NEWS16 June 2016

Text analytics market to reach $6.5bn by 2020

Asia Pacific Data analytics Europe Latin America Middle East and Africa News North America Retail UK

US – The global text analytics market has the potential to reach $6.5 billion by 2020 with a compound annual growth rate of 25% between 2014 and 2020, according to a new report from Allied Market Research. 

Global Text Analytics Market – Opportunities and Forecast found that predictive analytics could drive the applications within text analytics as it provides insight into unstructured text.

The retail sector is one of the largest text analytics software users, contributing about one third of revenue, with healthcare also increasing its use of the software.

The report points to the main benefits of text analytics being for predicting and forecasting consumer behaviour as the technology increasingly determines trends from the unstructured text.

With the increasing of social networking platforms for conversations, rising adoption of cloud computing technologies and the ability of text analytics to move beyond sentiment analysis, the text analytics industry has flourished.

North American accounts for approximately 40% of global text analytics market. Until 2012, North American generated about 2.5 exabyte ( 2.5 million gigabytes) of data per day and according to the report, this is expected to double every 40 months. 

@RESEARCH LIVE

1 Comment

4 years ago

I was surprised to see retail as the leading sector. I have seen more interest in healthcare and the legal industry.

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