Text Analytics Market by Deployment and Geography - Forecast and Analysis 2021-2025

  • Published: Nov 2021
  • Pages: 120
  • SKU: IRTNTR40352
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The text analytics market share is expected to increase by USD 14.23 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 24.71%.

This text analytics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers text analytics market segmentation by deployment (cloud-based and on-premise) and geography (Europe, North America, APAC, MEA, and South America). The text analytics market report also offers information on several market vendors, including Alphabet Inc., InMoment Inc., International Business Machines Corp., Micro Focus International Plc, Microsoft Corp., NICE Ltd., Open Text Corp., Oracle Corp., Qualtrics LLC, and SAP SE among others.

What will the Text Analytics Market Size be During the Forecast Period?

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Text Analytics Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The need to improve business efficiency is notably driving the text analytics market growth, although factors such as system integration and interoperability issues may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the text analytics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Text Analytics Market Driver

Expanding businesses and intensifying competition are driving companies to deliver better services and increase revenues. The entry of new players is also posing significant threats to existing businesses. As a result, businesses are changing their methods of operations by adopting techniques and tools such as advanced analytical tools, including text analytics platforms. These platforms are helping end-users in improving their communication with their clients and customers without any location barriers. These solutions also help in targeted or personalized promotional campaigns. Furthermore, text analytics solutions provide cost benefits and improve the functionality and management of processes. They also enable companies to focus on their core competencies. These factors will increase the adoption rate and contribute to the text analytics market growth over the forecast period.

Key Text Analytics Market Trend

AI technology automates features of various text analytics solutions such as data modeling, fraud detection, predictive analytics, brand reputation management, and reporting systems. Key players such as IBM and Microsoft are investing in various advanced technologies such as cognitive computing, machine learning, and behavioral analysis using AI, which is one of the critical text analytics market trends. Behavioral analyses are helping the BFSI industry in detecting fraudulence in policy claims and crimes/thefts in banks. Many end-users are deploying AI-based text analytics solutions to improve their business efficiency.

Key Text Analytics Market Challenge

Many organizations face integration issues while implementing text analytics solutions. Vendors should provide unified IT solutions that can be seamlessly integrated with the existing IT infrastructure of end-user organizations. Technical glitches during operations can lead to additional costs for organizations and reduce their operational efficiency. System integration and interoperability issues mostly arise when organizations update their IT systems or technologies or merge their IT infrastructure with that of acquired companies. Moreover, most text analytics solutions are standardized. Hence, they may not meet the requirements of many organizations. Many vendors are unable to provide customized solutions owing to the high cost of customization. System integration and interoperability issues discourage organizations from implementing advanced text analytics solutions, which is expected to hinder the growth of the market during the forecast period. 

This text analytics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Text Analytics Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Alphabet Inc.
  • InMoment Inc.
  • International Business Machines Corp.
  • Micro Focus International Plc
  • Microsoft Corp.
  • NICE Ltd.
  • Open Text Corp.
  • Oracle Corp.
  • Qualtrics LLC
  • SAP SE

 

This statistical study of the text analytics market encompasses successful business strategies deployed by the key vendors. The text analytics market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The text analytics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Text Analytics Market?

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32% of the market’s growth will originate from Europe during the forecast period. Germany and France are the key markets for text analytics in Europe. Market growth in this region will be faster than the growth of the market in MEA and South America.

The need to improve competitive advantage and the decision-making process will facilitate the text analytics market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Deployment Segments in the Text Analytics Market?

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The text analytics market share growth by the cloud-based segment will be significant during the forecast period. This is mainly because of the increasing popularity of cloud platforms among end-users. The deployment of cloud-based text analytics software and services is easier and less time-consuming than that of on-premises software. As a result, the return on investment (ROI) is faster in cloud-based text analytics platforms when compared with on-premises platforms. Thus, various vendors in the market are offering cloud-based text analytics software to cater to the growing demand from multiple end-users.

This report provides an accurate prediction of the contribution of all the segments to the growth of the text analytics market size and actionable market insights on post COVID-19 impact on each segment.

 

Text Analytics Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 24.71%

Market growth 2021-2025

$ 14.23 billion

Market structure

Fragmented

YoY growth (%)

23.89

Regional analysis

Europe, North America, APAC, MEA, and South America

Performing market contribution

Europe at 32%

Key consumer countries

US, Japan, China, Germany, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alphabet Inc., InMoment Inc., International Business Machines Corp., Micro Focus International Plc, Microsoft Corp., NICE Ltd., Open Text Corp., Oracle Corp., Qualtrics LLC, and SAP SE

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Text Analytics Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive text analytics market growth during the next five years
  • Precise estimation of the text analytics market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the text analytics industry across Europe, North America, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of text analytics market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Deployment

    • Market segments
    • Comparison by Deployment
    • Cloud-based - Market size and forecast 2020-2025
    • On-premise - Market size and forecast 2020-2025
    • Market opportunity by Deployment

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • Europe - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Alphabet Inc.
      • InMoment Inc.
      • International Business Machines Corp.
      • Micro Focus International Plc
      • Microsoft Corp.
      • NICE Ltd.
      • Open Text Corp.
      • Oracle Corp.
      • Qualtrics LLC
      • SAP SE

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      The text analytics market growth will increase by $14230.62 million during 2020-2025.
      The text analytics market is expected to grow at a CAGR of 24.71% during 2020-2025.
      Technavio has segmented the text analytics market by deployment (Cloud-based and On-premise) and geographic (Europe, North America, APAC, MEA, and South America).
      Alphabet Inc., InMoment Inc., International Business Machines Corp., Micro Focus International Plc, Microsoft Corp., NICE Ltd., Open Text Corp., Oracle Corp., Qualtrics LLC, SAP SE are a few of the key vendors in the text analytics market.
      Europe will register the highest growth rate of 31.50% among the other regions. Therefore, the text analytics market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
      • US
      • Japan
      • China
      • Germany
      • France
      The key factors driving the text analytics market growth are:
      • Popularity of SOA among end-users
      The text analytics market vendors should focus on grabbing business opportunities from the cloud-based segment as it accounted for the largest market share in the base year.
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