The North America Text Analytics Market would witness market growth of 16.9% CAGR during the forecast period (2024-2031).
The US market dominated the North America Text Analytics Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8,888.3 million by 2031. The Canada market is experiencing a CAGR of 19.4% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 18.4% during (2024 - 2031).
These analytics, or text mining, is the process of extracting meaningful insights, patterns, and knowledge from unstructured textual data. It involves using computational techniques and tools to analyze large volumes of text data, transforming it into structured formats that can be easily interpreted and used for decision-making. By leveraging technologies like natural language processing (NLP), machine learning (ML), and artificial intelligence (AI), these analytics helps organizations uncover trends, sentiments, and other valuable information hidden within text.
The driving force behind the expansion of this market is the exponential growth in data volume across industries. With the proliferation of digital platforms and widespread internet penetration, businesses are inundated with a constant stream of text-based data. Social media platforms contribute significantly, with users generating billions of posts, comments, and reviews daily. These user-generated texts hold immense potential for understanding customer preferences, brand perception, and emerging market trends.
in Canada, telecom companies are heavily investing in digital communication platforms and 5G infrastructure, driving the adoption of these analytics tools. These tools are being utilized to optimize customer support, analyze service delivery patterns, and monitor network performance. The ICT sector, which contributed $104.5 billion to Canada’s GDP in 2021 (5.3% of the total GDP), plays a pivotal role in the nation’s economy and continues to expand, accounting for 15.3% of national GDP growth between 2016 and 2021. Regulatory bodies like the Canadian Radio-television and Telecommunications Commission (CRTC) are actively enhancing digital services and infrastructure, creating further opportunities for these analytics in the telecom industry. As a result, the North America market is poised to present lucrative growth opportunities for text analytics, making it an essential tool in the region's expanding digital landscape.
Free Valuable Insights: The Text Analytics Market is Predict to reach USD 32.00 Billion by 2031, at a CAGR of 17.6%
Based on Component, the market is segmented into Software, and Services (Professional, and Managed). Based on Deployment Type, the market is segmented into On-Demand, and On-Premise. Based on Enterprise Size, the market is segmented into Large Enterprises, and SMEs. Based on Industry Vertical, the market is segmented into Retail, BFSI, Travel & Hospitality, Media & Entertainment, Healthcare, IT & Telecom, and Other Industry Vertical. Based on Application, the market is segmented into Customer Experience, Marketing, GRC, Document Management, Workforce Management, and Other Application. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Component
By Deployment Type
By Enterprise Size
By Industry Vertical
By Application
By Country
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