Text Analytics Market Size, Share, Industry Trends and Forecast to 2030

Text Analytics Market Size & CAGR in 2021

The global text analytics market is projected to witness a CAGR of 18.3% from 2021 to 2026. In 2021, the market size was estimated to be around USD 5.3 billion.

COVID-19 Impact on the Text Analytics Market

The COVID-19 pandemic has significantly impacted the text analytics market. With the surge in online activities, businesses are using text analytics tools to analyze customer sentiments, feedback, and trends to make informed decisions.

The demand for text analytics solutions has increased as companies strive to understand changing consumer behavior during the pandemic and tailor their strategies accordingly.

Text Analytics Dynamics

The text analytics market is driven by the increasing adoption of artificial intelligence and machine learning technologies. Businesses are leveraging text analytics tools to gain insights from unstructured data.

Furthermore, the growing importance of customer feedback and sentiment analysis is driving the demand for text analytics solutions across various industries such as retail, healthcare, and finance.

Segments and Related Analysis

The text analytics market is segmented based on components, applications, deployment modes, organization sizes, and industries. The key segments include sentiment analysis, text categorization, and entity recognition.

The sentiment analysis segment holds the largest market share due to its ability to analyze and interpret emotions and opinions expressed in textual data.

By Region Analysis

North America

North America dominates the text analytics market due to the presence of major technology companies and early adoption of advanced analytics tools. The region is expected to continue leading the market in the coming years.

Europe

Europe is witnessing significant growth in the text analytics market, driven by the increasing focus on data-driven decision-making and the adoption of AI-driven solutions across various industries.

Asia Pacific

The text analytics market in the Asia Pacific region is expanding rapidly, fueled by the growing demand for real-time insights and the proliferation of social media platforms. Countries like China and India are emerging as key markets for text analytics solutions.

Key Market Players and Competitive Landscape

Some of the key players in the text analytics market include IBM Corporation, SAS Institute, Inc., SAP SE, Microsoft Corporation, and Oracle Corporation. These companies are focusing on product innovations and strategic partnerships to strengthen their market position.

Recent Happenings in the Text Analytics Market

- In 2021, IBM launched an enhanced version of its text analytics tool that offers advanced natural language processing capabilities.

- SAS Institute announced a partnership with a leading retail chain to deploy its text analytics solution for sentiment analysis and customer feedback analysis.

- Microsoft introduced a new text analytics API that enables developers to extract key phrases and entities from unstructured text data.

- SAP collaborated with a healthcare provider to implement its text analytics solution for patient feedback analysis and improve service quality.