Text analytics, on cloud application and social analytics to have maximum growth aspect. APAC to have the highest opportunities but lack of awareness at end user are primary issues.
The global content analytics market is projected to reach USD 4.37 Billion by 2021, at a CAGR of 22.1% from USD 1.61 Billion in 2016, as per markets and markets research.
Content analytics in combination with big data, use of advanced analytics and competitive intelligence is deriving the growth of the market. The text analytics segment of content analytic application market holds the largest market share. Text analytics help to gain insights from unstructured data and is becoming a prominent process for organizations to become more profitable.
APAC to have maximum opportunities
The market in North America is expected to hold the largest share of the market. The APAC region is projected to have great opportunities in this market and would grow at the highest CAGR by 2021. This is due to rapid digitalization in countries, such as Japan, China, Korea, India and Indonesia.
Social analytics segment to grow
The content analytics market, by application, has been segmented into speech analytics, text analytics, web analytics, social media analytics, and others. The social media analytics segment includes Facebook, Twitter, LinkedIn, Pinterest, Instagram, Snapchat, and YouTube, etc. and is expected to grow at the highest CAGR over the forecast period.
On-premises segment still dominates
In terms of deployment type, the on-premises segment dominates the content analytics market. However, the growing adoption of SaaS applications by enterprises is bringing huge growth prospects for cloud/host based content analytics solutions. Cloud hosting deployment type is estimated to grow at the highest CAGR.
High cost and lack of end user awareness and software handling are acting as restraining factors for the market. Many of the organizations halt or delay their content processing projects when the overall resource requirements come to their knowledge. Costly pricing structures have restricted the growth of content analytics deployments among small and medium enterprises.