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Text Analytics Market: Steady Technology Development to Stimulate the Demand for market

According to a new market research report published by Credence Research “Text Analytics Market (by Component Type – Software and Services; by Deployment Model – Cloud-based and On-premise; by Application Type – Customer Relationship Management, Marketing Management, Competitive  Intelligence, Predictive Analytics, Fraud Management and Workforce management; by End-use Vertical – Banking Financial Services and Insurance (BFSI), Government & Defense, Manufacturing, Healthcare, Retail, Electronics, Media & Entertainment, IT & Telecommunications and Others) Market – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027

The global text analytics market accounted to hit the market value of US$ 17.82 Bn in 2027 and expected to witness CAGR of 14.35% across the forecast period through 2019 to 2027.

Text Analytics Market

Market Insights:

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Businesses have recently started using automation for operational intelligence as well as organizations rely on machines for reading, interpreting in real time. Real-time streaming analytics enhance data efficiency and allow faster action by organizations. Text analytics enable the large volume of unstructured text content to be economically reviewed and analysed. Text analytics plays a vital role across multiple business applications, such as quantifying customer feedback, detecting & tracking service as well as quality issues, improving operational processes, risk assessment, and enhancing predictive models among others.

Rapidly growing number of smart devices and reliance on Internet of Things (IoT) are seeking for rapid processing capabilities, edge computing, cloud adoption and embedded analytics. Text models for document categorization, concept extraction and sentiment analysis are deployed to gain real-time insights as well as to support decision making process. Big data is gathered in unstructured formant from various sources such as social media, bank transactions, sensor reading, logs and several others. Text analytics focuses on deployment of text models to assess market impact & intelligently respond to data streams as it arrives.

Overall text analytics market segmented on the basis of component, deployment model, application type and end-use vertical. In 2018, retail segment accounted for the lion share in the market. Nowadays, retailers have started adopting strong analytic capabilities designed to address structured data, such as data visualization, basic queries, data mining and predictive modeling. Penetration of simulation, natural language text analytics, geospatial analytics, streaming analytics, and video & voice analytics is higher in retail segment compared to counterparts.

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North America accounted for the largest market for text analytics in 2018 followed by Europe, primarily due to rapidly growing adoption for Artificial Intelligence (AI) technology across almost all end-use verticals. The U.S. encompasses the presence of majority of key players such as, Clarabridge, Inc., International Business Machines (IBM) Corporation, SAS Institute, Inc., Lexalytics, Inc. and Bitext Innovations S.L. among several others.

Competitive Insights:

Major players in the text analytics market include OpenText Corporation, RapidMiner, Inc., International Business Machines (IBM) Corporation, Lexalytics, Inc., Algolia, SAP SE, SAS Institute, Inc., Knime AG, Bitex Innovations S.I., Clarabridge, Inc., Averbis, Lavastorm Analytics, Infegy, Inc., Megaputer Intelligence, Inc., LuminosoTechnologies, Inc., Meaningcloud LLC, EpiAnalytics and Medallia, Inc. among others. The text analytics market players are aiming for partnerships & acquisitions as well as technology development activities to establish in the new market. For instance, in January 2019, OpenText Corporation acquired the Catalyst Repository Systems, Inc.

This is expected to enable law firms and corporate legal departments to seize the opportunities of digital transformation & automation. Similarly, in May 2018, Clarabridge, Inc. announced the updates of suite of CX products. This AI powered text analytics advancement expected to enable organizations to make rapid business decisions based on customer feedback thereby driving brand loyalty.

Browse the full report at https://www.credenceresearch.com/report/text-analytics-market

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