Text Analytics Market: Global Trends, Growth Opportunities, and Key Players Analysis 2023
The Text Analytics Market is projected to grow at a CAGR of 21% from 2018 to 2023, with the market forecasted to reach $11 billion by 2023. With a growing trend towards the use of unstructured data, text analytics is becoming an increasingly popular tool for businesses and organizations alike. This blog post highlights the global trends, growth opportunities, and key players in the text analytics market.
Global Trends in Text Analytics
There is no denying that the world is becoming more data-driven, and with this comes the need for improved data analysis tools. Text analytics is a unique technology that helps businesses extract useful insights from large amounts of unstructured data. The global text analytics market is expanding rapidly, with many industries utilizing this technology to manage vast amounts of unstructured data to gain market insights.
The retail, banking, healthcare, and financial sectors are expected to generate the most significant market revenue by the year 2023. This is due to the abundance of untapped data within these sectors that can be leveraged for business gains, and the increased demand for customer insights and product feedback.
Growth Opportunities in Text Analytics
With the continuous growth of unstructured data, there is a need for better data management, analysis and organization. The future of the Text Analytics Market lies in the growth of the text mining tools and sentiment analysis software. These applications are being used in various industries such as healthcare, business, retail, and others to enable companies to analyze and extract insights from customer feedback, social media, and other unstructured data.
There is also a growing need for predictive analytics in the Text Analytics Market. With AI-related technologies, data analysts can leverage unstructured customer data, internet reviews, and feedback to estimate market demand and predict product adoption rates. Furthermore, predictive analytics can also help in identifying the potential risks and customer churn.
Key Players in Text Analytics Market
The Text Analytics Market includes significant players such as IBM, Microsoft, SAP, Open Text Corporation, Intetics Inc., and a host of other emerging and established players. Microsoft leads Text Analytics Market with significant market share owing to its leading position in machine learning and cognitive computing technologies.
The Text Analytics Market is expected to grow at a considerable rate in the future. As the volume of unstructured data continues to expand, businesses can derive insights from these data sets using text analytics to stay ahead of the competition. With the rise of big data, there’s no telling how popular or necessary text analytics will become – but it’s evident from global trends and growth opportunities that it’s a vital technology for businesses.
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