Global market value of text analytics software solutions and services reached ~ US$ 1.1 Bn in 2018, as featured in the new market research study published by Persistence Market Research (PMR). According to the study, the text analytics market is estimated to grow by ~ 16% Y-o-Y in 2019. This strong Y-o-Y may be attributed to the accelerated adoption of text analytics software solutions and services to accommodate business intelligence, risk and fraud management, and social media monitoring.
According to the research report, there has been a noteworthy increase in the variety and volume of unstructured textual data over the last few years. This unstructured data includes textual feedback from potential customers, existing customers, and employees, among others. High demand for insight extraction from this unstructured textual data is propelling the adoption of text analytics software solutions and services, on a global scale.
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Lucrative Opportunities Expected in Japanese and Eastern European Text Analytics Marketplaces
Globally, the text analytics market is estimated to record a strong CAGR of ~18%, during the forecast period. The text analytics market in Japan is estimated to register the highest CAGR among all the regional markets. This growth may be attributed to the accelerated adoption of text analytics software solutions and services for the purpose of marketing and sales enhancement. The text analytics market in Eastern Europe is expected to register the second highest CAGR owing to the high demand for efficient sentiment analysis tools and social media monitoring in the region.
Currently, some of the most innovative enterprise-grade software procurements and developments are in developing countries. These lucrative opportunities are offering important lessons to the developed economies that are progressively focusing on the procurement of economically-feasible software innovations. The ever-increasing diffusion of smartphones and other network-connected mobile devices in the marketplace is motivating enterprises in the developing markets to procure efficient big data analytics infrastructure.
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End Users Accelerating the Procurement of Text Analytics Solutions and Services in APEJ
Among all industries, banking, financial services and insurance (BFSI) and the healthcare are estimated to hold the significant market shares of the global text analytics market. The BFSI industry generates vast amount of unstructured textual data, such as financial product logs, customer information, and transactional information, which can be utilized to enhance decision making.
Healthcare data acquisition systems accumulate huge amount of unstructured textual as well as numeric data about patient health, medical prescriptions, physician notes, and patient visits, among other information. This data encapsulated within electronic clinical and healthcare records leads to promotion of research initiatives, lowered expenses, fewer medical errors, and improved healthcare quality.
Adoption for Business Intelligence and Social Media Monitoring Applications Bolstering Demand
During the forecast period, adoption of text analytics software solutions and services for business intelligence applications is estimated to generate the highest incremental opportunity worth ~US$ 1.5 Bn. Social media monitoring applications of text analytics software solutions are estimated to record the second highest incremental opportunity during the forecast period.
Instead of searching just by a particular term, text analytics can locate content based on context using semantic web. This improves the consequent business intelligence results, while facilitating social network analysis and counter-intelligence. In case of social media monitoring, text analytics goes through a vast and complex process at high speeds in order to deliver insights and analysis. The text analytics tool for social media monitoring has the capability of sifting through huge amounts of HTML and textual information to understand the data at record speeds.
The PMR paper also shines a light on the informative insights into the competition landscape in the global text analytics market. The study highlights the differential strategies incorporated by the leading players in the global market. Partnerships with other text analytics solution and service providers help develop new innovation strategies and increase business revenue. This, in turn, enables text analytics market players enhance their global market presence by attracting new clients.
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