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Text Analytics Market expected to reach US$ 8961.3 Mn by 2022 according to new research report

Text Analytics Market

The report titled, “Global Text Analytics Market” has added by Absolute Market Insights will give the well-organized statistical overview about Text Analytics industry on the basis of Types, Applications, Key Players & Forecast.

Text Analytics is a new IT discipline with its foundations in linguistics and data mining. The discipline is used to convert unstructured text data into meaningful data to conduct analysis, provide search facility, assemble feedback, search for client perspectives, analyze opinions, track product audits and entity modeling to enhance and support decision making which depends on certainties.

Different linguistic, statistical, and machine learning techniques are used to retrieve information from unstructured data, structure the data and accordingly derive patterns, trends, assess and interpret data. The analysis techniques similarly includes lexical analysis, categorization, grouping, pattern recognition, labeling, annotation, data extraction, link, association analysis and visualization.

Analysis by key players - Crimson Hexagon, Averbis, Bitext Innovations, S.L., Clarabridge, IBM, Infegy, KNIME, AG, Lexalytics, LUMINOSO, MeaningCloud LLC, Megaputer Intelligence, Microsoft Co

Moreover, text analysts are collaborating with retail and e-commerce enterprises to establish themselves in the market. The development in cloud based technologies has pushed the demand for adoption in deployment of text analytic solution. 

The Text Analytics Market was valued at US$ 4043.4 Mn in 2017 is expected to reach US$ 8961.3 Mn by 2022.

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Major Key Players included in this report:

Some of the primary market participants are Crimson Hexagon, Averbis, Bitext Innovations, S.L., Clarabridge, IBM, Infegy, , AG, Lexalytics, LUMINOSO, MeaningCloud LLC, Megaputer Intelligence, Microsoft Corporation, OpenText Corp, Oracle, SAP SE, SAS Institute, TABLEAU SOFTWARE, The Hewlett-Packard Company and TIBCO Software   amongst others.

The text analytics market is primarily driven by the increase in volume of unstructured data. Text analysis is used to offer a rapid, automated response to the customer, reducing their reliance on call center operators to resolve problems. 

Adoption of hybrid cloud IT strategies in areas such as internet of things (IoT) is expected to fuel end-user spending on IT-based services. However, Big Data offers various lucrative opportunities for many industries and likewise represents a big risk for many users.

This risk emerges from fact that these analytics tools comprise of storing, managing and efficiently analyzing data gathered from possible and available sources. Hence, individuals become widely vulnerable to exposure because of combining and exploring specific behavioral data.

Hence, the need for efficient and reliable plaform solution is gaining importance. The industries such as BFSI, ecommerce and retail sectors operate on advanced technologies such as IoT, cloud system and Big Data.

The rise in internet technologies among industries that require high data security drives the text analytics market.

Text Analytics Market, By Organization Size:

Text analytics provide organizations with real-time insights for decision making within the enterprise and third-party data sources.  Single-view of business would provide better business visibility and operational intelligence for organizations to focus on creating consumable bundles of insight on basis of consumer behavior, consumption patterns, social sentiment and the market response.

With the evolving technology landscape, organizations cannot keep up with the pace of evolving. Advanced technologies offer new capabilities and benefits but they also introduce new risks. 

Small and Medium Enterprises (SMEs) are small in terms of their size but cater to a large number of customers globally. They make up the overwhelming majority of the world’s business landscape.

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Text Analytics Market, By Region

North America region holds the largest market share among other regions for text analytics market. The region accounts for major text analysts’ companies adopting analytics software for creating business models that support real-time decision making and improve productivity.

The increase in social media analysis for brand building, and the race for having competitive advantage over other competitors are some of the key factors to fuel the industry’s growth in North America.

Competitive Landscape:

The report covers both, qualitative and quantitative research of the market, as well as include comprehensive insights and developments methods adopted by the key players. The report encompasses competitive detailed analysis of the key players which are driving the market.

The key business strategies such as Mergers & Acquisitions, affiliations, collaborations, and contracts adopted by the major players are also recognized and analyzed in the report. For each company, the report recognizes their manufacturing base, competitors, product type, application and specification, pricing, and gross margin.

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