Rising unstructured data from social media platforms, e-commerce websites and other internet sources will continue to be the next pillar of growth in the global text analytics market
Published Date : 18/07/2017
Report : Text Analytics Market to 2025 - Global Analysis and Forecast 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)
According to a new market research study titled 'Text Analytics Market to 2025 - Global Analysis and Forecasts by Deployment Type, Technology, Application and Verticals', the global text analytics market was valued at US$ 2.59 Bn in 2016 and is estimated to reach US$ 18.28 Bn by 2025. The report highlights the trends prevalent in the global text analytics market and the factors driving the market along with those that act as deterrents to its growth.
With increasing competition and changing consumer perspectives, organizations are making significant investments to incorporate analytical solutions in their business process capable of assessing customer and competitor data and improve their 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 perform analysis 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. Post analysis, the user can uncover the hidden pattern based on several attributes such as customer segment, demographic and perception. Such analysis can greatly assist the companies to make faster decisions and develop accurate forecast supported by mountain of evidence.
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. In Europe, leading sports traders are leveraging the benefits of text analytics by analyzing twitter feeds in order to gain deep understanding of the game and sports trends at domestic level. The twitter feeds posted across the region in different languages is used by NLP algorithms and machine learning which enable the companies to extract the hidden patterns. Telecom companies are using Voice of the Customer (VOC) application enabling them to gain customer view regarding broadband services. Insurance companies are using text analytics to detect the fraud against claims. Customer service routing inside companies is also identified as one of major application of text analysis. Business review sites are used by the companies to analyze the customer perception and requirements regarding product/ service. Another great application of text analytics is in the field of healthcare where research institution are constantly leveraging the data sources such as clinical notes, social media post and published literature in order to assist the healthcare research and clinical practice.
The global text analytics market has been segmented on the basis of verticals into BFSI, Telecom, FMCG, Government, Academia & Education, Legal & Intellectual Property, Healthcare, Pharmaceuticals, Chemistry & Materials, and Retail. BFSI or Banking, Financial Services and Insurance sector comprises of a wide range of firms that offers financial services to various sectors. Text analytics in this sector is used as a new opportunity for fraud detection. It is done through various ways such as social network analysis or predictive analysis for the detection of fraud in the sector. Using text analytics as a method for fraud detection has increased the identification of frauds to above 50% as these types of analysis have an accuracy of almost 90%. The use of analytics in the telecom sector is projected to improve the visibility into core operations, internal processes and market conditions, detect trends establish forecasts. With this, the companies can collect comments from the customers from any source virtually, apply powerful predictive analytic techniques, and automatically extract the important information, to identify key issues and trigger meaningful change. Text analytics has been used by government agencies for a variety of purposes. Most of the organizational data (almost 80%) are unstructured such as freeform text from field reports, forms, abstracts, notes, comments, emails, social media and other sources. Dealing with this unstructured data is one of the biggest challenge that the government agencies are facing. With the use of text analytics, the agencies can perfectly estimate identify unmet needs, public sentiment, influence opinion, identify hidden risks, shape policy, and stop fraud and collusive crime, and more
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.
Global Text Analytics Market Breakdown by Region, 2016 (%)
Source: The Insight Partners Analysis, July 2017
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)