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The text analytics market size is forecast to increase by USD 18.08 billion at a CAGR of 22.58% between 2024 and 2028. The market's growth hinges on diverse factors such as the widespread acceptance of Service-Oriented Architecture (SOA) by end-users, the imperative to enhance business efficiency, and the necessity to analyze substantial volumes of unstructured data. SOA's popularity among end-users drives innovation and scalability, empowering businesses to adapt swiftly to evolving market demands. Improved business efficiency, facilitated by SOA, translates into streamlined operations and optimized resource utilization. Additionally, the ability to analyze large volumes of unstructured data provides valuable insights, enabling informed decision-making and competitive advantage. These factors collectively contribute to the sustained growth and relevance of the market.
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The relays market is instrumental in enhancing cloud-based applications, which integrate various data sources for better business decisions. These applications handle structured data and unstructured text data to offer comprehensive solutions across industries. For instance, in the banking sector and insurance sector, relays support fraud detection cases and compliance monitoring, ensuring robust security and adherence to regulations. Relays also play a critical role in workforce management by analyzing customer sentiment and optimizing processes. In the finance sector and legal services sector, relays facilitate efficient data handling and decision-making. The integration of software components and services components in cloud applications enables seamless operations and improved functionality. By leveraging these tools, businesses can achieve greater efficiency and effectiveness in their operations, driving innovation and growth.
The need to improve business efficiency is notably driving the market growth. Owing to an increase in the number of connected devices in end-user industries, businesses are expanding, and new players are entering the market. Hence, the demand for results and profits will increase owing to intensified competition. Business operators have realized that they must establish better communication platforms to connect with end-users without location barriers, optimize costs, deliver better services, and increase revenues.
Moreover, companies are primarily using text analytics solutions for CRM-related requirements, such as customer interfacing processes, behind-the-scene sales, marketing and service operational processes, data management processes, and customer journey process services. Text analytics solutions provide cost benefits and improve the functionality and management of processes. They also enable companies to focus on their core competencies. The insights gained from better-managed CRM processes, such as chatbot services and feedback systems, enable decision-making. Therefore, these factors will drive the growth of the market during the forecast period.
The evolution of programmatic advertisement buying is an emerging trend in the market. Consumers are supported by programmatic advertisement buying in automating their decision-making process associated with the buying of digital advertisements by targeting specific demographics and audiences. These advertisements are placed using real-time bidding (RTB) and AI for online displays, mobile and video campaigns, and social media campaigns. Furthermore. these advertisements use analytics solutions for buying digital advertisements.
Moreover, text analytics solutions help make the advertisement buying system more efficient, and by removing human intervention, the buying process has also become less expensive. In the traditional method of buying a digital advertisement, requests for proposals, quotes, tenders, and human negotiation were included, whereas programmatic advertisement buying using advanced analytics solutions, such as AI-based text analytics, uses algorithms for purchasing the display space. Owing to this optimized and efficient process of programmatic advertisement buying, some countries are investing in this solution for better and more efficient operations. Hence, these factors will fuel the market growth during the forecast period.
The lack of a skilled workforce for developing text analytics algorithms is a major challenge impeding the market. Sound knowledge is required by the companies that are implementing AI in their text analytics platforms, which are periodically updated to ensure seamless operations. The lack of technical knowledge often deters end-users from adopting AI in their text analytics platforms. To harness the benefits of AI, companies must offer both online and offline training and consultation to ensure that end-users get the required support.
Moreover, the lack of skilled operators and proper training has resulted in a disinclination to execute wide-scale automation, as substantial time, training, and budget have to be allocated for the successful implementation of AI in text analytics solutions. This scenario is expected to change gradually during the forecast period as several end-users are transitioning from traditional manual operations to automated functions for improving process efficiency. Therefore, the lack of technical expertise among users limits the scope of advanced text analytics solutions. Moreover, the acquisition and retention of talent are major concerns for recruiters. A high level of attrition and employee turnover in the past few years, especially when companies are focusing on making strategic divestitures, may hamper the market growth. Therefore, these factors will affect the growth of the during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Averbis GmbH - The company offers scalable text mining and machine learning solutions for the analysis of unstructured data. The key offerings of the company include offer text analytics.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the cloud segment will be significant during the forecast period. This is mainly because of the increasing popularity of cloud platforms among end-users. companies such as Microsoft, offer text analytics software and services based on the SaaS model.
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The cloud segment was valued at USD 3.53 billion in 2018. Cloud-based solutions are less expensive than on-premise software. This software does not require the actual installation of the hardware and software at end-user premises and is maintained at the vendor's data center, where it can be accessed by end-users on a subscription basis. Thus, the cloud-based model is beneficial for SMEs as it allows them to streamline and automate their daily operations in an efficient manner, reduce errors, and lower costs. Furthermore, it is also less time-consuming. As a result, the return on investment (ROI) is faster in cloud-based text analytics platforms when compared with on-premises platforms. Therefore, such reasons are attracting more end-users in adopting such software. Hence, this segment is estimated to grow at a significantly high pace during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. Developed economies such as Germany, France, Switzerland, the Netherlands, and the UK are the major contributors of revenue to the market in Europe. The high adoption of technologies and the considerable installed base of IoT data collection devices increase the need for text analytics. The manufacturing, transportation, media and entertainment, government, and healthcare sectors will be the major contributors of revenue to the market in the region. Additionally, the market is expanding as governments of several countries in the region have also implemented several initiatives to increase revenue from the industrial internet and aid economic growth.
Furthermore, enterprises in Europe are adopting cloud-based text analytics software solutions to enable business transformation and create new opportunities. For instance, Tata Consultancy Services (TCS), announced a strategic partnership to accelerate the process of modernization in enterprise data warehouses for various data-driven companies in Europe using a unified analytics platform (UAP) Vertica in May 2021. Such solutions help in improving competitive advantage and the decision-making process, which will drive the growth of the market in Europe during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Cloud Analytics Market: Cloud Analytics Market by Solution, Deployment, and Geography - Forecast and Analysis
Natural Language Processing (NLP) Market: Natural Language Processing (NLP) Market - North America, Europe, EMEA, APAC: US, Canada, China, Germany, UK - Forecast
Voice and Speech Analytics Market: Voice and Speech Analytics Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, India, UK, Germany - Size and Forecast
The relays market is pivotal in enhancing predictive analytics, fraud management, and risk management for various industries, including e-commerce and healthcare providers. By leveraging big data analytics, businesses can gain real-time insights into customer behavior from social media platforms and online merchants. Tools like Brandwatch and Clarabridge use text analysis techniques, such as sentiment analysis, text classification, and text clustering, to improve customer services.
Moreover, artificial Intelligence and Natural Language Processing (NLP) drive advancements in cybercrime prevention and business intelligence. Entity recognition and language translation tools further enhance customer feedback processing. Workspace suites like Duet AI integrated with Gmail, Google Docs, and Google Meet streamline business operations. The shift to cloud deployment over on-premise deployment provides scalability and flexibility. With 5G technology and the Internet of Things (IoT), businesses can harness big data from various data sources, including Mongo DB, to identify patterns and optimize operations. Cloud computing ensures efficient data management, supporting both on-premise and cloud-based applications for seamless integration.
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Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.58% |
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Market growth 2024-2028 |
USD 18.08 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
19.15 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 33% |
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Key countries |
US, Japan, China, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alphabet Inc., Averbis GmbH, Bitext Innovations SL, Forsta AS, Infegy, InMoment Inc., International Business Machines Corp., KNIME AG, Luminoso Technologies Inc., MeaningCloud LLC, Megaputer Intelligence Inc., Microsoft Corp., NICE Ltd., OpenText Corp., Oracle Corp., Qualtrics LLC, SAP SE, SAS Institute Inc., and TIBCO Software Inc. |
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Market dynamics |
Parent market analysis, Market forecasting, 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 forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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