Industrial, Manufacturing & Heavy Industry Market News

Text analytics market revenue will reach $18.4 billion by 2024 according to new research report

From BioMedical to Academic research, security intelligence to social media monitoring, organizations from diverse industry, across the globe, have adapted Text Analytics techniques and the outcomes so far have proved to be efficient, cost reducing and improvisation in overall customer experience for each kind of organizations. Healthcare & Pharmaceuticals, Academic, and Automotive sectors have benefitted the most from text mining applications. Countries such as US & Europe have started adopting this technique for polls during elections, as it examines overall sentiment of the general public. In September 2017 GemSeek announced the launch of TalkAboutIT, a ready-to-fire text analytics platform which helps companies unlock the value of customer feedback.

As per the report "Text Analytics Market Make an Inquiry about this news By Deployment mode, (On-premise model, Cloud-based model), By Application, (Predictive Analytics, Competitive Intelligence, Customer Relationship Management, Fraud detection, Brand Reputation), Estimation & forecast, 2016 - 2024." The global text analytics market was valued at $2.7 billion in 2016 and is projected to reach $18.4 billion by 2024, growing at a CAGR of 27.9% from 2017 to 2024. In 2016, retail segment generated the highest revenue share in the global text analytics market.

Among major regions, North America text analytics market was the highest revenue generating market valued at $1.02 billion in 2016.


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Cloud gains traction in text analytics, owing to its mobility

Cloud-an umbrella term for large number of online services is a very attractive technology amongst all the small and medium scale enterprises (SMEs).