The process used to analyze an unstructured text, obtain relevant data and then transform it into valuable business intelligence is termed as text analytics.
Emergence of text analytics has enabled companies take crucial business decisions.
Furthermore, it has enabled enterprises to curb the language barrier and construct a global user base.
The North American text analytics market is influenced by several drivers, restraints and opportunities.
Technologies such as big data analytics in the market are considered to be the major drivers. On the others hand, companies have now come to an understanding that automating data analysis plays an eminent role in helping companies keep up with huge amount of data and use the same to make insightful decisions.
The need for improving consumer experience via CRM (Customer Relationship Management) and initiating effective marketing and promotional activities is also driving the market. However, lack of awareness has hindered the market growth to a greater extent.
Vendors active in the text analytics industry are continuously discovering and refining the current architecture, to provide their endcustomers a more efficient solution, which in turn would provide greater opportunities for the market.
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The text analytics market is segmented in terms of applications, end customers, industry verticals, deployment model and geography. In terms of applications the study covers search based applications, enterprise applications and others.
The need for text analytics is felt greatly in industries such as banking, financial services and insurance, healthcare, government, retail, hospitality and travel and others. Adoption rate of text analytics has increased greatly among small and medium businesses and large enterprises.
Deployment model favored by the prominent vendors in the market includes on premise deployment model and cloud based deployment model. The study covers the different countries located in North America.
Today, prominent market players are embracing effective business strategies such as joint ventures and acquisition and mergers to stay competitive. Enterprises are also seen investing in research and development to provide their customers a paramount solution.
The key market players covered in the report includes International Business Machines Corporation (or IBM), Microsoft Corporation, SAP, Oracles, SAS, Lexalytics, Smartlogic, Provalis Research, OpenText, Pingar and others.
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