The global text analytics market size is estimated to grow from $3.97 billion in 2017 to $8.79 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.2%. The customer experience management (CEM) is expected to hold the largest market share during the forecast period. Among the various applications in the text analytics market, the CEM application is expected to hold the largest market share during the forecast period. Text mining is the most traditional application in customer service and is frequently utilized to improve customer experience through various information sources. Today, text analytics is implemented to offer quick, computerized feedback to the clients, which significantly reduces dependency on executives for resolving issues.

Transparency Market Research has released a new market report titled Text Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024. According to this report, the global text analytics market revenue stood at US 2.82 bn in 2015 and is expected to reach US 12.16 bn by 2024, at a CAGR of 17.6% from 2016 to 2024. Text analytics is a method of converting unstructured data into a meaningful form for the analysis of customer feedback, product reviews, sentimental analysis, and entity modeling for supporting fact-based decision making. Several techniques of statistical, linguistic and machine learning are used in text analytics solutions for the retrieval of relevant information from unstructured data. The increasing proliferation of textual data has challenged the ability of organizations across various sectors to summarize and understand them to make better business decisions.