Text analytics is an approach used for developing high-quality business insights from unorganized or ambiguous data that is first converted into relevant data, thus ensuring smooth running of the businesses across the globe. This technology is being widely adopted as a strategy to boost the business revenues, thus offering ample growth opportunities.
Key Drivers and Restraints
The text analytics market across verticals like retail and consumer goods is expected to show a gradual growth in the next few years, since the retail application is majorly concentrating on marketing & customer experience management. Moreover, the rising customer engagement through social media analytics, increasing text analytics applications as per industry, and rise in the usage of multilingual text analytics will boost the growth of this market majorly. Furthermore, converging of text analytics solution with big data and added advantage of predictive analytics are also expected to create good growth opportunities for this market in the near future.
However, lack of knowledge and awareness about end-users and software handling may hamper the growth of this market.
What the Market Looks Like
Poised to grow at a CAGR of 17.5%, the text analytics market is expected to reach USD 5.93 Billion from USD 2.65 Billion from 2015 to 2020. In 2015, North America held the largest share of the market and is expected to grow at a CAGR of 12.8% during the forecast period, with Europe and APAC following it. Latin America and MEA are also expected to show a significant growth in the coming years.
Out of all the applications, marketing & customer experience management (CEM) is expected to take up the majority of the share, while among the deployment types, cloud deployment is expected to govern this market as far as the market size is concerned. On the basis of the size of the organization, large enterprises are predicted to witness the highest growth rate, mainly because of the adoption of text analytics on a large scale for tackling their business challenges. Verticals like retail and consumer goods is also expected to grow at a steady rate.
The market for text analytics consists of vendors like IBM, SAP, SAS, Clarabridge, Attensity, Lexalytics, Basis Technology Corporation, OpenText, RapidMiner, and Angoss. These companies are also adopting various strategies like the launching of new products into market, strategic partnerships and collaborations, and mergers and acquisitions, among others, in order to expand their base worldwide. Among all these strategies, new product launches took up about 43% of the total strategic developments in this market, whereas, partnerships and collaborations and mergers and acquisitions accounted for 27% and 25% of the total strategic developments in the market, respectively.
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Scope of the Research
The market for text analytics has been studied and forecasted by breaking it down into the following sub-markets:
• Type: On-premises, Cloud
• Application: Marketing & CEM, Data Analysis & Forecasting, Enterprise Information Management, Other industry-specific applications
• Vertical: BFSI, Healthcare & Life Sciences, Retail & CPG, High-tech & Telecommunications, Media & Entertainment, Travel & Hospitality, Government, Others
• End-User: SMBs, Large Enterprises
• Region: North America, Europe, Asia-Pacific, Middle East & Africa, Latin America
