Range of application from customer sentiment analysis to fraud detection will drive the revenue growth in global text analytics marketPublished Date: Jul 2017
The “ Text Analytics Market to 2025 by Deployment Type (On-premise, Cloud), Technology ( Natural Language Processing, Automated Machine Learning, Hybrid), Application ( Predictive Analysis, Social Media Monitoring Fraud/ Spam Detection, Competitive Intelligence and Others) and Verticals ( BFSI, Telecom Sector, Government, FMCG, Pharmaceutical, Legal & Intellectual Property, Academia & Education, Chemistry & Materials, Healthcare, Retail and Others) – Global Analysis and Forecast” The scope of study involves understanding on the factors responsible for this growth of text analytics market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant text analytics solution providers in the market and their key developments.
Text Analytics Market to 2025 – Global Analysis and Forecast by Deployment Model, Technology, Application and Verticals. Text Analytics market is expected to grow to US$ 18.28 Bn by 2025 from US$ 2.59 Bn in 2016. With increasing competition and changing consumer perspectives, organizations are making significant investments in solutions capable of analyzing customer and competitor data in order to improve competitiveness. The mainstream source of data are e-commerce platforms, social media, survey, individual blog, published articles and others. Greater part of data generated is unstructured, which makes it difficult and expensive for the companies to assess with the help of individuals. This challenge combined with the rapid growth in data generation has led to the development of analytical tools not only capable of handling large volume of text data but also assist in better decision making. Text analytics software enables a user to draw meaning from large volume of data sets available from different sources. It comprises of Graphical User Interface (GUI) which enables the user to analyze the finding obtained after text mining process.
Text analytics is creating value across several industrial verticals. Leading players are making continuous improvements in the language processing algorithms to make companies aware of the latest industry trends across different industry verticals.
The global text analytics market by geography is segmented into five regions including North America, Europe, Asia Pacific, Middle East & Africa and South America. The North America (NA), Asia Pacific (APAC) and Europe (EU) in total hold more than half of the total market, while the regions such as Middle East and Africa (MEA) and South America (SAM) are exhibiting a slow growth curve towards the adoptions of text analytics solution. The reason for slow growth rate in these regions is attributed to the lack of internet penetration as well as limited usage of social networking sites. The key players profiled in the report are IBM Corporation, SAP SE, SAS Institute Inc., Clarabridge, Expert Systems, OpenText Corp., Basis Technology, Linguamatics, ANGOSS SOFTWARE CORPORATION and KNIME.
The report segments the global text analytics market as follows:
Global Text Analytics Market – By Deployment Model
Global Text Analytics Market – By Technology
Natural Language Processing (NLP)
Automated Machine Learning (AML)
Global Text Analytics Market – By Application
Social Media Monitoring
Global Text Analytics Market – By Verticals
Legal and Intellectual Property
Academia and Education
Chemistry and Materials
Global Text Analytics Market – By Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
South America (SAM)