analyzing data which is present on social media websites in the form of comments, posts, tweets,
photos, and many more. This help companies to extract the real insights regarding customer
experience, product description and many more. In addition, the increasing data on social media
fuel the demand for text analytics in various organizations. For instance, Facebook, Instagram,
YouTube, LinkedIn are some of the major player of the social media industry. In sixty seconds, on
YouTube near 27,000 videos are watched, around 3 million posts are shared on Facebook, nearly
430,000 tweets are posted on Twitter and around 120 new users are registered on LinkedIn.
Hence, increasing data on social media channel fuels the demand of the text analytics market.
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The global text analytics market was valued at US$ 3,031.5 million in 2016 and is
estimated to witness a CAGR of 17.7% over the forecast period.
On the basis of application, the text analytics market is diversified into brand reputation,
competitive intelligence, customer relationship management, fraud detection, and predictive
analytics. The customer relationship management application held a dominant position in the
market in 2016, owing to high focus on customer engagement and increasing adoption by small
and medium enterprises, fuels the customer relationship management application in text
analytics market.
North America holds a dominant position in the global text analytics market
According to Coherent Market Insights, North America held the dominant position in the global
text analytics market in 2016, valued US$ 1045 million and is projected to reach US$ 4,237.6
million by 2025, with a CAGR of 16.9% over the forecast period. The U.S. and Canada are the
major countries driving growth of the text analytics market in North America region. This is owing
to factors such as dominance of digitalization and high presence of leading companies, provides
the dominant position to the market in the region. Moreover, Asia Pacific text analytic market is
projected to exhibit largest CAGR of 19.1% over the forecast period. India, China, and Japan are
some of the major countries which drives the growth of this market in Asia Pacific region. This is
due to factors such as increasing economy and rising online business industry, which fuels the
text analytics market in the region.
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