The Text Mining and Smart Communications Market is estimated to be valued at US$ 10.93 Bn in 2023 and is expected to exhibit a CAGR of 10.5% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Text mining refers to the process of deriving high-quality information from text. It involves various techniques like natural language processing, information retrieval, data mining and machine learning to analyze unstructured text data to extract meaningful insights. Text mining finds applications across various industries like healthcare, BFSI, retail, telecommunication and education to gain insights into consumer behavior, product, reviews, public sentiment and marketing trends. Smart communication technologies leverages technologies like MIMO, small cells, cloud RAN and edge computing to provide enhanced coverage, reliability and speed for seamless connectivity experience.
Surging adoption of edge computing platforms across industries is expected to drive the growth of text mining and smart communications market during the forecast period. Edge computing brings computation and data storage closer to the location where it is needed most. This offers benefits like very low latency, wide-scale deployments, mobility support and near real-time analysis of IoT and connected devices data for driving insights. With the growing need for businesses to process and analyze real-time large streams of data, edge computing is witnessing increasing demand. For instance, major technology companies like Cisco, Intel, Microsoft and IBM are heavily investing in edge computing-based solutions. Additionally, increasing demand for data-driven services across industries is also projected to propel the market growth. Mining consumer data delivers valuable insights into current trends, future demands and preferences which aids businesses to introduce customized products and services. However
The MIMO market is dominated by the cellular infrastructure segment. This segment accounted for over 30% market share in 2023 owing to large-scale deployment of 4G and 5G networks which employ MIMO technology for high-speed data transmission and coverage. MIMO finds widespread application in telecom towers, small cells and radio transceiver units which is driving the growth of this segment.
Political: Stable regulatory environment and government initiatives towards nationwide broadband connectivity are boosting MIMO deployment.
Economic: Fast growing mobile data consumption and commercialization of IoT/Industry 4.0 applications are increasing the need for high-speed internet connectivity thus supporting MIMO market growth.
Social: Increasing digitalization and growing reliance on high-speed internet for applications like video streaming, online gaming is augmenting demand for MIMO technology.
Technological: Advent of 5G networks and wide adoption of technologies like massive MIMO, full-dimension MIMO for delivering multi-Gbps data speeds are presenting growth opportunities.
The global Multiple Input Multiple Output (MIMO) Market Size is expected to witness high growth, exhibiting a CAGR of 10.5% over the forecast period, due to increasing mobile data traffic and proliferation of IoT/connected devices. Regionally, North America dominated with over 25% market share in 2023 led by extensive commercial rollouts of 5G in countries like the US. Asia Pacific is poised to be the fastest growing region due to rising investments in wireless infrastructure by telecom giants in India and China.
Key players operating in the MIMO market include Qualcomm, Huawei, Intel, Samsung, Nokia, Ericsson, ZTE, NEC, Aviat Networks, Ceragon Networks, DragonWave, Comba Telecom, CommScope, Texas Instruments, NXP Semiconductors, Analog Devices, Broadcom, MediaTek, Murata Manufacturing, and Qorvo. Major players are investing in R&D to develop advanced solutions leveraging technologies likeMassive MIMO, OFDM and beamforming to gain a competitive edge.
The use of MIMO is rising across a variety of verticals like telecom, defense, automotive, residential and more. Stable policies supporting 5G deployments are widening opportunities. While higher penetration of 5G subscriptions is a tailwind, spectrum crunch in certain regions remains a challenge. Ongoing standardization of new projects and coexistence of diverse wireless systems will also guide future MIMO evolution.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it