Persistence Market Research, in its recently published market study offers critical insights related to the growth prospects of the global text analytics market. According to the report, the value of the global text analytics market reached ~US$ 1.1 Bn in 2018 and the market is expected to register a CAGR growth of ~18% over the forecast period (2019-2029). Significant growth in the adoption of text analytics software solutions for a plethora of applications including, risk and fraud management, social media monitoring, and business intelligence are some of the leading factors that are likely to boost the growth of the text analytics market in the upcoming years.
Further, the study reveals that a substantial rise in the volume of unstructured textual data was observed in the last few years. The unstructured data consists of textual feedback received from potential customers, existing clients, employees, and more. The staggering volume of unstructured data requires efficient insight extraction – a factor that is projected to snowball the demand for text analytics software solutions worldwide.
Lucrative Opportunities Emerge in Japan and Eastern Europe
According to the research presented by PMR, the global text analytics market is expected to grow at an impressive CAGR of ~18% during the forecast period. The report further reveals that out of all the major regions, the market in Japan is on its course to outpace other regional markets owing to significant adoption of text analytics to improve sales and marketing strategies by Japanese companies. The growing penetration of social media in Eastern Europe has played an imperative role in the development of the text analytics market in the region owing to robust demand for social media monitoring and sentiment analysis tools such as text analytics. The report also indicates that a notable growth in innovative enterprise-grade software procurement and development activities can be witnessed in the developing countries.
Growing Awareness Related to Insights-as-a-Service Expected to Drive Market Growth
In recent years, software developers are utilizing an array of text analytics software solutions to carry out tasks in the big data analytics sphere via the cloud or application programming interfaces (APIs). At present, market players operating in the text analytics software market are predominantly focusing on providing insights through a light-weight deployment model. The aforementioned factor is thus, influencing a tectonic shift away from monolithic analytical tools and other custom development services towards cost-effective services such as text analytics and more.
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Dearth of Professionals with Desirable Skill Sets Could Impede Market Growth
As the text analytics software space is relatively at a nascent stage, there is a significant dearth of individuals with the desirable skill sets. Some of the essential skills include, coupling insights from unstructured consumer orders and social media to optimize the outcome of the campaign and capitalize on the new opportunities. In the current scenario, thus, lack of skills is one of the most crucial factors that is likely to impede the growth of the global text analytics market in the foreseeable future.