The Text Analytics Market estimated to garner USD 3.97 billion in 2017 and projected to reach USD 8.79 billion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 17.2%.
To gain a competitive edge over competitors, enterprises are currently seeking tools for effective analysis of huge volumes of data that is generated from diverse data sources. The need for structured data to extract actionable business insights using real-time analytics has fueled the growth of the Text Analytics Market. The Text Analytics Market is expected to witness increasing growth rates, considering the dynamic nature of the technology in computing power, growing volumes of data, and growing adoption of text analytics solutions by Small and Medium-sized Enterprises (SMEs).
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Text analytics solutions are being adopted by various verticals, as organizations are improvising software adoptions for improving their ability to carry out real-time performance analysis. Text analytics enables organizations to make faster business decisions by utilizing data gathered from social media, web-chats, call-center recordings, and more. Additionally, the technological developments facilitating rapid report generation and significant advancements in data analysis methodologies have also supplemented the adoption of text analytics solutions, thus, accelerating the market growth.
The cloud deployment model is dominating the market in terms of revenue due to increased demand for cloud based APIs. Organizations are using text analytics for managing risks, mitigating frauds, and for the overall improvement in the performance of operations, while reducing the costs associated. Other factors that are likely to drive the demand for cloud deployment are cost-effectiveness, ready availability, and better visibility of data.
Among the industry verticals, retail and eCommerce vertical, which uses text-analytics solutions to perform risk analysis, identify new sales quota, and monitor the progress of various processes on a real-time basis, is expected to foster the demand for text analytics software & services in this vertical. Additionally, the retail and eCommerce segment is expected to continue its dominance in the market in terms of revenue generation during the forecast period. In terms of growth, the healthcare and life sciences segment is expected to expand at the highest CAGR during the forecast period. This is owing to the rising needs for the use of analytics for monitoring and managing valuable clinical data, such as patient records, and other clinical data. This data is utilized for better decision making and improving the quality of patient care.
North America, owing to early technological adoption and presence of large numbers of text analytics solution providers, is expected to maintain its regional dominance during the forecast period. The Asia Pacific (APAC) region is expected to witness the highest growth rate during the forecast period due to the ongoing technological advancements and increasing adoption of text analytics software solutions and services in this region.
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