Text Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Text Analytics Market Analysis:

1. The forecasted growth of the Text Analytics Market is significant, with an expected increase from USD 7.50 billion in 2023 to USD 40.20 billion by 2028. This growth is attributed to the rising adoption of text analytics tools in various cloud-based applications, including predictive analytics, fraud management, risk management, business intelligence, and cybercrime prevention. These tools provide organizations with actionable insights from different text sources such as client interactions, emails, blogs, product reviews, tweets, and call center logs. By collecting and analyzing data from both structured and unstructured sources, text analytics aids in making informed business decisions and driving market growth.

2. Text analytics tools have become increasingly essential for organizations as they seek to gain valuable insights from a wide range of text sources. By leveraging these tools, organizations can reduce costs, improve processing speed, integrate big data, and ensure better consistency in their operations. The growing popularity of unstructured data, particularly from users’ tweets and emails, has further fueled the demand for text analytics. Organizations bundle this information to gain a deeper understanding of consumer behavior and preferences, which ultimately contributes to their overall growth and success.

3. The prevalence of unstructured data in today’s digital landscape cannot be ignored. According to Mongo DB, unstructured data accounts for a significant portion, ranging from 80% to 90%, of the data generated and collected by enterprises. This data comes in various formats, including videos, audio, emails, stock ticker data, and financial transactions. Text analysis plays a crucial role in extracting valuable insights from these unstructured sources, providing organizations with a competitive edge in the global market. However, the lack of gold-standard data in industrial settings poses challenges in evaluating the effectiveness of text analytics techniques. Despite these challenges, the demand for text analytics continues to grow as organizations recognize its potential in driving business success.

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