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Kenneth Research, in its repository of market research reports, has recently added a report on Text Analytics Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Text Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Text Analytics Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Text Analytics Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Text Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017. Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
Text analytics also known as text mining is used to analyze the unstructured data into meaningful insights. The text mining software examines the large chunk of written materials which identifies relationship, facts and assertions, whereby visualizing it the form of charts, graphs, maps and others.
These visualizing techniques are helpful to find the potential business insights in social media posts, medical records, surveys and other data based on texts the text analytics market is anticipated to grow significantly over the CAGR over the projected period owing to rising use of cloud services for storage of data coupled with rising adaption of social media.Rising Adaption of Social Media to Drive the Market
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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At present, monitoring the public behavior is an inevitable business. Public behavior on social media has become a part of marketing, thereby analyzing the public opinion, marketing professionals could take decisions regarding the promotional expenditures. Moreover, by using text analytics companies are making strategic decisions to make more profits by understanding the real picture of their products and services offered to the public.
Further, statistically derived meaningful insights would allow organizations to act in more personal way. This would lead to change the perception of the people that the company is more personable than mechanistic which would profit the company.
Statistical models in the text analytics such as online activity analysis and sentimental analysis to analyze the social media trends, would significantly grow the demand for text analytics in the coming years. However, low awareness of this strategic technology is restricting the global text analytics market growth.
Deployment Model Insights
Cloud based deployment model expected to hold prime share in the global market owing to the rising demand for the data security. Moreover, it is considered to be cost effective solutions, which would propel the market in the coming decade. Cloud is technology where large chunk of data is stored for real time analysis to gain logical information, which is attracting the text analytics market players.
Cloud based text analytics facilitates the application of different models such as regression analysis, correlation, data clustering and many others which would help in analyzing the different markets, which may propel the text analytics market. Moreover, the exponential increase in the data would also boost the cloud services in the text analytics market.
Regional Outlook
North America is technologically advanced region owing to which the region is anticipated to dominant the global text analytics market over the forecast period. The wide presence of the companies providing text analytics software and services in the North America, particularly in the U.S. is another growth factor for the text analytics market.
Major active companies offering robust technology includes Aylien, Lexalytics, Stride and several others which are offering their own text analytics platform in this region.
Asia Pacific is anticipated to have significant growth during the projected period. The region is highly witnessing the inclination towards the customer relationship management, which is resulting in rise towards prediction of consumer behavioral trends. This would boost the demand for text analytics in this region in the coming years. Furthermore, the region is also experiencing the growth in the using the social media platform which would in turn propel the market of text analytics in the region.
Competitive Landscape
Launching of new data visualization techniques and upgrading the software with new features would frost the demand for text analytics in the global market. For instance, in January, 2018, SAS announced the new platform of is its analytics software such as visual text analytics which would ease the deep learning, text analytics and forecasting techniques. This advancement would fuel the revenue growth of the text analytics in the global market.
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Being a potential market various companies are venturing into text analytics with their own text analytics platform. Companies includes Affectiva, Lightwave, Beyong Verbal, Behavior Matrix, nViso, Realeyes, iMotions, Kairos and others. Other established players in the market are SAS Institute Inc, SAP SE, Meaning Cloud LLC, Clarabridge, Inc., IBM Corporation and several others are providing the software and services for the text analytics
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Mason Mount
Mason Mount is is an energetic and versatile freelance writer for 5 years, he pens down any type of article and web content. He is a Cambridge University Business English Certificate (Europe Level) holder. He is analytical, enthusiastic, and ingenious, with the essence to work variously, strives to emerge as a lucrative individual who has a grasp on market. Congenial Interpersonal skills and the competence to grab every single trivia with foolproof analysis is something he primarily posses.
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