The growth of the Europe Text Analytics Market is primarily driven by the extensive use of social media and the growing need of organizations to analyze customer sentiments.
The European text analytics market is estimated to grow from $533.6 million in 2014 to $1,223.9 million by 2019, at a CAGR of 18.3% during the period under consideration. Key players in the Europe Text Analytics Market include Microsoft Corporation, IBM, Oracle Corporation, SAS, and SAP.
Text analytics is used to process large amounts of unstructured data in a short span of time. As organizations are realizing the usefulness of extracting valuable information from scattered texts populated all over the web, the demand for text analytics solutions is thus increasing gradually.
With the help of these insights, the organizations develop customer-centric business approaches to promote their brand building processes. Language used to be the biggest barrier for marketers to understand customer psychology and thought processes; however, with the advancements in technology, analytics software are now capable of extracting information from different languages.
The user-friendly interface and the ability to represent the analysis effectively are the key factors driving the adoption of text analytics solutions by organizations.
Being a technologically advanced region, Europe holds the second-largest share of 25.7% of the global text analytics market, as of 2014, and is expected to acquire a share of 40.4% by 2019.
Moreover, the rapid adoption of mobile technology and extensive use of social media in the region are also contributing to the growth of the text analytics market in Europe.
The European text analytics market has been segmented and forecast on the basis of applications such as data analysis, enterprise, search-based, and web-based and software, among others. The main countries considered for the market analysis are the U.K., Germany, and France, among others.
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Microsoft Corporation, IBM, Oracle Corporation, SAS, and SAP, among others, are the key players in the European text analytics market. New product launches through innovation, partnerships, and joint ventures are the main strategies adopted by these players to catalyze their growth in the European market.
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