HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: May 2017
Report Code: TC 2391

 

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The text analytics market size is expected to grow from USD 3.97 Billion in 2017 to USD 8.79 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.2%. The report segments the market by component, deployment model, organization size, application, industry vertical, and region. The major growth drivers of the market include growing need for social media analytics, predictive analytics for businesses, and rise in highly customized and industry-specific applications.

Objectives of the Study

The main objective of the report is to define, describe, and forecast the global text analytics market on the basis of components, deployment models, organization sizes, applications, industry verticals, and regions. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report aims to strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the total market. The report attempts to forecast the market size with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies. It also tracks and analyzes competitive developments, such as partnerships, collaborations, and agreements; mergers and acquisitions; new product developments; and Research and Development (R&D) activities in the text analytics market.

The research methodology used to estimate and forecast the text analytics market begins with capturing data on key vendor revenues through secondary research, which includes directories and databases (D&B Hoovers, Bloomberg, Businessweek, and Factiva). The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global text analytics market that was derived from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary participants is depicted in the figure below:

Text Analytics Market

To know about the assumptions considered for the study, download the pdf brochure

The text analytics ecosystem comprises vendors such as SAP SE (Germany), IBM Corporation (US), SAS Institute, Inc. (US), OpenText Corporation (Canada), Clarabridge, Inc. (US), Megaputer Intelligence, Inc. (US), Luminoso Technologies, Inc. (US), MeaningCloud LLC (US), KNIME.com AG (Switzerland), Infegy, Inc. (US), Lexalytics, Inc. (US), Averbis (Germany), and Bitext Innovations S.L.(Spain). Other stakeholders of the text analytics market include text analytics vendors, research organizations, network and system integrators, text analytics managed service providers, Business Intelligence (BI) solution providers, marketing analytics executives, web analytics executives, social media analytics providers, predictive analytics providers, data analytics providers, and brand health and customer satisfaction research personnel.

Key Target Audience:

  • Service providers and distributors
  • Text analytics application builders
  • Independent Software Vendors (ISVs)
  • Analytics consulting companies
  • Enterprises
  • End-users

“The study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years for prioritizing efforts and investments.”

Scope of the Report

The research report categorizes the text analytics market to forecast the revenues and analyze trends in each of the following subsegments:

By Component

  • Software
  • Services
    • Managed services
    • Professional services
      • Support and maintenance
      • Consulting services
      • System integration and deployment

By Application

  • Customer experience management
  • Marketing management
  • Governance, risk, and compliance management
  • Document management
  • Workforce management
  • Others

By Deployment Model

  • On-premises
  • Cloud

By Organization Size

  • Small and Medium-sized Enterprises (SMEs)
  • Large enterprises

By Industry Vertical

  • Banking, Financial Services, and Insurance (BFSI)
  • Telecommunications and Information Technology (IT)
  • Retail and eCommerce
  • Healthcare and life sciences
  • Manufacturing
  • Government and defense
  • Energy and utilities
  • Media and entertainment
  • Travel and hospitality
  • Others

By Region

  • North America
  • Europe
  • APAC
  • Latin America
  • MEA

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix gives a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakdown of the North American text analytics market
  • Further breakdown of the European market
  • Further breakdown of the APAC market
  • Further breakdown of the Latin American market
  • Further breakdown of the MEA market

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Microquadrant Description
    2.4 Research Assumptions
    2.5 Limitations

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 32)
    4.1 Attractive Opportunities in the Text Analytics Market
    4.2 Market Share, By Region
    4.3 Market By Industry Vertical and Region
    4.4 Life Cycle Analysis, By Region, 2017

5 Text Analytics Market Overview and Industry Trends (Page No. - 36)
    5.1 Market Overview
           5.1.1 Introduction
           5.1.2 Market Dynamics
                    5.1.2.1 Drivers
                               5.1.2.1.1 Growing Need for Social Media Analytics
                               5.1.2.1.2 Predictive Analytics for Businesses
                               5.1.2.1.3 Rise in Highly Customized and Industry-Specific Applications
                    5.1.2.2 Restraints
                               5.1.2.2.1 Lack of Awareness, Skilled Workforce, and Other Operational Challenges
                    5.1.2.3 Opportunities
                               5.1.2.3.1 Enhancing Customer Service and Competitive Intelligence
                               5.1.2.3.2 Rising Significance of Big Data and IoT in Analytics Market
                    5.1.2.4 Challenges
                               5.1.2.4.1 Achieving Consistency in Business Semantics and Interpretations
                               5.1.2.4.2 Data Privacy and Security Concerns
                               5.1.2.4.3 Concerns About Positive RoI
    5.2 Industry Trends
           5.2.1 Introduction
           5.2.2 Text Analytics Use Cases
                    5.2.2.1 Introduction
                    5.2.2.2 Use Case 1: Luminoso Technologies, Inc (Retail)
                    5.2.2.3 Use Case 2: Lexalytics, Inc. (Hospitality)
                    5.2.2.4 Use Case 3: Meaningcloud LLC. (BFSI)
           5.2.3 Text Analytics Architecture
           5.2.4 Technologies in Text Analytics
                    5.2.4.1 Big Data
                    5.2.4.2 Natural Language Processing
                    5.2.4.3 Artificial Intelligence

6 Text Analytics Market Analysis, By Component (Page No. - 45)
    6.1 Introduction
    6.2 Software
    6.3 Services
           6.3.1 Managed Services
           6.3.2 Professional Services
                    6.3.2.1 Support and Maintenance
                    6.3.2.2 Consulting Services
                    6.3.2.3 System Integration and Deployment

7 Text Analytics Market Analysis, By Application (Page No. - 54)
    7.1 Introduction
    7.2 Customer Experience Management
    7.3 Marketing Management
    7.4 Governance, Risk, and Compliance Management
    7.5 Document Management
    7.6 Workforce Management
    7.7 Others

8 Text Analytics Market Analysis, By Deployment Model (Page No. - 61)
    8.1 Introduction
    8.2 On-Premises
    8.3 Cloud

9 Text Analytics Market Analysis, By Organization Size (Page No. - 65)
    9.1 Introduction
    9.2 Small and Medium-Sized Enterprises
    9.3 Large Enterprises

10 Text Analytics Market Analysis, By Industry Vertical (Page No. - 69)
     10.1 Introduction
     10.2 Banking, Financial Services, and Insurance
     10.3 Retail and Ecommerce
     10.4 Government and Defense
     10.5 Healthcare and Life Sciences
     10.6 Manufacturing
     10.7 Telecommunications and Information Technology
     10.8 Energy and Utilities
     10.9 Media and Entertainment
     10.10 Travel and Hospitality
     10.11 Others

11 Geographic Analysis (Page No. - 79)
     11.1 Introduction
     11.2 North America
     11.3 Europe
     11.4 Asia Pacific
     11.5 Middle East and Africa
     11.6 Latin America

12 Competitive Landscape (Page No. - 100)
     12.1 Introduction
             12.1.1 Vanguards
             12.1.2 Innovators
             12.1.3 Dynamic
             12.1.4 Emerging
     12.2 Microquadrant
     12.3 Competitive Benchmarking

13 Company Profiles (Page No. - 104)
(Business Overview, Product Offering and Business Strategy, Recent Developments, MnM View)*
     13.1 SAP SE
     13.2 International Business Machines Corporation
     13.3 SAS Institute, Inc.
     13.4 Opentext Corporation
     13.5 Clarabridge, Inc.
     13.6 Bitext Innovations S.L.
     13.7 Lexalytics, Inc.
     13.8 Megaputer Intelligence, Inc.
     13.9 Luminoso Technologies, Inc.
     13.10 Knime.Com AG
     13.11 Infegy, Inc.
     13.12 Averbis
     13.13 Meaningcloud LLC

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 146)
     14.1 Key Insights of Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (71 Tables)

Table 1 United States Dollar Exchange Rate, 2014–2016
Table 2 Text Analytics Market Size and Growth, 2015–2022 (USD Billion, Y-O-Y %)
Table 3 Market Size, By Component, 2015–2022 (USD Million)
Table 4 Software: Market Size, By Region, 2015-2022 (USD Million)
Table 5 Services: Market Size, By Service, 2015-2022 (USD Million)
Table 6 Services: Market Size, By Region, 2015-2022 (USD Million)
Table 7 Managed Services: Market Size, By Region, 2015-2022 (USD Million)
Table 8 Professional Services: Market Size, By Region, 2015-2022 (USD Million)
Table 9 Support and Maintenance: Market Size, By Region, 2015-2022 (USD Million)
Table 10 Consulting Services: Market Size, By Region, 2015-2022 (USD Million)
Table 11 System Integration and Deployment: Market Size, By Region, 2015-2022 (USD Million)
Table 12 Text Analytics Market Size, By Application, 2015–2022 (USD Million)
Table 13 Customer Experience Manegement: Market Size, By Region, 2015–2022 (USD Million)
Table 14 Marketing Management: Market Size, By Region, 2015–2022 (USD Million)
Table 15 Governance, Risk, and Compliance Management: Market Size, By Region, 2015–2022 (USD Million)
Table 16 Document Management: Market Size, By Region, 2015–2022 (USD Million)
Table 17 Workforce Management: Market Size, By Region, 2015–2022 (USD Million)
Table 18 Others: Market Size, By Region, 2015–2022 (USD Million)
Table 19 Text Analytics Market Size, By Deployment Model, 2015-2022 (USD Million)
Table 20 On-Premises: Market Size, By Region, 2015-2022 (USD Million)
Table 21 Cloud: Market Size, By Region, 2015-2022 (USD Million)
Table 22 Text Analytics Market Size, By Organization Size, 2015-2022 (USD Million)
Table 23 Small and Medium-Sized Enterprises: Market Size, By Region, 2015-2022 (USD Million)
Table 24 Large Enterprises: Market Size, By Region, 2015-2022 (USD Million)
Table 25 Text Analytics Market Size, By Vertical, 2015–2022 (USD Million)
Table 26 Banking, Financial Services, and Insurance: Market Size, By Region, 2015–2022 (USD Million)
Table 27 Retail and Ecommerce: Market Size, By Region, 2015–2022 (USD Million)
Table 28 Government and Defense: Market Size, By Region, 2015–2022 (USD Million)
Table 29 Healthcare and Life Sciences: Market Size, By Region, 2015–2022 (USD Million)
Table 30 Manufacturing: Market Size, By Region, 2015–2022 (USD Million)
Table 31 Telecommunications and It: Market Size, By Region, 2015–2022 (USD Million)
Table 32 Energy and Utilities: Market Size, By Region, 2015–2022 (USD Million)
Table 33 Media and Entertainment: Market Size, By Region, 2015–2022 (USD Million)
Table 34 Travel and Hospitality: Market Size, By Region, 2015–2022 (USD Million)
Table 35 Others: Market Size, By Region, 2015–2022 (USD Million)
Table 36 Text Analytics Market Size, By Region, 2015–2022 (USD Million)
Table 37 North America: Market Size, By Component, 2015–2022 (USD Million)
Table 38 North America: Market Size, By Service, 2015–2022 (USD Million)
Table 39 North America: Market Size, By Professional Service, 2015–2022 (USD Million)
Table 40 North America: Market Size, By Application, 2015–2022 (USD Million)
Table 41 North America: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 42 North America: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 43 North America: Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 44 Europe: Text Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 45 Europe: Market Size, By Service, 2015–2022 (USD Million)
Table 46 Europe: Market Size, By Professional Service, 2015–2022 (USD Million)
Table 47 Europe: Market Size, By Application, 2015–2022 (USD Million)
Table 48 Europe: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 49 Europe: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 50 Europe: Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 51 Asia Pacific: Text Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 52 Asia Pacific: Market Size, By Service, 2015–2022 (USD Million)
Table 53 Asia Pacific: Market Size, By Professional Service, 2015–2022 (USD Million)
Table 54 Asia Pacific: Market Size, By Application, 2015–2022 (USD Million)
Table 55 Asia Pacific: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 56 Asia Pacific: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 57 Asia Pacific: Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 58 Middle East and Africa: Text Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 59 Middle East and Africa: Market Size, By Service, 2015–2022 (USD Million)
Table 60 Middle East and Africa: Market Size, By Professional Service, 2015–2022 (USD Million)
Table 61 Middle East and Africa: Market Size, By Application, 2015–2022 (USD Million)
Table 62 Middle East and Africa: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 63 Middle East and Africa: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 64 Middle East and Africa: Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 65 Latin America: Text Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 66 Latin America: Market Size, By Service, 2015–2022 (USD Million)
Table 67 Latin America: Market Size, By Professional Service, 2015–2022 (USD Million)
Table 68 Latin America: Market Size, By Application, 2015–2022 (USD Million)
Table 69 Latin America: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 70 Latin America: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 71 Latin America: Market Size, By Industry Vertical, 2015–2022 (USD Million)
 
 
List of Figures (65 Figures)
 
Figure 1 Text Analytics Market: Market Segmentation
Figure 2 Regional Scope
Figure 3 Text Analytics Market: Research Design
Figure 4 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 5 Data Triangulation
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
Figure 7 Market Size Estimation Methodology: Top-Down Approach
Figure 8 Evaluation Criteria
Figure 9 Text Analytics Market: Assumptions
Figure 10 Market is Expected to Show a Significant Growth During the Forecast Period
Figure 11 Market Snapshot, By Component (2017 vs 2022)
Figure 12 Market Snapshot, By Service (2017–2022)
Figure 13 Market Snapshot, By Professional Service (2017–2022)
Figure 14 Market Snapshot, By Organization Size (2017 vs 2022)
Figure 15 Market Snapshot, By Application (2017)
Figure 16 Market Snapshot, By Deployment Model (2017–2022)
Figure 17 Market Snapshot, By Industry Vertical (2017 - 2022)
Figure 18 Market is Driven By Emergence of Multilingual Text Analytics to Break the Language Barrier, as Well As, Increase in Industry-Specific Text Analytics Applications
Figure 19 North America is Expected to Have the Largest Market Share During the Forecast Period
Figure 20 Retail and Ecommerce Vertical, and North America are Expected to Have the Largest Market Size in 2017
Figure 21 Asia Pacific to Have an Exponential Growth During the Forecast Period
Figure 22 Text Analytics Market: Drivers, Restraints, Opportunities, and Challenges
Figure 23 Text Analytics Architecture
Figure 24 Services Component is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 25 Managed Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 26 Consulting Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 27 Governance, Risk, and Compliance Management Application is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 28 Cloud-Based Deployment Model is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 29 Small and Medium-Sized Enterprise Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 30 Healthcare and Life Sciences Industry Vertical is Projected to Grow at the Highest CAGR During the Forecast Period
Figure 31 Regional Snapshot: Asia Pacific is Estimated to Have the Highest CAGR in the Text Analytics Market
Figure 32 North America: Market Snapshot
Figure 33 Asia Pacific: Market Snapshot
Figure 34 Product Offerings (For All 25 Players)
Figure 35 Business Strategies (For All 25 Players)
Figure 36 SAP SE: Company Snapshot
Figure 37 SAP SE: Product Offering Scorecard
Figure 38 SAP SE: Business Strategy Scorecard
Figure 39 International Business Machines Corporation: Company Snapshot
Figure 40 International Business Machines Corporation: Product Offering Scorecard
Figure 41 International Business Machines Corporation: Business Strategy Scorecard
Figure 42 SAS Institute, Inc.: Company Snapshot
Figure 43 SAS Institute, Inc.: Product Offering Scorecard
Figure 44 SAS Institute, Inc.: Business Strategy Scorecard
Figure 45 Opentext Corporation: Company Snapshot
Figure 46 Opentext Corporation: Product Offering Scorecard
Figure 47 Opentext Corporation: Business Strategy Scorecard
Figure 48 Clarabridge, Inc.: Product Offering Scorecard
Figure 49 Clarabridge, Inc.: Business Strategy Scorecard
Figure 50 Bitext Innovations S.L.: Product Offering Scorecard
Figure 51 Bitext Innovations S.L.: Business Strategy Scorecard
Figure 52 Lexalytics, Inc.: Product Offering Scorecard
Figure 53 Lexalytics, Inc.: Business Strategy Scorecard
Figure 54 Megaputer Intelligence, Inc.: Product Offering Scorecard
Figure 55 Megaputer Intelligence, Inc.: Business Strategy Scorecard
Figure 56 Luminoso Technologies, Inc.: Product Offering Scorecard
Figure 57 Luminoso Technologies, Inc.: Business Strategy Scorecard
Figure 58 Knime.Com AG: Product Offering Scorecard
Figure 59 Knime.Com AG: Business Strategy Scorecard
Figure 60 Infegy, Inc.: Product Offering Scorecard
Figure 61 Infegy, Inc.: Business Strategy Scorecard
Figure 62 Averbis: Product Offering Scorecard
Figure 63 Averbis: Business Strategy Scorecard
Figure 64 Meaningcloud LLC: Product Offering Scorecard
Figure 65 Meaningcloud LLC: Business Strategy Scorecard

The text analytics market is expected to grow from USD 3.97 Billion in 2017 to USD 8.79 Billion by 2022, at a Compound Annual Growth Rate (CAGR) 17.2%. Factors such as the emergence of multilingual text analytics to break the language barrier and increase in industry-specific text analytics applications are driving the global market.

The report provides detailed insights into the global text analytics market, which is segmented by component, application, deployment model, organization size, industry vertical, and region. In the component segment, the text analytics software segment is expected to have the largest market share during the forecast period. The demand for text analytics software is rising on account of growing prevalence of social media content toward improving customer experience and building effective marketing campaigns. Among applications, customer experience management is expected to continue its dominance during the forecast period. The use of text analytics solutions is increasing among businesses to gain better insights into customer demands and product feedbacks and offer better services. The cloud deployment model is expected to exhibit a higher adoption, compared to the on-premises deployment model. The demand for cloud-driven Application Programming Interfaces (APIs) is rising among customers, which in turn is supporting the growth of cloud-based deployment models.

The retail and eCommerce segment, followed by the Banking, Financial Services, and Insurance (BFSI) segment, is expected to constitute the largest market share and continue to lead the market during the forecast period. The need to generate insights from the data gathered from financial transactions and customer feedback, and develop better business models is expected to foster the demand in this vertical. Large enterprises dominate the market in terms of revenue generation with the widespread adoption of text analytics for various applications, such as customer experience management and marketing management. However, Small and Medium-sized Enterprises (SMEs) are expected to exhibit the highest CAGR owing to easy availability and scalability of cloud-based deployments.

The report covers all the major aspects of the text analytics market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America, owing to the early adoption of new and emerging technologies and the presence of major industry players, is expected to continue to dominate the market throughout the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to the growing adoption of cost-effective text analytics software and services among SMEs.

The text analytics market faces challenges, such as achieving consistency in business semantics and concerns about positive Return on Investment (ROI). Lack of awareness and skilled workforce might restrain the market growth.

Text Analytics Market

The global text analytics market is fragmented in nature as no single vendor dominates the market. Major vendors that offer text analytics solutions include SAP SE (Walldorf, Germany), IBM Corporation (New York, US), SAS Institute, Inc. (North Carolina, US), OpenText Corporation (Ontario, Canada), Clarabridge, Inc. (Virginia, US), Megaputer Intelligence, Inc. (Indiana, US), Luminoso Technologies, Inc. (Massachusetts, US), MeaningCloud LLC (New York, US), KNIME.com AG (Zurich, Switzerland), Infegy, Inc. (Missouri, US), Lexalytics, Inc. (Massachusetts, US), Bitext Innovations S.L. (Madrid, Spain), and Averbis (Freiburg  Germany). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions to expand their offerings in the text analytics market.

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