Global Text Analytics Market

Text Analytics Market Size, Share, Growth Analysis, By Component(Software and Services), By Enterprise Size(Large Enterprises and SMEs), By Application(Customer Experience Management, Marketing Management, Governance, Risk), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45D2106 | Region: Global | Published Date: October, 2024
Pages: 162 | Tables: 91 | Figures: 71

Text Analytics Market News

  • In September 2023, IBM announced an enhancement to its Watson Natural Language Understanding service, integrating advanced machine learning capabilities to improve sentiment analysis and entity recognition. This upgrade allows businesses to derive deeper insights from unstructured data, enhancing customer interactions and operational efficiencies across various sectors.
  • In August 2023, Microsoft launched an updated version of its Azure Text Analytics service, featuring improved multilingual support and enhanced API functionality. This development enables organizations to analyze text data in multiple languages, facilitating global operations and allowing businesses to better understand diverse customer sentiments and trends in real-time.
  • In October 2023, Google Cloud unveiled its new Natural Language AI enhancements, which include advanced text classification and sentiment analysis features. This update aims to help businesses extract more nuanced insights from their data, driving better decision-making and customer engagement strategies in various industries, including marketing and customer service.
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Global Text Analytics Market size was valued at USD 3.45 Billion in 2022 poised to grow from USD 3.96 Billion in 2023 to USD 10.36 Billion by 2031, growing at a CAGR of 14.73% in the forecast period (2024-2031).

The competitive landscape of the global text analytics market is characterized by rapid innovation and a diverse array of players, ranging from established tech giants to agile startups. Key companies include IBM, SAS Institute, Microsoft, and Oracle, which offer robust text analytics solutions integrated with AI and machine learning capabilities. Additionally, emerging players like Clarabridge and NetBase are gaining traction by providing specialized analytics for customer insights. The competition drives continuous advancements, ensuring that organizations can leverage cutting-edge technologies for data-driven decision-making. 'IBM (USA)', 'Microsoft (USA)', 'Oracle (USA)', 'SAS Institute (USA)', 'SAP (Germany)', 'Google (USA)', 'Amazon Web Services (USA)', 'RapidMiner (USA)', 'Clarabridge (USA)', 'NetBase (USA)', 'OpenText (Canada)', 'AYLIEN (Ireland)', 'Text Analytics (USA)', 'Infor (USA)', 'H2O.ai (USA)'

The exponential growth of unstructured data generated from various sources, such as social media, customer feedback, and online interactions, drives the global text analytics market. Organizations recognize the need to analyze this data to gain actionable insights, enhance decision-making, and improve customer experiences, fueling demand for text analytics solutions.

Rise of AI-Driven Solutions: The global text analytics market is increasingly adopting AI-driven solutions, enhancing data processing and analysis capabilities. These advanced technologies improve sentiment analysis, contextual understanding, and predictive analytics, enabling businesses to derive actionable insights from vast amounts of unstructured data, ultimately enhancing decision-making and customer engagement.

North America dominates the global text analytics market due to its advanced technological infrastructure, high adoption of artificial intelligence, and a strong emphasis on data-driven decision-making. The region is home to leading tech companies and innovative startups that invest heavily in research and development, fostering a vibrant ecosystem for text analytics solutions. Furthermore, stringent regulatory requirements in industries such as finance, healthcare, and telecommunications drive the demand for robust governance, risk, and compliance tools. The increasing reliance on social media and customer feedback analytics also propels the market, as businesses seek to enhance customer engagement and improve operational efficiency through actionable insights.

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Global Text Analytics Market

Report ID: SQMIG45D2106

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