Global Content Analytics Market: Snapshot
The global content analytics market has seen remarkable growth over the last few years due to the growing importance of the field in economic dynamics. Increasing competition in several key application sectors is likely to be a prime driver for the global content analytics market in the coming years. The content analytics market is centered on developed Western economies, where the use of data analytics protocol begun much earlier than in emerging economies. However, rising economies in regions such as Southeast Asia and the Middle East are likely to play a prominent role in the development of the global content analytics market in the coming years due to their rising commercial potential.
According to Transparency Market Research, the global content analytics market was valued at US$2.5 bn in 2017 and is likely to rise to more than US$8.1 bn by 2024. The market is expected to exhibit a strong 26.1% CAGR in the coming years.
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Text Analytics to Dominate Revenue in Content Analytics Market
Of the various types of content analytics, text analytics dominates the global content analytics market due to its growing use in SMS and social media analytics. The text analytics segment accounted for 24.3% of the global content analytics market in 2017 and is likely to remain similarly dominant in the coming years thanks to the steady rise in its demand. The segment was valued at US$620.33 mn in 2017 and is likely to account for US$1,783.9 mn by 2024, exhibiting a 23.5% CAGR.
Rising Digitalization of Government Sector Drives Demand from Content Analytics Market
The growing demand for digitalization in the government sector is likely to remain a major driver for the global content analytics market in the coming years. The government sector presents immense scope for the content analytics market due to the rising emphasis of digital identity systems put by a number of rising countries and the growing push to digitalize population records. National security systems are likely to play a key role in the global content analytics market in the coming years due to the rising threat of terrorism and the growing use of social media and other technological advancements in the communication sector by terrorist groups.
North America to Dominate Global Content Analytics Market due to Widespread Adoption
Geographically, North America is the dominant segment of the global content analytics market and accounted for US$787.1 mn in 2017. The North America content analytics market is expected to exhibit a robust 26.5% CAGR over the 2017-2024 forecast period to grow to a valuation of US$1,783.9 mn. The North America content analytics market benefits from the widespread acceptance of digital resources in the economic ecosystem in developed countries such as the U.S., which has led to growing generation of digital content. The strong presence of market leaders such as Microsoft Corporation, Google Inc., Oracle Corporation, and IBM is also crucial for the North America content analytics market, whch is likely to retain steady dominance in the global content analytics market in the coming years despite promising growth prospects in APEJ and MEA.
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Europe, Japan to Remain Important Contributors
The Europe content analytics market is likely to account for 26% of the global market by 2017 end, while Japan is expected to account for more than 11%. The solid contribution from these regions is likely to be vital for the global content analytics market in the coming years, as the growing technology sector in Japan has led to growing need for content analytics, while the Europe market is driven by the strong presence of digitalized resources in Western and Central Europe.
Competitive Dynamics
The moderately fragmented global content analytics market is dominated by companies such as Google Inc., Microsoft Corporation, IBM, SAS, SAP, Oracle Corporation, Adobe Systems, HPE, OpenText Corporation, and Nice Systems.
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