Analytics Market Expected to See 22 Percent Growth
The content analytics market, which includes speech, text, Web, social media, and other types of analytics, is estimated to grow from $1.61 billion today to $4.37 billion by 2021, at a compounded annual growth rate of 22.1 percent, according to research from Markets and Markets.
The major forces driving the content analytics market are increasing usage of advanced analytics and competitive intelligence, risk and compliance management, and convergence of text analytics with big data. Content analytics aims at providing insights from unstructured data and is becoming an important part in the current predictive analytics landscape, the research firm concluded.
The firm also found that cloud-based solutions are budget-friendly and easy to deploy, making them more attractive to smaller firms. Due to the advantages of cloud deployment, significant customers would be switching from on-premises deployment models to SaaS-based solutions, according to the research.
Of all the application types, the firm predicted that the social media analytics segment would grow at the highest CAGR over the forecast period. It includes Facebook, Twitter, LinkedIn, Pinterest, Instagram, Snapchat, and YouTube, among others
The report also notes that North America holds the largest share of the content analytics market due to the increasing analysis of content in the form of text, images, and videos in retail and consumer goods, financial services, IT and telecom, and healthcare verticals. However, the market in Asia and the Pacific is expected to grow at the highest CAGR between 2016 and 2021. The primary driving force for this growth is rapid digitalization in countries such as Japan, China, Korea, India, Indonesia, >the Philippines, and Vietnam.
Some of the major technology vendors include, IBM, Oracle, Adobe, Clarabridge, Interactive Intelligence Group, Opentext , Verint Systems, NICE, SAP, and SAS Institute, according to the report.
Companies and Suppliers Mentioned