Text Analytics Market to Reach $29.42 Bn, Globally, by 2030 at 17.8% CAGR: Allied Market Research

Portland, ore.And February 2, 2022 /PRNewswire/ – Allied Market Research has published a report titled “Textual Analytics Market by Component (Software and Services), Deployment Model (On-premises and Cloud), Enterprise Size (Large Corporate, SMEs, and SMEs), Application (Customer Experience Management, Marketing Management, Governance, Management Risk and compliance, document management, workforce management, and others), industry sector (retail, BFSI, travel and hospitality, media and entertainment, healthcare, ICT, and others): Global Opportunities Analysis and Industry Forecast, 2021-2030″. According to the report, the global text analytics industry . has been created 5.86 billion dollars In 2020, it is expected to generate $29.42 billion By 2030, we could see a compound annual growth rate of 17.8% from 2021 to 2030.

basic determinants of growth

Increasing need for social media analytics, corporate predictive analytics, and increasing penetration of cloud computing technology are driving the growth of the global text analytics market. However, lack of awareness, skilled workforce and other operational challenges, data privacy and security concerns are hampering market growth. On the other hand, enhancing customer service and competitive intelligence provides new opportunities in the coming years.

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Covid-19 scenario

  • The text analytics market has witnessed stable growth during the COVID-19 pandemic, due to increasing investments in emerging technologies, such as artificial intelligence and machine learning.
  • Furthermore, text analytics is widely adopted by small and medium businesses (SMEs) for real-time results, making strategic decisions, and solving customer problems on a priority basis.
  • Additionally, text analytics identifies actionable insights by compiling text analysis results and integrating business intelligence (BI) tools or easy-to-understand reports and graphics. This positively impacts its use in media, retail, healthcare, travel and tourism, military and defense, information technology (IT) and communications, banking, financial services, and insurance (BFSI).

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The software sector to maintain its leadership position throughout the forecast period

Based on the component, the software segment held the highest market share in 2020, accounting for nearly three-fifths of the global text analytics market, and is estimated to maintain its leadership position throughout the forecast period. This is because it enables faster data extraction, data categorization, sentiment analysis, help distinguishing people, recognition of named entities (NER), and even contextualization. Furthermore, the service segment is expected to show the highest compound annual growth rate of 19.1% from 2021 to 2030, helping organizations evaluate billions of views from a million people and determine the best course of action for their products (and even their brand as a whole) based on preferences of their customers to ensure customer happiness and increase revenue.

The local segment to maintain its leading position during the forecast period

Based on the deployment model, the domestic segment captured the largest share in 2020, contributing nearly three-fifths of the global text analytics market, and is expected to maintain its leading position during the forecast period. This is due to the fact that it allows hosting within the organization’s network, which gives the organization superior control over the functionality and performance of the software. However, the cloud segment is expected to exhibit the largest compound annual growth rate of 18.8% from 2021 to 2030, as it helps with the rapid scalability and resilience of cloud-based deployments along with the increased cost-effectiveness of this solution.

North America to maintain its dominance by 2030

based on the area, North America It had the highest market share by revenue for 2020, accounting for nearly a third of the global text analytics industry, due to the high adoption of text analytics solutions across end user segments such as BFSI, retail and healthcare and increasing investments in new technologies such as data analytics and big data and machine learning. Moreover, the Asia Pacific The region is expected to experience the fastest compound annual growth rate of 19.3% during the forecast period, due to the region’s evolving consumer trends and high population density enabling businesses to better customer insights.

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Leading market players

  • BASF SE
  • Huntsman International LLC
  • LyondellBasell Industries Holdings BV
  • Enabling materials
  • Anmol group of chemicals
  • KOA Co., Ltd.
  • Shandong Lixing Chemical Co., Ltd. Ltd.
  • ReactChem Limited.
  • SMC Global
  • TOAGOSEI Co., Ltd.

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