Market Scenario:
Text analytics is basically retrieving of high quality information from already available text sources. It is also referred to as text data mining. It is used for various purposes such as classification, summarization and to make unstructured data accessible and useful. The need for text analytics market is increasing rapidly on a global platform. The factors driving the growth of text analytics market are increasing need for social media analysis, effective brand building and rapidly increasing big data market.
The Text Analytics Market is segmented on the basis of component, application, deployment and industry vertical. Based on application, the customer experience management segment is expected to hold the largest market share during the forecast period. Text mining is frequently utilized to improve customer experience through various information sources and is one of the traditional methods in customer service. Implementation of text analytics offers quick and computerized feedback to clients, which helps in reducing the dependency on executives for resolving issues.
The global text analytics market is expected to grow at approx. USD 9 Billion by 2023, at 17% of CAGR between 2017 and 2023.
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Industry News:
On 14th June 2018, ABBYY, a global provider of content intelligence solutions and services, has announced the launch of ABBYY text analytics for contracts which is a managed service that automatically analyzes insights from contracts and leases to fasten the process of risk mitigation, content migration and obligation analysis.
On 18th June 2018, the Service Management Group (SMG) has announced the initiation of a phased rollout of advanced text analytics which will enable their clients to transform open-end feedback into exceptional insights.
On 22nd June 2018, SAS® Visual Text Analytics has been named a Leader in AI-based text analytics platforms by The Forrester Wave TM, an independent research firm. The SAS® Visual Text Analytics provides the users with natural language processing, machine learning and follows linguistic rules on a visual dashboard to reveal the data insights.
Key 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.(Spain) among others.
Market Segmentation:
The text analytics market has been segmented on the basis of components, application, deployment, and vertical.
- Based on component, the text analytics market is segmented into software and services. The services segment includes managed services and professional services.
- Based on application, the text analytics market is segmented into documentation management, workforce management, customer experience management, marketing management, and risk and compliance management.
- Based on deployment, the text analytics market is segmented into on-premise and cloud. The on-premise deployment model is majorly adopted by government organizations due to the high-security risks of cloud-based deployment models. Whereas, the cloud-based deployment model is projected to account for the largest market share in the global market for text analytics during the forecast period due to the increasing demand for cloud-based solutions in the global market.
- Based on vertical, the text analytics market is segmented into BSFI, retail and e-commerce, government, IT and telecommunication, manufacturing, energy and utilities, travel and hospitality, and others.
Regional Analysis:
Geographically, the global text analytics market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. The North America region is dominating the global text analytics market owing to the technologically advanced industrial infrastructures and rapid expansion of digital platforms such as social media and e-commerce in this region. The Europe region stands second in the global text analytics market due to the easy adoption of advanced technologies and increasing demand for cloud-based solutions in this region. The Asia Pacific region is projecting significant growth in the global text analytics market owing to the increasing inclination towards adoption of advanced technology in the emerging economies of this region.
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Intended Audience
- Technology investors
- Integrated device manufacturers (IDMs)
- Original manufacturers (OEMs)
- Research/Consultancy firms
- Text analytics service vendors
- System integrators
- IT developers
- Third party vendors
- Network operators
- Infrastructure provider
- Government
- Regulatory and compliance agencies
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