Content analytics predominantly entails the process of incorporating business intelligence and analytics into digital content. With the increasing penetration of innovative technologies, the amount of data generated has been increasing exponentially. Users are interacting with digital technologies, and this further generates various digital contents indicating their interests, preferences, and behaviors. For instance, health data, insurance data, and manufacturing data are rising tremendously, and in every case, more than 80% of this information is unstructured. Moreover, to attain a competitive edge, companies are extensively adopting various measures to cement their position in the market. With the astounding growth of data volume, enterprises are utilizing the data across organizations and beyond. This will eventually lead to an era where content analytics and digital content plays a vital role in market intelligence.
Social media penetration is growing rapidly among the populace, and different kinds of information are generated by these platforms. Social media analytics has a crucial role to play in the growth of the content analytics market, owing to the rising engagement of social media platforms in advertising and customer assistance. The internet and smartphone penetration is propelling the growth of social media analytics. The users of various social media platforms such as Facebook, Instagram, and others are augmenting on a daily basis. For instance, according to the data by Facebook, it is reported that it had 1,562 million daily active users during the first quarter of 2019. Additionally, Twitter revealed that 500 million tweets are sent on a daily basis. These data depict the rising usage of social media by the populace and its preponderance in the present scenario.
The Fall of Conventional Advertising Era
A gradual reduction in the efficiency of conventional advertising campaigns coupled with escalating social media usage compelled the business organizations to incorporate the data-oriented approach for marketing strategies. Facebook is offering targeted advertising via paid solutions to businesses, and thereby the enterprises are able to reach the relevant customers based on location and their preferences. According to HubSpot, a developer of software products for inbound marketing, customer services, and sales, companies increased their social advertising budget by 32% in 2018.
Moreover, the advent of evolving technologies such as big data, artificial intelligence, and the internet of things has also provided an impetus to the content analytics market growth. The incorporation of artificial intelligence and machine learning analyzes the data and provides businesses with helpful insights. Machine learning algorithms can detect fraud activities and analyses the current trend of market conditions.
Cloud Solutions — Easy to Deploy and Low Cost
Cloud solutions are anticipated to be the dominating and fastest-growing segment. Cloud solutions are extensively adopted by small and medium enterprises, owing to its budget-friendly and easy deployment nature. Using cloud solutions, SMEs can easily access huge volumes of data at low costs, and thus, they can enhance their customer services. Moreover, owing to the aforementioned advantages, the majority of the organizations are shifting from on-premise deployment to cloud solutions.
Below figure shows the market share of various application of the content analytics market
Video Content Analytics — The Blend of Deep Learning and Artificial Intelligence
Video content analytics is gaining popularity for the past few years. It primarily blends deep learning and artificial intelligence technologies and has high speed as well as intellectual abilities. The video surveillance sector exploits it for various purposes, such as threat recognition, mitigation, monitoring, and others. China is significantly investing in facial recognition technologies, and according to the research by Tsinghua University, it was estimated that country’s market size for biometric technology will reach USD 4.7 billion. Moreover, video analytics are also leveraged to identify retail crimes. For instance, National Anti-Organized Retail Crime Association (NAORCA Worldwide) has partnered with Inpixon, a data analytics provider, to counter the attacks in the retail industry.
The Emergence of Smart Cities to Prompt the Demand for Content Analytics
The growth and development of smart cities also augment the market growth; the rising demand for video surveillance in the cities is anticipated to increase in the coming years, and this further amplifies the growth of the market. Governments are also investing considerably in the implementation of CCTV cameras in cities for the reduction of criminal activities. For instance, according to the South Korean Ministry of the Interior and Safety, it is reported that the number of cameras in public places in the country has reached 1,032,879 during 2018.
Below figure shows the number of CCTV cameras in South Korea for the years 2013-2018
The Retail Sector’s Extensive Content Usage
The retail sector is dominating the content analytics market, owing to the extensive usage of the video, text, and social media analytics by the retailers. This helps them to optimize product quality in accordance with customer preferences and trends. By harnessing text analytics, retailers can seamlessly analyze the comments from the customers and can modify their business. In the past few years, companies have launched various efforts to help retailers; for instance, the incorporation of artificial intelligence in customer feedback analysis. Moreover, escalating competition in the sector has also prompted retailers to adopt these innovative technologies in their business.
Rising Prevalence of Social Media in Asia-Pacific
Asia-Pacific is considered the fastest-growing region in the market on account of the extensive adoption of content analytics by various industries such as healthcare, BFSI, retail, and others. The companies in the sector are primarily focusing on customer experience and preferences, which eventually necessitates the investigation of customer behavior to various products. Furthermore, the rising trend of social media platforms and online shopping also provides a gamut of opportunities for the content analytics market. In addition to this, it is also predicted that the rising technological advancements in the region will help the market to grow in the coming years. For instance, the implementation of cloud and big data analytics technologies in content analytics is likely to increase the market demand.
North America Houses Giants like Amazon, Oracle, IBM
In North America, companies such as Amazon, Oracle, IBM, and others, are utilizing social media analytics for customer insights and current trends of the market. The aforementioned companies design their strategies in line with these insights and hence strive to seize the market leadership. According to Facebook, it is stated that there are more than 190 million active Facebook users in the U.S, and according to We Are Social, a leading media company in the U.K., it is estimated that North America will hold a dominant position in terms of the social media penetration rate.
The prominent players in the global content analytics market are Adobe Systems, INC. (U.S), Clarabridge, INC. (U.S), Interactive Intelligence Group, INC. (U.S), International Business Machine Corporation (U.S), Nice Systems LTD. (Israel), Opentext Corporation (Canada), Oracle Corporation (U.S), SAP SE (Germany), SAS Institute, INC. (U.S), and Verint Systems (U.S).
In October 2019, SAP SE and Verizon joined forces to develop an enterprise solution to help the business organizations to optimize productivity. It primarily utilizes the SAP software and services such as Leonardo IoT solution, SAP analytics, and edge services along with the network capabilities of Verizon.
Content Analytics Market Segmentation
By End User Industry
Frequently Asked Questions (FAQs)