Text Mining Market Size Hit USD 16.85 Billion at a CAGR of 18.1% in 2027 | SAS Institute, Inc., SAP SE
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.
H&M, 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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a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/3332
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.
H&M, 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.
To understand how our Text Mining Marketcan bring
difference to your business strategy:- https://www.reportsanddata.com/report-detail/text-mining-market
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 Market are
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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the market.
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