Text Mining Market Size – USD 4.75 Billion in 2019, Market Growth – CAGR of 18.1%, Market Trends –Increased adoption by retail sectors.
The global Text Mining Market is forecast to reach USD 16.85 Billion by 2027, according to a new report by Reports and Data. Text mining tools are increasingly used by most of the organizations to help their business by useful insights from different sources, such as client interaction, blogs, emails, tweets, product reviews, and center logs.
The major objective of the mining of these texts is to gather several forms of information that includes structured and unstructured data and can be utilized further for fueling the decision of the business. Some of the benefits of this mining include improved processing speed, cost reduction, better consistency, and integration of big data. The rise in demand for Big Data and machine learning is augmenting the growth of the product.
Text mining is gaining traction due to the rise in the adoption of social media platforms and a growing inclination of cloud technology for data storage. The organization is transitioning to adopt cloud technology. They are being driven by their ability to prevent fraud, plan efficient marketing campaigns, and manage risk.
The COVID-19 impact:During the COVID-19, artificial intelligence, virtual reality solutions are expected to gain traction as a response to the pandemic. This addresses the continuously evolving changes. Healthcare vendors are adopting artificial intelligence to enhance their R&D and gain momentum in the current scenario. The need for modern, effective technologies and growing demand for social distancing has propelled the demand for advanced technological research, thus fostering market demand. The application of AI can help in reducing the overall cost and also increase customer satisfaction.
Key participants include SAS Institute, Inc., SAP SE, Clarabridge, Inc., Lexalytics, Inc., IBM Corporation, Luminoso Technologies Inc., Averbis, Meaningcloud LLC, Opentext Corporation, and Bitext Innovations S.L., among others.
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Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented the global Text Mining Market on the basis of component, application, deployment mode, organization size, industry vertical, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Deployment Mode Outlook (Revenue, USD Billion; 2017-2027)
Organization Size Outlook (Revenue, USD Billion; 2017-2027)
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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