Transparency Market Research has released a new market report titled Text Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024. According to this report, the global text analytics market revenue stood at US$2.82 bn in 2015 and is expected to reach US$12.16 bn by 2024, at a CAGR of 17.6% from 2016 to 2024.
Text analytics is a method of converting unstructured data into a meaningful form for the analysis of customer feedback, product reviews, sentimental analysis, and entity modeling for supporting fact-based decision making. Several techniques of statistical, linguistic and machine learning are used in text analytics solutions for the retrieval of relevant information from unstructured data. The increasing proliferation of textual data has challenged the ability of organizations across various sectors to summarize and understand them to make better business decisions. As a result, cloud-based text analytics solutions are increasingly being adopted by various enterprises around the globe. Cloud-based text analytics solutions increase the scalability and flexibility of the data analysis process on cloud. It also enables market research professionals and data scientists to easily and effectively perform sentiment analysis, categorization, and concept extraction process on large volumes of data.
Also, the cloud-based text analytics solutions segment is anticipated to grow the fastest, with an expected CAGR of 20.2% during the forecast period due to its capability to provide global access to information in the analysis process. In 2015, global on-premise text analytics solutions revenue accounted for US$ 2.43 Bn, which is approximately 84% of the overall text analytics market, which would significantly decline in the future due to the transition from on-premise to cloud-based deployment solutions across organizations. The text analytics market is segmented on the basis of applications into data analysis & forecasting, fraud/spam detection, intelligence & law enforcement, and customer relationship management (CRM). In order to get better forecasting results and plan effectively for the future, organizations have increasingly adopted text analytics solutions for data analysis and forecasting applications in recent years.
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The military and defense end-user segment gained the majority share of the text analytics market in the year 2015. However, IT and telecom is anticipated to be fastest growing segment, projected to expand at a CAGR of 18.5% from 2016 to 2024. The need to improve visibility in core operations, internal process, market conditions, trends and create forecasts accordingly, have led to increased adoption of text analytics solutions among IT and telecom sectors.