Press Releases

Text Analytics Quickly Becoming Fundamental Measure of Human Society

Market To Grow 23% Annually Through CAGR

April 02, 2021

In today’s sea of text, the science of finding signal in noise is becoming big business.

Emails, texts, chats and everything posted on social media every second of every day constitute an amount of data that is literally impossible for a human brain to imagine, let alone monitor. But advances in AI are allowing cutting-edge entities to parse through this information and detect trends, patterns and meaning.

Text analytics is the practice of using technology to gather, store and mine textual information to translate large volumes of unstructured text into quantitative data to uncover insights, trends and patterns.

The text analytics market is on a substantial growth trajectory. This is due to ongoing technological advancements in the social media analytics, predictive analytics and sentiment analytics fields, resulting in accelerated processing capabilities from edge to cloud, according to the BCC report, Text Analytics: Global Markets.

The technology is gaining rapid popularity among several end-user sectors: banking, financial services and insurance (BFSI); government and defense; healthcare, pharmaceuticals and life sciences; information technology (IT) and telecom; media and advertising; retail and e-commerce; travel and hospitality; and many more.

Report Highlights

  • The global market for text analytics should grow from $7.3 billion in 2020 to $16.6 billion by 2025, at a compound annual growth rate (CAGR) of 23%.
  • The global CRM market should grow from $2 billion in 2020 to $5.5 billion by 2025 at a CAGR of 22.6%.
  • Analysis of key market players: Google, Megaputer and SAS Institute.

Explore the full report here: https://www.bccresearch.com/market-research/information-technology/text-analytics-market.html

Text Analytics: Global Markets( IFT221A )
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