Content Analytics Market : Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2022-2031
Market Overview
The Content Analytics market was valued at USD 3.39 billion in 2019 and is expected to reach USD 12.76 billion by 2025, at a CAGR of 24.7% over the forecast period. With the continued spread of digitization, the amount of data generated by people will only increase with time. As people spend more time interacting with digital technology, they’ll create more content indicating their interests, behaviors, and preferences. For example, according to IBM Corporation, by 2017, health data is expected to grow 99%, insurance data by 94%, and manufacturing data by 99%. In each case, more than 80%of this data is unstructured and incapable of being processed by existing solutions. With the staggering growth in data volume, sources, and formats, companies are using information across the enterprise and beyond. It may even lead to an era where digital content and content analytics become the primary sources of market intelligence for businesses.
– Social media analytics is expected to play a pivotal role in the growth of the content analytics market over the forecast period due to the growing involvement of social media channels in advertising and customer outreach. Furthermore, content analytics would continue to experience vital growth and remain as one of the principal factors driving the overall growth of the analytics market, considering the disruptive evolution of the Internet of Things (IoT) and big data technologies.
– Amongst all businesses, banking, financial services and insurance (BFSI) and healthcare are supposed to hold important market shares of the global content analytics market. The BFSI industry generates large amounts of unstructured data, such as customer information, financial product logs, and transactional information, which can be used to improve decision making.
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– However, most of the companies that use content analytics struggle to completely use their potential, as they lack the expertise and skilled technicians who can handle and deal with digital data and multilingual abilities. Though, expensive analytic software and deficiency of awareness among stakeholders may act as a challenge to the content analytics market growth over the projected period.
Scope of the Report
Content Analytics is a group of technologies that concocts digital content and user behavior in using and engaging with content, such as documents, news sites, customer conversations (both audio and text), and social network discussions, to answer specific questions. Content analytics is the set of tools and applications used by businesses to obtain insight into the large volume of data produced in the form of digital content across multiple platforms, principally the internet.
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