According to a new market research report "Text Analytics Market by Component (Software, Services), Application (Customer Experience Management, Marketing Management, Governance, Risk, and Compliance Management), Deployment Model, Organization Size, Industry Vertical, Region - Global Forecast to 2022", published by MarketsandMarkets™, the text analytics market from $4.0 billion in 2017 to $8.8 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period.
Use of text analytics for brand building and developing cross-sell/upsell strategies are expected to drive the market. The growing application of text analytics to confront various challenges across industry verticals, such as risk management and fraud detection for finance and insurance, and workforce management for manufacturing, is another major factor contributing to the growth of the text analytics market.
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Cloud-based text analytics solution to gain the maximum traction during the forecast period
The cloud deployment model is expected to have a higher market share than the on-premises model throughout the forecast period. A cloud server for text analytics means less storage space and reduced maintenance cost. Moreover, cloud-based text analytics solutions are gaining traction among small and medium-sized enterprises, as most of the firms are swiftly transforming from brick to click models. However, a gradual increase in the market size of the on-premises deployment model is also expected, as on-premises solutions offer higher privacy, security, and control over the data.
The text analytics services segment to grow at a higher rate throughout the forecast period
Among components, text analytics services segment is expected to grow at a higher CAGR throughout the forecast period. Once the text analytics software is deployed, professional services are required to ensure the proper functioning of the software. The extent of demand for the services depends on the complexity of the operations and their level of integration with the existing systems. System deployment and integration are one of the major services, as the text analytics solutions must be integrated, and therefore, it requires the right level of connectors and back-end integration capabilities. Some of the other uses of services include sentiment analysis, text summarization, document classification, entity extraction, themes discovery, keyword analysis, citation detection, slang detection, and language detection.
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North America to constitute the highest market share during the forecast period
In terms of market share, North America is expected to continue its dominance throughout the forecast period. Early adoption of new and emerging technologies and the presence of a large number of text analytics vendors in the region would help consolidate the majority of revenues in the market. The high penetration rate of text analytics in the retail and eCommerce, banking, and healthcare and life sciences verticals to achieve business goals through marketing management; governance, risk, and compliance management; and document management is also expected to boost the growth of the market in the region.
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