An increase in demand predictive analytics for businesses and rising social media analytics are driving the market demand.
Market Size – USD 4.75 Billion in 2019, Market Growth - CAGR of 18.1%, Market Trends –Increased adoption by retail sectors.
The global Text Mining Market is forecast to reach USD 16.85 Billion by 2027, according to a new report by Reports and Data. Text mining 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 mining 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 mining 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 mining 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.
HM, a fashion retailer, in August 2018, deployed text mining solutions to analyze the customer's response in their social media channels. This permits the company to attain a better understanding of customer preference, and also customize ads to attract new clients.
Key participants include 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.
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Market Overview:
The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.
The Text Mining Markethas been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Supercomputer Market.
The global Text Mining Market is forecast to reach USD 16.85 Billion by 2027, according to a new report by Reports and Data. Text mining 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 mining 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 mining 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 mining 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.
HM, a fashion retailer, in August 2018, deployed text mining solutions to analyze the customer's response in their social media channels. This permits the company to attain a better understanding of customer preference, and also customize ads to attract new clients.
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Further key findings from the report suggest
- The rising adoption of cloud deployment will experience a surge in business growth while lowering the resources and capital required to deploy and maintain an analytics solution. Cloud adoption is expected to grow with a significant CAGR of 19.5% during the forecast period.
- Small and Medium-sized enterprises benefit extensively from subscription-based pricing models to understand their business demands more accurately. Moreover, cloud deployment also ensures timely updates, up-gradation in security, and backup and recovery functions. They are forecasted to grow with a higher CAGR of 18.7% during the forecast period.
- Text mining software help users gain knowledge about structured and unstructured text data by using natural language processing (NLP). These insights include key phrases, sentiment analysis, themes and patterns, languages, and entities. These tools can consume data from various sources, and they may be used in conjunction with other analytics tools, such as Big Data analytics, and business intelligence platforms.
- The high customer satisfaction and positive experience are due to the data mined from customer complaints and feedback. Organizations analyze call center data and use algorithms to improve services and quantify customer emotions. Thus is expected to propel the demand for the customer experience management segment.
- In the retail sector, text analysis plays a crucial role in analyzing the behavior of the customers and predicting the nature of the consumer, which will drive the industry. The organization adopted text analytics to offer personalized schemes and discounts to its clients by analyzing historical trends. Retailers also use social media platforms to acquire data to anticipate customer needs.
- Asia-Pacific is forecasted to grow with a higher CAGR due to the growth in BFSI and retail sector. The region offers noteworthy opportunities for text mining by the rising customer utilizing social media platforms and online purchases.
For the purpose of this report, Reports and Data have segmented the global Text Mining Market on the basis of component, application, deployment mode, organization size, industry vertical, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
Software
Services
- 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
- Others
Deployment Mode Outlook (Revenue, USD Billion; 2017-2027)
- Online
- Cloud
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
- Manufacturing
- Telecommunications and Information Technology
- Media and Entertainment
- Energy and Utilities
- Travel and Hospitality
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- U.K
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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Key Advantages of Text Mining Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Text Mining industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Text Mining Marketare quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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