Text Analytics Market Upcoming Trends and Analysis Report 2033

Persistence Market Research recently released a fresh market research analysis estimating that the value of text analytics software solutions and services reached US$ 1.1 billion in 2018. (PMR). The poll predicted that in 2019, the market for text analytics will grow by 16% annually. The rising use of text analytics software solutions and services to support corporate intelligence, risk and fraud management, and social media monitoring is responsible for this significant year-over-year growth.

According to the research, the market for text analytics will grow by almost 16% in 2019 compared to 2018. This encouraging year-over-year growth may be attributed to the quicker use of text analytics software solutions and services to support corporate intelligence, risk and fraud management, and social media monitoring.
According to the research report, there has been a noteworthy increase in the variety and volume of unstructured textual data over the last few years. This unstructured data includes textual feedback from potential customers, existing customers, and employees, among others. High demand for insight extraction from this unstructured textual data is propelling the adoption of text analytics software solutions and services, on a global scale.

Lucrative Opportunities Expected in Japanese and Eastern European Text Analytics Marketplaces

Globally, the text analytics market is estimated to record a strong CAGR of ~18%, during the forecast period. The text analytics market in Japan is estimated to register the highest CAGR among all the regional markets. This growth may be attributed to the accelerated adoption of text analytics software solutions and services for the purpose of marketing and sales enhancement. The text analytics market in Eastern Europe is expected to register the second highest CAGR owing to the high demand for efficient sentiment analysis tools and social media monitoring in the region.

Currently, some of the most innovative enterprise-grade software procurements and developments are in developing countries. These lucrative opportunities are offering important lessons to the developed economies that are progressively focusing on the procurement of economically-feasible software innovations. The ever-increasing diffusion of smartphones and other network-connected mobile devices in the marketplace is motivating enterprises in the developing markets to procure efficient big data analytics infrastructure.
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