Market Overview

The global text analytics market size was valued at USD 10.1 Billion in 2024. It is projected to reach USD 35.5 Billion by 2033, exhibiting a CAGR of 15% during the forecast period of 2025-2033. The growing adoption of big data analytics, artificial intelligence (AI), rising utilization of social media, increasing focus on cloud computing, and advancements in natural language processing (NLP) are key growth factors driving the market. For more information, visit the Text Analytics Market (https://www.imarcgroup.com/text-analytics-market.

Study Assumption Years

• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033

Text Analytics Market Key Takeaways

• The global text analytics market size was valued at USD 10.1 Billion in 2024.
• The market is expected to grow at a CAGR of 15% during 2025-2033.
• The forecast period for the market is 2025-2033.
• Major drivers include enhanced user experience and rising demand in legal applications.
• Growing utilization of social media and focus on cloud computing are key market trends.
• North America dominates the market with the largest share due to strong R&D investments.
• Security and privacy concerns pose challenges, while demand for customized solutions and user insights provide opportunities.

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Market Growth Factors

The global market is booming, largely thanks to the rising use of big data analytics and artificial intelligence (AI). Companies are tapping into AI and machine learning (ML) to spot patterns, pull insights from heaps of unstructured text data, and make decisions based on data. A great example of this trend is the partnership between IBM and Salesforce, which is pushing AI into customer relationship management. The growing demand to sift through massive amounts of unstructured data is driving market growth.

Another big factor is the surge in social media usage, with around 5.17 billion users globally as of July 2024. This flood of user-generated content—think posts, comments, reviews, and chats—provides a treasure trove of real-time data. Text analytics tools are essential for businesses to glean valuable insights from this unstructured content, something that manual processing just can't keep up with.

Cloud computing is also playing a crucial role in this growth. Cloud platforms allow organizations to easily scale their text analytics capabilities without the need for hefty investments in physical infrastructure. They offer flexible storage and computing power, making it easier to analyze large datasets in real time. The global public cloud market is projected to grow at a staggering CAGR of 19.9% from 2024 to 2032, further enhancing analytics capabilities that are available on demand.

Market Segmentation

Breakup by Deployment Model:

• On-premises: Leading segment owing to greater control over sensitive data and compliance with regulatory frameworks. Preferred by organizations with stringent security needs, such as banking and healthcare, for customization and operational control.
• Cloud-based: Increasing adoption due to scalability and flexible computational resources.

Breakup by Organization Size:

• Large Enterprises: Hold the largest market share as they handle massive volumes of data from diverse sources and invest heavily in advanced analytics tools for actionable insights and competitive advantage.
• Small and Medium Enterprises (SMEs): Also part of the market but smaller share compared to large enterprises.

Breakup by Application:

• Customer Relationship Management: Dominant application segment driven by analysis of user interactions across social media, emails, and reviews for better engagement, personalized marketing, and enhanced service.
• Competitive Intelligence, Predictive Analytics, Fraud Detection, Brand Reputation, Others: Also noted applications.

Breakup by End User:

• Fast Moving Consumer Goods (FMCG): Largest market share due to the need for real-time consumer insights and brand sentiment monitoring from social media and customer feedback.
• Banking Financial Services and Insurance (BFSI), Healthcare and Pharmaceuticals, Telecommunication, Government, Retail, Others: Additional end-user segments.

Regional Insights

North America leads the global text analytics market, accounting for the largest market share. The region benefits from advanced technological infrastructure, high adoption of big data analytics and artificial intelligence, and a strong presence of leading analytics providers. The United States data analytics market alone is expected to grow at a CAGR of 26.80% during 2024-2032, underscoring the region’s dominance and innovation in this field.

Recent Developments & News

On 10 October 2023, Microsoft introduced new data and AI solutions tailored for healthcare organizations. These solutions leverage Microsoft Cloud for Healthcare and Azure AI Language services to integrate disparate health data sources and extract key medical information from unstructured text, enhancing patient and clinician experiences while improving operational efficiency.

Key Players

• Clarabridge
• Infegy
• International Business Machines Corporation
• Lexalytics Inc.
• Luminoso Technologies Inc.
• Microsoft Corporation
• Open Text Corporation
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• Tableau Software LLC (Salesforce.com Inc)
• The Hewlett Packard Enterprise Company
• TIBCO Software Inc.

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