Content Analytics Market – Text Analytics to Remain Key Sector of Focus in Future Years

The vendor landscape of the global content analytics market is moderately fragmented and decently competitive owing to a well-established demand dynamics across the globe, observes Transparency Market Research in a recent report. Rising demand for a variety of content analytics tools across industries such as retail, telecommunications, banking, financial services, and insurance, and manufacturing has compelled several IT giants to venture into the field in the past few years. The consecutive rise in number of products available, need to reduce costs of products and services to acquire a larger consumer base, and the need to develop innovative products to outpace peers have all made the market increasingly competitive and will continue to make the competition intense in the next few years as well.

Some of the leading companies in the market are SAS, IBM, Microsoft Corporation, HPE, Oracle Corporation, OpenText Corporation, Google Inc., Nice Systems, Adobe Systems, and SAP.

Transparency Market Research estimates that the global market for content analytics will exhibit an impressive CAGR of 26.1% over the period between 2017 and 2022, rising from a revenue opportunity of US$2.5 bn in 2017 to US$8.1 bn by 2022.

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Text Analytics to Remain Most Practiced Content Analysis Variety

Of the key applications of content analytics, the segment of text analytics is presently the dominant contributor of revenue to the global market. The segment accounted for a nearly 24% of the overall market in 2017 and is likely to remain dominant over the report’s forecast period as well. This is owing to the high popularity of text input in several media, including but not limited to social media and due to the fact that text content contributes to a large chunk of the material processed in content analytics.

In terms of geography, the market in North America is expected to emerge as the leading regional market for content analytics in the next few years. The regional market will benefit from the high number of companies developing content analytics solutions as well as companies using these solutions. The North America content analytics market is envisaged to exhibit a promising 26.5% CAGR over the report’s forecast period.

Mounting Volumes of Business Data to Continue to Lead to Promising Demand for Content Analytics Solutions

One of the key factors fueling the global big data analytics market is the massive rise in business content of a variety of type in the past few years. The increased awareness regarding the several advanced methods that can be used to derive rich information, which can be further used to take informed business decisions, from the massive business data accumulated every day is leading to the increased adoption of content analytics. The increased use of digital information input methods will continue to lead to an incremental rise in business data in the future years as well, thus promising good growth prospects for the content analytics market as well.

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Furthermore, the rising demand for digitizing several operations and processes in the government sector, as a way of ensuring digital identity security for the masses and digitizing population records is also expected to drive the market for content analytics in the next few years.