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 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).
Cloud allows real time analysis of the big data to retrieve meaningful information from the data, provides cost effective and lower risks solutions. As cloud allows the analysis of data anytime and from anywhere, it is gaining traction in text analytics.
The SaaS cloud model is the fastest growing delivery model for text analytics due to lack of in-house skills to analyze unstructured data.
Expensive text analytics software
Depending on the version and the category of analysis, the cost of the tools used for analytics purposes varies. The tools designed are developed from detailed analysis of homogenously generated data due to which the software is quite expensive.
Emerging markets such as India, China, and Japan do not use such expensive tools for the analysis purpose due to their low economies. Moreover, government institutions also avoid the use of such analytical tools due to its high cost.
This restricts the growth of text analytics market, which in turn negatively affects the global text analytics market.
North America appears as the largest market for text analytics, on account of being an early adopter of advanced technologies
North America led the global text analytics market by holding 2/5th of the market share in 2016. It is expected to continue its dominance during the forecast period with a CAGR of 24.8%.
Being an early adopter of new and emerging technologies and the presence of large number of text analytics vendors in the region help consolidate the majority of revenues in the market.
CUSTOMER RELATIONSHIP MANAGEMENT TEXT ANALYTICS MARKET BY REGION, 2016-2024
However, Asia-Pacific is forecasted to grow at the highest CAGR of 29.4%, during the forecast period. 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.
TEXT ANALYTICS MARKET KEY FINDINGS
- Fraud detection is the major application of text analytics witnessing a compound annual growth rate of 30.4%, over the forecast period 2017-2024.
• The need to generate insights from the data gathered from financial transactions and customer feedbacks is expected to foster the retail and BFSI sectors.
• The overall usage of text analytics tools and awareness about the text analytics technology is limited, especially in APAC region, restricting the global market.
• North America region led the global text analytics market by holding 2/5th of the total market share.
Some prominent market players profiled in this report are Attensity Inc., Microsoft Corporation, Statistical Analysis System, International Business Machine (IBM), SAP, Hewlett Packard (HP), Oracle, Tableau Software, Clarabridge, Tibco Software. In July, 2017 Tableau software joined hands with TapClicks, a provider of reporting and marketing analytics platform.
This partnership will benefit agency and enterprises that depend on a lot on SaaS and private stores of data to visualize data in BI software. It is also a boon for companies who are seeking out for scalable ways to gather marketing data and make it available within Tableau for analysis along with other critical data like CRM records and financial information.
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