The Text Analytics Market is Predict to reach USD 32.00 Billion by 2031, at a CAGR of 17.6%

Text Analytics Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Text Analytics Market size is expected to reach $32.00 billion by 2031, rising at a market growth of 17.6% CAGR during the forecast period.

The Software segment is poised to grow at a CAGR of 16.8 % during the forecast period. The software segment has gained significant traction due to advancements in technologies such as natural language processing (NLP), machine learning (ML), and artificial intelligence (AI). These innovations have made text analytics software more accurate, efficient, and capable of handling diverse data types and languages.

The On-Demand segment captured the maximum revenue in the Global Text Analytics Market by Deployment Type in 2023, thereby, achieving a market value of $21 billion by 2031. Businesses are progressively favoring on-demand solutions as they obviate the necessity for substantial initial investments in infrastructure and maintenance. These solutions allow organizations to access advanced analytics tools through subscription-based models, making them particularly attractive to small and medium-sized enterprises (SMEs) and startups.

The Large Enterprises segment is experiencing a CAGR of 17.9 % during the forecast period. Large organizations operating across multiple regions and industries require sophisticated text analytics solutions to analyze unstructured data from diverse sources like customer feedback, social media, and internal communications. Their substantial budgets allow them to invest in robust on-premise or cloud-based systems integrated with enterprise tools like business intelligence (BI) and customer relationship management (CRM) platforms.

The Retail segment led the maximum revenue in the Global Text Analytics Market by Industry Vertical in 2023, thereby, achieving a market value of $6.6 billion by 2031. Retailers leverage text analytics to analyze customer reviews, feedback, and social media interactions to better understand purchasing behaviors and preferences. The ability to provide tailored recommendations and targeted promotions has significantly enhanced customer engagement and sales.

The Customer Experience segment is growing at a CAGR of 15.5 % during the forecast period. Text analytics empowers organizations to analyze customer feedback from reviews, surveys, emails, and social media to identify pain points, preferences, and expectations. This helps companies personalize their services, resolve issues more effectively, and build stronger customer relationships.

Full Report: https://www.kbvresearch.com/text-analytics-market/

The North America region dominated the Global Text Analytics Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $12,380 million by 2031. The Europe region is anticipated to grow at a CAGR of 17.2% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 18.6% during (2024 - 2031).

List of Key Companies Profiled

• Qualtrics, LLC
• IBM Corporation
• Luminoso Technologies, Inc.
• Megaputer Intelligence, Inc.
• Microsoft Corporation
• Micro Focus International PLC (Open Text Corporation)
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• Averbis GmbH

Text Analytics Market Report Segmentation

By Component

• Software
• Services
  • Professional
  • Managed

By Deployment Type

• On-Demand
• On-Premise

By Enterprise Size

• Large Enterprises
• SMEs

By Industry Vertical

• Retail
• BFSI
• Travel & Hospitality
• Media & Entertainment
• Healthcare
• IT & Telecom
• Other Industry Vertical

By Application

• Customer Experience
• Marketing
• GRC
• Document Management
• Workforce Management
• Other Application

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Text Analytics Market Size | Trend Report 2031

• December-2024
• 128 Pages

LAMEA Text Analytics Market Size, Share | Trend Report 2031

• December-2024
• 147 Pages

Europe Text Analytics Market Size, Share & Forecast | 2031

• December-2024
• 147 Pages

Asia Pacific Text Analytics Market Size | Growth Report 2031

• December-2024
• 149 Pages