Global Text Analytics Market 2020-2024 | 20% CAGR Projection Through 2024 | Technavio

Technavio has announced its latest market research report titled global text analytics market 2020-2024. (Graphic: Business Wire)

LONDON--()--The global text analytics market is expected to post a CAGR of more than 20% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report

Text analytics solutions provide cost benefits and improve the functionality and management of various processes. They are widely used to handle various CRM-related requirements and help enterprises to focus more on their core competencies. For instance, the insights derived from CRM-processes such as chatbots and feedback systems can be analyzed for effective decision-making. This is crucial in customer-centric industries such as BFSI, retail, travel and tourism, and media and entertainment. Text analytics can also be used in promotional campaigns and category-based marketing to find new and innovative ways to target a particular set of customers. Many such benefits offered by text analytics solutions are driving the growth of the market.

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As per Technavio, the emergence of AI and big data in text analytics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.

Global Text Analytics Market: Emergence of AI and Big Data in Text Analytics

Many enterprises are increasingly adopting text analytics backed with AI and big data to improve their business efficiencies. The integration of AI automates various text analytics solutions such as data modeling, fraud detection, predictive analytics, brand reputation management, and report systems. In addition, AI-based text analytics solutions help monitor consumer behavior using behavioral analysis. This helps customer-centric industries such as BFSI to detect fraudulence in policy claims and the crimes and thefts in banks.

“The emergence of advanced text analytical tools and the high utilization of social media will further boost market growth during the forecast period”, says a senior analyst at Technavio.

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Global Text Analytics Market: Segmentation Analysis

This market report segments the global text analytics market by geography (APAC, Europe, MEA, North America, and South America) and deployment (cloud-based and on-premise).

The European region led the market in 2019, followed by North America, APAC, MEA, and South America respectively. During the forecast period, the European region is expected to maintain its dominance over the market. This is due to increasing investments in industries such as retail, e-commerce, and healthcare in the region. However, the APAC region is expected to witness the maximum incremental growth owing to the increasing adoption of advanced technologies in end-user industries such as telecommunication, BFSI, healthcare, retail, and travel and tourism.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Customer Landscape

Geographical Segmentation

  • Geographic comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Landscape disruption
  • Competitive scenario

Vendor Analysis

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

Release Summary

The global text analytics market is expected to post a CAGR of more than 20% during the period 2020-2024, according to Technavio.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200