PUBLISHER: KBV Research | PRODUCT CODE: 1616667
PUBLISHER: KBV Research | PRODUCT CODE: 1616667
The Asia Pacific Text Analytics Market would witness market growth of 18.6% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Text Analytics Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,298.1 million by 2031. The Japan market is registering a CAGR of 17.9% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 19.4% during (2024 - 2031).
The increasing sophistication of fraud and financial crimes has made tools like these analytics essential for detecting and managing risks. These analytics uncovers patterns and anomalies that may indicate fraudulent activities by analyzing unstructured textual data, such as insurance claims, financial documents, and emails. In the insurance sector, for example, companies like State Farm and Allianz use these analytics to identify suspicious claims by spotting vague descriptions or linguistic similarities with past fraudulent cases.
In addition to fraud detection, these analytics facilitates risk management by discerning early indicators of potential problems. It is used in supply chain management to monitor compliance in procurement documents and cybersecurity to detect irregular login attempts or suspicious activities in network logs. For instance, tech giants like Microsoft and IBM integrate these analytics into their cybersecurity solutions to bolster threat detection.
Across the Asia Pacific region, the growing adoption of digital technologies in industries such as fintech, healthcare, e-commerce, and more significantly drives the demand for these analytics solutions. Governments within the region are diligently advancing digital transformation through initiatives such as India's Digital India, China's Internet Plus, and Australia's Digital Economy Strategy. These efforts are designed to cultivate innovation and enhance the efficacy of digital services. These initiatives have amplified the need for robust these analytics tools to process and analyze unstructured data, enhance service delivery, and optimize operational performance across industries. Hence, with the region's ongoing shift toward digital services, the text analytics market across the Asia Pacific is poised for sustained growth and innovation.
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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
List of Key Companies Profiled
Asia Pacific Text Analytics Market Report Segmentation
By Component
By Deployment Type
By Enterprise Size
By Industry Vertical
By Application
By Country