Text Analytics Market Analysis

Text Analytics Market Analysis

In Italy, the customer intelligence segment generated over USD 5.15 million revenue in 2020. Digital channels have emerged as the first point of interaction between enterprises and target customers. The analysis of consumer sentiments on these platforms is becoming a crucial part of customer intelligence. Text mining and analytics enable enterprises to process and analyze large volumes of customer-related textual data to derive valuable business information.
 

For instance, Epipoli, a major gift card vendor in Italy, deployed customer intelligence solutions from SAS for improving customer conversion rates. The company used text mining to build detailed customer profiles of its potential customers, increasing customer conversion rates by 23%.
 

The cloud segment in Japan accounted for more than USD 74.75 million in 2020. The growing adoption of cloud technology by enterprises for improving business capabilities will expand the market for cloud-based text analytics software. Enterprises deploying text analytics software on the cloud can increase computing resources during peak loads and reduce them during idle hours, paying only for the exact amount of computing resources being used.
 

Enterprises offering cloud-based solutions are boosting market competitiveness through add-on services such as speech-to-text API and optical character recognition API in real time, complementing the results obtained from text analytics.
 

In Canada text analytics market, the retail segment is set to attain a market share of above 30% by 2027. The increasing adoption of text mining solutions in the regional retail industry is driven by the growing need to cut costs and target customers more efficiently. The optimization of promotions, identification of right marketing strategies, and the maximization of sales through discounts can be effectively carried out by leveraging the customer behavioral data.
 

As per the July 2020 press release by Walmart Canada, the retailer announced its plans to infuse USD 3.5 billion into its Canadian stores as the pandemic continues to trigger increased e-commerce and physical retail. With plans to renovate 150 more stores in the near future with new checkout experience to reduce touchpoints, text analytics will be at the fore.
 

Asia Pacific is expected to register significant growth in the text analytics market with a nearly 25% CAGR through 2027. The regional industry is characterized by increasing demand for text analytics solutions in the BFSI sector to improve customer experience and reduce the risks associated with frauds. Text analytics is becoming a viable solution for the detection of fraudulent claims in the regional insurance industry. Fake personal details, wrong transaction dates, and incorrect addresses can be extracted and evaluated by text mining algorithms, which has strongly propelled the market expansion.