Text Analytics Market – Growth Potential and Regional Outlook to 2027

The global text analytics market share is slated to expand at an appreciable rate over the foreseeable future, driven by the accelerating need to analyze business decisions and customer behaviors under the support of analytics technologies. Likewise, the rising investments in artificial intelligence-based startups, coupled with the increasing conversion of unstructured data into structured formats, will amplify the industry outlook in years ahead. As per Global Market Insights, Inc. estimates, the global text analytics market size is expected to cross $20 billion by 2027.

Major companies worldwide are focusing on leveraging emerging technologies such as natural language processing, artificial intelligence, and blockchain to develop smart text analytics tools. Furthermore, enterprises are deploying this method to retrieve information from unstructured data and interpret the results for enhanced customer satisfaction and business decisions. These aforesaid text analytics applications will add significant impetus to overall market growth over the forecast spell.

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In terms of segmentation by component, the customer relationship management (CRM) software segment is poised to exhibit a CAGR of more than 15% through 2027. Text mining has been playing a prominent role in allowing enterprise-level businesses to monitor customer feedbacks and chatter on the Internet. Companies are also adopting advanced analytics solutions to ensure real-time analysis of written content and identification of customer queries.

Based on deployment model, the global text analytics market from the cloud segment is slated to proliferate at a commendable pace over the coming years, which is attributable to the strong reliance of enterprises on cloud-based infrastructures for business processes. In order to rapidly deliver accurate text mining results, cloud-based text analytics software also leverages the on-demand computing capabilities and scalability of the cloud platform.

With regards to the application spectrum, the healthcare segment is set to hold a considerable share over the estimated timeframe, on account of the escalating demand for text mining and NLP (natural language processing) systems to turn expansive information from healthcare databases into valuable insights. Through the deployment of this process, enterprises are also boosting their clinical trials and discovery processes of multiple drugs. These factors, alongside the robust clinical documentation analysis demand and EHRs improvements, will contribute to the segmental growth.

For instance, in July 2020, Microsoft announced the inclusion of the text analytics capabilities in the Azure Cognitive Services product, which can associate phrases or words in text with illness symptoms, dosage, medication class and name, dosages, and other semantic entities, establish connections among concepts.

From a regional perspective, the North America text analytics industry is projected to depict a CAGR of over 15% through 2027, due to the mounting demand for sentiment analysis of feedback from customers as well as social media analytics. Rapid adoption of social media platforms, along with the rising partnership agreements to develop text analytics tools, will further bolster regional industry forecast.

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The competitive landscape of the text analytics market comprises of companies such as SAS Institute, SAP SE, Oracle Corporation, Microsoft Corporation, IBM Corporation, Capgemini SE, and Attivio, among others. These firms are focusing on strategies such as M&A, innovative solution launches, and business expansions to expand their footprint globally.

To illustrate, in March 2021, Kensho launched its innovative text analytics product, Kensho NERD, designed to enable the discovery of newsfeeds, documents, and other texts and link each to the corresponding record in the textual database.

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