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Text analytics translates vast sets of unstructured data into meaningful insights, trends and patterns. This helps business to understand the information and accordingly cast the business decisions. This text analytics tool is gaining high traction in the highly competitive market. The rapid expansion of social media and its highly generated data is very crucial for the companies to analyze the market trends, customer demand, brand value, brand presence among others of the business. This is likely to boost the text analytics market growth in near future. Also, the growing adoption of competitive intelligence is expected to fuel the demand for text analysis. The growing demand for text analysis can also be witnessed in analyzing fraud detection cases. The banking and insurance sector, healthcare providers, among others are adopting text analytics to identify fraud cases.
The rising adoption of the internet of things, cloud, big data analytics is likely to drive the demand for text analytics. The capability of text analysis of offering real-time insights to help businesses in analyzing current business strategies is expected to redefine the business operations. Similarly, text analytics is helping industries such as retail, travel & truism, healthcare, automotive among others in maintaining efficient customer services by analyzing customer experience over mails, queries, social media platform and other.
Key Market Driver -
• Growing demand for social media analysis and brand awareness is likely to drive the demand for text analytics solutions • Increasing focus on competitive intelligence and efficient customer services is likely boost the text analytics market
Key Market Restraint -
• Rising concerns over data privacy is likely to challenge the market growth
Some of the key players in the global text analytics are SAP SE, IBM Corporation, Knime.Com AG, SAS Institute, Inc., Microsoft Corporation, Netbase Solutions, OpenText Corporation, Bitext Innovations S.L., Megaputer Intelligence, Inc., RapidMiner, Inc., Luminoso Technologies, Inc., Infegy, Inc., Indium Software, Brandwatch, Lexalytics, Inc., Clarabridge, HP Enterprise, among others. The companies are investing in research and development for the innovative and advanced text analytics services. Further, the key players in the market are offering new solution to handle the data of COVI-19 crises. The companies are collaborating with researchers and healthcare providers to offer advanced and real-time text analytics capabilities.
North America is expected to gain maximum revenue share during the forecast period owing to the early adoption of the technology. The region is highly adopting technologies such as big data, artificial intelligence, the internet of things, cloud computing and more this is likely to fuel the demand for text analytics. The US is expected to gain rapid growth owing to the increasing awareness of competitive intelligence tool and the significance of customer service. The growing competition in BFSI, healthcare, retail, and more is driving the demand for text analytics in the country. Similarly, Europe is gaining traction owing to the growing industries such as healthcare, retail, media & entertainment among others in the region. The rising competition in small & medium of Europe is likely to drive the demand for text analytics.
Asia Pacific is growing rapidly growing owing to the increasing adoption of smart technology, internet of things, artificial intelligence among others. These technologies are creating vast sets of structured and unstructured data. The countries like China, India, Southeast Asia are witnessing a large number of social media users. This is likely to increase digital data over the social media platforms. Also, the vast demand for 5G, cloud, connected technology is likely to drive the adoption of text analytics. Similarly, the Middle East and Latin America are likely to grow steadily during the forecast period. The increasing demand for low-cost data analyzing tools in these regions is likely to surge the adoption of text analytics.
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