The global Text Analytics Market is forecast to reach USD 16.85 Billion by 2027, according to a new report by Reports and Data. Text analytics tools are increasingly used by most of the organizations to help their business by useful insights from different sources, such as client interaction, blogs, emails, tweets, product reviews, and center logs.
The major objective of the analytics of these texts is to gather several forms of information that includes structured and unstructured data and can be utilized further for fueling the decision of the business. Some of the benefits of this analytics include improved processing speed, cost reduction, better consistency, and integration of big data. The rise in demand for Big Data and machine learning is augmenting the growth of the product.
Text analytics is gaining traction due to the rise in the adoption of social media platforms and a growing inclination of cloud technology for data storage. The organization is transitioning to adopt cloud technology. They are being driven by their ability to prevent fraud, plan efficient marketing campaigns, and manage risk.
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The practice of text analytics enables businesses to gather and analyze customer feedback in order to gain deep insights from the respondents. With the advent of real-time artificial intelligence, surveys can be tailored more closely to the needs of the business, providing an opportunity to address detractors immediately and turn negative experiences into positive outcomes. Businesses that prioritize delivering a high-quality customer experience must leverage text analytics techniques to analyze customer complaints and feedback. Failure to regularly assess this data can result in organizations struggling to improve their customer experience, leading to a decline in customer satisfaction and loyalty. By utilizing text analytics and AI, businesses can better understand their customers' needs and preferences, and take actionable steps to deliver a superior experience that meets and exceeds their expectations.
Competitive landscape of global Keyword market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand their product portfolio.
some leading companies operating in the global Keyword market:
SAS Institute, Inc., SAP SE, Clarabridge, Inc., Lexalytics, Inc., IBM Corporation, Luminoso Technologies Inc., Averbis, Meaningcloud LLC, Opentext Corporation, and Bitext Innovations S.L., among others.
The retail sector is poised to experience significant growth with a high compound annual growth rate (CAGR) due to the increasing demand for maximizing sales and customer intelligence. In order to ensure profitability and cater to the diverse product preferences of customers, the retail sector relies heavily on maintaining regular customer demand. As a result, the industry is expected to witness a surge in the adoption of customer intelligence platforms provided by leading service providers such as IBM, SAP, and SAS. This adoption of customer intelligence platforms is anticipated to drive online efficiency and sales, enabling retailers to gain better insights into customer behavior and preferences, and develop more targeted marketing strategies. By leveraging customer intelligence platforms, retailers can improve customer engagement, enhance brand loyalty, and ultimately achieve greater success in a highly competitive market.
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The global market is further segmented into type and application:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Managed services
- Professional services
Application Outlook (Revenue, USD Billion; 2017-2027)
- Marketing Management
- Document Management
- Customer Experience Management
- Governance, Risk, and Compliance Management
- Workforce Management
Deployment Mode Outlook (Revenue, USD Billion; 2017-2027)
Organization Size Outlook (Revenue, USD Billion; 2017-2027)
- Large Enterprises
- Small and Medium Enterprises
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
- Retail and Ecommerce
- Healthcare and Life Sciences
- Banking, Financial Services, and Insurance
- Government and Defense
- Telecommunications and Information Technology
- Media and Entertainment
- Energy and Utilities
- Travel and Hospitality
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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