Text Mining Market is Expected to Reach USD 16.85 Billion By 2027
An increase in demand predictive analytics for businesses and rising social media analytics are driving the market demand.
Text Mining 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.
Get a Free Sample Copy of the report- @ https://www.reportsanddata.com/sample-enquiry-form/3332
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.
To identify the key trends in the industry, click on the link below: 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
Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/3332
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Thank you for reading the report. The report can be customized as per requirements of the clients. For further information or query about customization, please reach out to us and we will offer you the report best suited for your needs.
Visit our blog for more industry updates –
Off Highway Vehicle Engine Market By Power Output(Construction & Mining Equipment (100 HP Engines, 101-200 HP Engines, 201-400 HP Engines, 400 HP Engines)(Agriculture Tractor Engines (<30 HP Engines31-50 HP Engines, 51-80 HP Engines, 81-140 HP Engines, 140 HP Engines)), By Engine Capacity (<5l Engines, 5l-10l Engines, >10l Engines) By Fuel Type: (Diesel, Gasoline, Others) And Segment Forecasts, 2018-2028
Automotive Diagnostics Market By Vehicle Type (Commercial And Passenger), By Equipment Type (Exhaust Gas Analyzer, Paint Scan Equipment, Wheel Alignment Equipment, Dynamometer, and Headlight Tester), By Product Type, And Segment Forecasts To 2028
Safety Valves Market By Product types, By Material (Cast Iron, Stainless Steel, Cryogenic, Alloy) By Size, By Application areas, And Segment Forecasts, 2020-2028
Vehicle Access Control Market By Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), By Technology, By Application, And Segment Forecasts, 2020–2028
About Us:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
Contact Us:
John Watson
Head of Business Development
Direct Line: +1-212-710-1370
E-mail: [email protected]
Reports and Data | Web: www.reportsanddata.com
