Text analytics is basically retrieving of high quality information from already available text sources. It is also referred to as text data mining. It is used for various purposes such as classification, summarization and to make unstructured data accessible and useful. The need for text analytics market is increasing rapidly on a global platform. The factors driving the growth of text analytics market are increasing need for social media analysis, effective brand building and rapidly increasing big data market.
The Text Analytics Market is segmented on the basis of component, application, deployment and industry vertical. Based on application, the customer experience management segment is expected to hold the largest market share during the forecast period. Text mining is frequently utilized to improve customer experience through various information sources and is one of the traditional methods in customer service. Implementation of text analytics offers quick and computerized feedback to clients, which helps in reducing the dependency on executives for resolving issues.
The global text analytics market is expected to grow at approx. USD 9 Billion by 2023, at 17% of CAGR between 2018 and 2023.
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The prominent players in text analytics market are – SAP SE (Germany), IBM Corporation (US), SAS Institute, Inc. (US), OpenText Corporation (Canada), Clarabridge, Inc. (US), Megaputer Intelligence, Inc. (US), Luminoso Technologies, Inc. (US), MeaningCloud LLC (US), KNIME.com AG (Switzerland), Infegy, Inc. (US), Lexalytics, Inc. (US), Averbis (Germany), Bitext Innovations S.L.(Spain) among others.
Text Analytics Market Segmentation
The text analytics market has been segmented on the basis of component, application, deployment and vertical. By vertical segmentation, IT and telecommunication sector is estimated to drive market share of text analytics market. For achieving improvement in visibility in market trends and core operations, these upcoming industries are expected to incorporate increased number of text analytics solutions.
Market Research Analysis:
The global text analytics market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. In the global text analytics market, Asia Pacific is anticipated to witness relatively faster adoption and hence the growth rate as compared with other regions. Within Asia Pacific, customer experience management segment is projected to contribute the faster share growth. Furthermore, text analytics is implemented to offer quick, computerized feedback to the clients, which reduces dependency for resolving issues on executives. North America is rapidly deploying the text analytics solution due to the dynamic market environment. It holds the largest market share of the overall insurance market. Early adoption of new and emerging technologies and large numbers of text analytics vendors in the region is responsible for driving the majority of revenues in the market
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of text analytics market. In Europe, the advancements in technology and growing social media analysis for brand building; and the growing need of organizations to analyze the preferences of customers, among others, are the key factors driving the growth of text analytics market.
Text analytics market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth during the forecast period.
Text analytics market in Middle East and Africa occupies a relatively smaller pie of the global digital impression system market. Within Middle East and Africa counties including UAE, South Africa and Saudi are driving the growth.
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- Technology investors
- Integrated device manufacturers (IDMs)
- Original manufacturers (OEMs)
- Research/Consultancy firms
- Text analytics service vendors
- System integrators
- IT developers
- Third party vendors
- Network operators
- Infrastructure provider
- Regulatory and compliance agencies
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