structured format. The major companies are focusing on emerging technologies, such as blockchain, artificial intelligence (AI), and natural language processing (NLP), to develop a smart text analytics solution. Enterprises are increasingly adopting text analytics methods for retrieving information from the unstructured data and are interpreting these results for enhanced business decisions and customer satisfaction.
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The customer relationship management (CRM) segment is anticipated to grow at a CAGR above 15% from 2021 to 2027. Text mining plays an important role for enterprise-level businesses to continuously monitor customer chatter and feedback on the Internet. To evaluate the written content in real-time in order to identify customer queries, the companies are adopting advanced analytics solutions. This helps companies in adjusting their marketing communications and ensuring and enhancing customer relationship management.
The cloud segment is expected to hold a larger market share by 2027 on account of enterprises relying on cloud-based infrastructure for their business processes. Cloud-based text analytics software leverages the scalability and on-demand computing capabilities of the cloud platform for delivering quick & accurate text mining results. Enterprises deploying text analytics software on the cloud can increase computing resources during peak loads.
The healthcare segment is projected to witness an exponential growth during 2021 to 2027 impelled by the increasing healthcare database and text analytics, natural language processing (NLP) systems to turn this data into valuable insights. Enterprises are accelerating clinical drug trials and drug discovery processes by deploying text mining systems to extract useful data from the existing clinical literature. The growing demand for clinical documentation analysis and improvement of EHRs are contributing to the market growth.
North America is projected to grow significantly in the global managed network text analytics market with over 15% CAGR over the forecast period. The growth is attributed to the increasing adoption of social media platforms by people to express opinions on different social & private issues. Several enterprises operating in the region are focusing on strategic partnerships for text analytics technology solutions.
The companies operating in the market are focused on the development of innovative solutions across geographies. For instance, in July 2019, Microsoft Corporation released an updated version of its sentiment analysis solution. This solution primarily supports English and was developed specifically for enterprises across Central Canada, East Asia, and Central U.S. The latest iteration of this solution features capability to analyze mixed sentiment in unstructured text documents. This technology innovation helped the company to enhance the market position with innovative solutions on offer.
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Some major findings of the text analytics market report include:
- Growing investments in AI-based startups are fueling text analytics market growth.
- North America is anticipated to hold a major market share for text analytics due to enterprise-wide demand for social media analytics and sentiment analysis of customer feedback.
- Major players operating in the text analytics market are Attivio, Capgemini SE, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, and SAS Institute Inc.
- The companies operating in the market are focusing on integration of new technologies and portfolio expansion to cater to diverse customer requirements.
Partial chapters from the report table of contents (ToC):
Chapter 3 Text analytics Industry Insights
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 By region
188.8.131.52 North America
184.108.40.206 Asia Pacific
220.127.116.11 Latin America
18.104.22.168 Middle East & Africa
3.3.3 Industry value chain
22.214.171.124 Text analytics technology providers
126.96.36.199 Marketing & distribution channels
3.3.4 Competitive landscape
188.8.131.52 Distribution network
184.108.40.206 Business growth
3.4 Evolution of text analytics
3.5 Text analytics industry architecture
3.6 Text analytics industry ecosystem analysis
3.6.1 Text analytics providers
3.6.2 Cloud service providers
3.6.3 Third party service providers
3.6.4 Marketing and distribution channel
3.6.5 Vendor matrix
3.7 Technology & innovation landscape
3.7.1 Network virtualization
3.7.2 Big data analytics
3.7.3 Artificial Intelligence
3.7.4 Natural Language Processing (NLP)
3.8 Regulatory landscape
3.8.1 North America
220.127.116.11 Standards on Privacy and Web Analytics (Canada)
18.104.22.168 Health Insurance Portability and Accountability Act (HIPAA) of 1996 (U
22.214.171.124 General Data Protection Regulation (GDPR)
126.96.36.199 Exception of Text & Data Mining (TDM) in Copyright in Digital Single Market (DSM Draft Directive – EU)
188.8.131.52 Information Security Technology- Personal Information Security Specification GB/T 35273-2017 (China)
184.108.40.206 Secure India National Digital Communications Policy 2018-Draft 66 (India)
220.127.116.11 The General Data Protection Law (Brazil)
18.104.22.168 Personal Data Protection Act 25 326 (PDPA – Argentina)
22.214.171.124 Federal Law No 2 of 2019 on the use of ICT in Healthcare (UAE)
126.96.36.199 Privacy Protection Regulations (Data Security), 5777-2017 (Israel)
3.9 Industry impact forces
3.9.1 Growth drivers
188.8.131.52 Growing demand for social media analytics
184.108.40.206 Increasing use of business intelligence tools
220.127.116.11 Proliferation of cloud computing technology
18.104.22.168 Growing demand for sentiment analysiss
3.9.2 Industry pitfalls & challenges
22.214.171.124 Lack of awareness
126.96.36.199 High cost of software
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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