A descriptive analysis of five forces model, market dynamics, and segmentation- Technavio

NEW YORK, Jan. 23, 2023 /PRNewswire/ — According to Technavio, the global text analytics market size is estimated to grow by USD 12,755.09 million from 2022 to 2027. The market is estimated to grow at a CAGR of over 19.82% during the forecast period. However, the growth momentum will progress. Europe is estimated to account for 30% of the growth of the global market during the forecast period.

Technavio has announced its latest market research report titled Global Text Analytics Market 2023-2027

Technavio has announced its latest market research report titled Global Text Analytics Market 2023-2027

For more Insights on market size Request a sample report

Global text analytics market – Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–

  • Bargaining Power of Buyers

  • The threat of New Entrants

  • Threat of Rivalry

  • Bargaining Power of Suppliers

  • Threat of Substitutes

  • Interpretation of porter’s five models helps to strategize the business, for entire details buy the report!

Global text analytics market – Customer Landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global text analytics market – Segmentation Assessment

Segment Overview
Technavio has segmented the market based on deployment (Cloud and On-premises), and components (Software and Services).

  • The cloud segment will grow at a significant rate during the forecast period.  Cloud-based solutions are less expensive than on-premise software. This software does not require the actual installation of the hardware and software at end-user premises and is maintained at the vendor’s data center, where it can be accessed by end-users on a subscription basis. Thus, the cloud-based model is beneficial for SMEs as it allows them to streamline and automate their daily operations in an efficient manner, reduce errors, and lower costs. Hence, this segment is estimated to grow at a significantly high pace during the forecast period.

Geography Overview
By geography, the global text analytics market is segmented into Europe, North America, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global text analytics market.

  • Europe will account for 30% of the growth of the global market during the forecast period. The high adoption of technologies and the considerable installed base of IoT data collection devices increase the need for text analytics. The manufacturing, transportation, media and entertainment, government, and healthcare sectors will be the major contributors of revenue to the market in the region. Additionally, the market is expanding as governments of several countries in the region have also implemented several initiatives to increase revenue from the industrial internet and aid economic growth, which will increase segment growth in this region during the forecast period.

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Global text analytics market – Market Dynamics
Key factor driving market growth

  • The need to improve business efficiency is notably driving the market growth.

  • Owing to an increase in the number of connected devices in end-user industries businesses are expanding and new players are entering the market.

  • Hence, the demand for results and profits will increase owing to intensified competition.

  • Business operators have realized that they must establish better communication platforms to connect with end-users without location barriers, optimize costs, deliver better services, and increase revenues. Such factors will drive the growth of the market during the forecast period.

Leading trends influencing the market 

  • The evolution of programmatic advertisement buying is an emerging trend in the market.

  • Consumers are supported by programmatic advertisement buying in automating their decision-making process associated with the buying of digital advertisements by targeting specific demographics and audiences.

  • These advertisements are placed using real-time bidding (RTB) and AI for online displays, mobile and video campaigns, and social media campaigns.

  • Furthermore. these advertisements use analytics solutions for buying digital advertisements. These factors will fuel the market growth during the forecast period.

Major challenges hindering the market growth

  • The lack of a skilled workforce for developing text analytics algorithms is a major challenge impeding the market.

  • The lack of skilled operators and proper training has resulted in a disinclination to execute wide-scale automation, as substantial time, training, and budget have to be allocated for the successful implementation of AI in text analytics solutions.

  • This scenario is expected to change gradually during the forecast period as several end-users are transitioning from traditional manual operations to automated functions for improving process efficiency.

  • Therefore, the lack of technical expertise among users limits the scope of advanced text analytics solutions. These factors will affect the growth of the during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this text analytics market report?

  • CAGR of the market during the forecast period

  • Detailed information on factors that will drive the growth of the text analytics market between 2023 and 2027

  • Precise estimation of the size of the text analytics market size and its contribution to the market in focus on the parent market

  • Accurate predictions about upcoming trends and changes in consumer behavior

  • Growth of the text analytics market industry across Europe, North America, APAC, Middle East and Africa, and South America

  • A thorough analysis of the market’s competitive landscape and detailed information about vendors

  • Comprehensive analysis of factors that will challenge the growth of text analytics market vendors

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Text Analytics Market Scope

Report Coverage

Details

Page number

169

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 19.82%

Market growth 2023-2027

USD 12,755.09 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

17.87

Regional analysis

Europe, North America, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 30%

Key countries

US, Japan, China, Germany, and France

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Alphabet Inc., Averbis GmbH, Bitext Innovations SL, Forsta AS, Infegy, InMoment Inc., International Business Machines Corp., KNIME AG, Luminoso Technologies Inc., MeaningCloud LLC, Megaputer Intelligence Inc., Micro Focus International Plc, Microsoft Corp., NICE Ltd., Open Text Corp., Oracle Corp., Qualtrics International Inc., SAP SE, SAS Institute Inc., and TIBCO Software Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Deployment

7 Market Segmentation by Component

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.

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Global Text Analytics Market 2023-2027

Global Text Analytics Market 2023-2027

Cision

Cision

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