Text analytics market to approach US$6 billion by 2020

The text analytics market is estimated to grow from US$2.65 billion in 2015 to US$5.93 billion by 2020, at a global CAGR of 17.5%. Within geographies, the Middle East and Africa (MEA) is expected to grow at the highest CAGR through the forecast period.

According to report publisher MarketsandMarkets, which conducted primary interviews worldwide in North America (10%), Europe (20%), Asia Pacific 40%), and Rest of World (30%), an increased need for social media analytics to retain customers is driving the text analytics market. Cloud-based text analytics solutions are estimated to contribute the largest market share during the forecast period. 

Offerings are likely to evolve with the convergence of text analytics with big data and the benefits promised by predictive analytics. Multilingual text analytics will break the language barrier while more industry-specific text analytics applications are expected, MarketsandMarkets said.

Key text analytics solution vendors mentioned in the report include IBM, SAP, SAS, Clarabridge, Attensity, Lexalytics, Basis Technology, OpenText, RapidMiner, and Angoss. 

Interested?

Buy the report