Market Research Future Insights
The Text Analytics Market share has witnessed exponential growth in recent years, fueled by the escalating demand for extracting valuable insights from vast volumes of unstructured textual data. Text analytics, also known as natural language processing (NLP), refers to the automated process of analyzing and interpreting unstructured text data to uncover patterns, sentiments, and meaningful information. With the explosive growth of digital content through social media, emails, customer reviews, news articles, and more, organizations across various sectors are recognizing the significance of text analytics in driving data-driven decision-making and gaining a competitive edge.
The adoption of text analytics solutions is becoming increasingly prevalent across industries like marketing, customer service, healthcare, finance, and market research. Businesses are leveraging these advanced tools to delve deeper into customer sentiments, understand market trends, optimize product offerings, and enhance brand reputation. Moreover, text analytics plays a vital role in augmenting the capabilities of artificial intelligence (AI) and machine learning (ML) applications by making unstructured data accessible for predictive modeling and pattern recognition. As the Text Analytics Market continues to evolve, driven by advancements in AI, cloud computing, and natural language processing technologies, it is poised to revolutionize the way organizations extract insights from textual data and make informed decisions for sustainable growth.
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Key Trends:
The following are some of the key trends in the text analytics market:
- The increasing availability of text data: The amount of text data that is being generated is growing exponentially. This is due to the increasing use of social media, e-commerce, and other digital channels.
- The growing sophistication of text analytics algorithms: Text analytics algorithms are becoming increasingly sophisticated. This is allowing businesses to extract more insights from their text data.
- The increasing use of cloud computing: Cloud computing is becoming increasingly popular for text analytics. This is because it offers scalability, flexibility, and cost-effectiveness.
Market USP:
The USP of the text analytics market is that it offers a way to extract insights from large text data sets. This can help businesses to improve decision-making, customer service, and fraud detection.
Key Takeaways:
- The text analytics market is a rapidly growing market.
- The increasing availability of text data and the growing sophistication of text analytics algorithms are driving the growth of the market.
- Cloud computing is becoming increasingly popular for text analytics.
- Text analytics can help businesses to improve decision-making, customer service, and fraud detection.
Key Advantages:
The key advantages of text analytics include:
- Scalability: Text analytics can be scaled to meet the needs of businesses of all sizes.
- Flexibility: Text analytics can be used to analyze a variety of text data formats.
- Cost-effectiveness: Text analytics can be cost-effective for businesses.
- Accuracy: Text analytics can provide accurate insights into the data.
Regional Insights:
The text analytics market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the largest market for text analytics, followed by Europe and Asia Pacific.
Competitive Landscape:
The text analytics market is a highly competitive market. There are a number of leading players in the market, including:
- IBM
- Microsoft
- SAS
- Amazon Web Services
These companies are competing to offer the most innovative and scalable text analytics solutions.
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Adroit Market Research launched a study titled, “Global Text Analytics Market Size 2017 by Product (Cloud & On-premise), by Application (Customer-facing apps, Semantic/cognitive search, Integrated advanced analytics, Business intelligence (BI) & Competitive intelligence/brand awareness), by End-use (FMCG, BFSI, Healthcare & Pharma, Telecom, Government & Retail), by Region and Forecast 2018 to 2025”.
The study covers the global text analytics market value for a period ranging from 2012 to 2025, where 2012 to 2017 imply the actual annual consumption with forecast between 2018 and 2025.The global text analytics market report also includes qualitative insights of the market such as drivers, restraints, value chain, regulatory framework and trade statistics.
Additionally, we have provided a glimpse of the global predictive analytics market.
This hints towards a high growth rate for cloud based text analytics software during the forecast period which is expected to account for almost 80% of the global text analytics market share in 2025.Global text analytics share, by deployment type, 2025 (%)Semantic technology in text analytics helps to derive meaning from data, including text, speech and other forms of data.
Semantic technology uses linguistic analysis to find contextual relationships between words, meanings, tenses & genders.
Hence, statistical and machine learning algorithms in text analytics help in fraud detection and detect activities such as money laundering, credit card frauds and others.IBM, Medallia, Micro Focus, Qualtrics, SAS, Clarabridge, Lexalytics and OpenText are the leading players present within the global text analytics market.
The report titled, Text Analytics Market published by MarketsandMarkets™ would help to give strategic overview of Text Analytics Market Industry growth and continue to drive by presence of prominent players across the globe.According to a new market research report "Text Analytics Market by Component (Software, Services), Application (Customer Experience Management, Marketing Management, Governance, Risk and Compliance Management), Deployment Model, Organization Size, Industry Vertical, Region - Global Forecast to 2022" published by MarketsandMarkets™, the Text Analytics Market expected to grow from USD 3.97 Billion in 2017 to USD 8.79 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.2%.The key forces driving the Text Analytics Market include growing need for social media analytics, predictive analytics for businesses, and the need for customized and industry-specific applications.
Browse in-depth TOC on "Text Analytics Market”71- Tables65- Figures 155- PagesAsk for Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=253879369 “Cloud-based text analytics solutions are expected to gain the maximum traction during the forecast period.”The cloud deployment market share is expected to increase rapidly since most of the firms are swiftly transforming themselves from brick to click models.
A cloud server for text analytics means less storage space and reduced maintenance cost.
Cloud-based text analytics solutions are gaining traction among Small and Medium-sized Enterprises (SMEs) as SMEs face the challenge of affordability of the infrastructure required for an on-premises implementation.“The text analytics software component is expected to contribute the largest market share in 2017.”Among components, text analytics software is expected to continue its dominance throughout the forecast period.
Early adoption of new and emerging technologies and large numbers of text analytics vendors in the region would help consolidate the majority of revenues in the market.
Growing technology expenditures in countries such as China and India and the demand for cost-effective analytical software and services among SMEs are expected to drive the market growth during the forecast period.Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=253879369The major vendors providing text analytics software and services are SAP SE (Walldorf, Germany), IBM Corporation (New York, US), SAS Institute, Inc. (North Carolina, US), OpenText Corporation (Ontario, Canada), Clarabridge, Inc. (Virginia, US), Megaputer Intelligence, Inc. (Indiana, US), Luminoso Technologies, Inc. (Massachusetts, US), MeaningCloud LLC (New York, US), KNIME.com AG (Zurich, Switzerland), Infegy, Inc. (Missouri, US), Lexalytics, Inc. (Massachusetts, US), Bitext Innovations S.L.
Market HighlightsIn this rapidly changing world of technology, text analytics market will drive the growth prospects during the forecast period.
In addition to this, organizations are adopting text analytics solutions in order to gain insights from the data spread over the internet and also to determine the impact of existing strategies of the companies and is expected to be a major factor for the growth of text analytics market.The text analytics market is growing rapidly over 17% of CAGR and is expected to reach at approx.
USD 9 billion by the end of forecast period.Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/2989Key Players 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.
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.
