Transparency Market Research, in one of its recent market intelligence reports, states that the global text analytics market will exhibit an exponential 17.6% CAGR from 2015 to 2024. The market, which had a valuation of US$2.82 bn in 2015, will rise to US$12.16 bn by 2024.

Having realized that analysis of text data can allow a better understanding of consumers’ priorities and overall behavior, a constantly rising number of companies across the globe are focusing on the enhancement of their text analytics capabilities. Text data is being swarmed in from sources such as e-mails, social media platforms, and consumer reviews on company web portals, creating mounting volumes of business critical data. In the intensely competitive market, where competitors are leaving no stone unturned to align strategies with consumer preferences, text analytics prowess is expected to be a major determinant of success for companies in the near future.

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Developed regions such as North America and Europe are equally attractive for the text analytics market owing to the large numbers of social media followers, technologically advanced industrial infrastructures, and rapid growth of digital platforms such as e-Commerce and social media marketing. These factors are projected to enable both these regions in presenting attractive growth opportunities for the global text analytics market in the next few years.

Although North America is presently the dominant region in terms of market valuation among these two regions, it is expected to witness stiff competition from Europe in terms of the rate of development of the market. From 2015 to 2024, North America text analytics market is expected to exhibit a 17.8% CAGR, while Europe is expected to marginally lag, with 17.2% CAGR over the same period.