Global Text Analytics Market Scope
Market
Research Future (MRFR), in its research study, emphasizes that the global Text Analytics Market 2020 is projected to rise exponentially over
the review period, ensuring significant market valuation of USD 9 Billion by
2023, and a healthy 17% CAGR over the review period.
Drivers
and Restraints
The need
for a market for text analytics is increasingly rising on a global platform.
The factors fueling the development of the market for text analytics are a
growing need for social media analysis, effective brand building and a rapidly
increasing big data market. Due to its multidisciplinary application including
multiple domains such as e-commerce, IT, telecommunications, government,
healthcare, BSFI, and others, the inclination to adopt text analytics drives
the global text analytics market largely.
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Text
analytics beneficial aspects such as market research, competitive intelligence,
brand-reputation management, customer service and support and others are acting
as demand creators for text analytics in the global market.
The
omnipresent availability of unstructured data in the form of online news, forums,
tweets and others drives the market for text analytics that has competitive
advantages for the companies. During the forecast period, the growing demand
for actionable insights derived from real-time data analysis that are used in
tactical approaches for business growth is projected to propel the expansion of
the global text analysis market.
On the
other hand, the increasing availability of data analytics software, high costs
and lack of awareness among stakeholders as text analytics is an emerging technology
that is likely to act as constraints on the global text analysis market.
Segmental
Analysis
The text
analytics market has been analyzed on the basis of components, deployment,
application, and vertical.
Based on
component, the text analytics market is bifurcated into software and services.
The services segment comprises managed services and professional services.
On the
basis of application, the text analytics market is segmented into marketing
management, workforce management customer experience management, documentation
management, along with risk and compliance management.
Based on
deployment, the text analytics market is bifurcated into on-premise and cloud.
Given the high-security risks of cloud-based deployment models, the on-premise
deployment model is largely adopted by governmental organizations. Whereas the
cloud-based deployment model is slated to account for the largest market share
in the global text analytics market during the forecast period due to the
increasing demand on the global market for cloud-based solutions.
Based on
vertical, the global text analytics market is segmented into BSFI, IT and
telecommunication, retail and e-commerce, government, manufacturing, travel and
hospitality, energy and utilities, and others.
Regional
Analysis
The
global market geographic overview was conducted in four major regions including
Asia Pacific, North America, Europe and the rest of the world.
North
America is expected to account for the highest market share, it has been noted.
Due to the technologically advanced industrial infrastructures and the rapid
growth of digital channels such as social media and e-commerce in this area,
the North America region dominates the global text analytics market.
In
comparison, Asia-Pacific is expected to expand at the fastest pace over the
forecast period. Owing to the rapid growth of mobile technology and increasing
population on social media platforms, North America will witness significant
competition from the Europe region during the forecast time period. Owing to
the easy adoption of advanced technologies and growing demand for cloud-based
solutions in this region, the Europe region stands second in the global text
analysis market.
Competitive
Analysis
The
major market players functioning in the global market as identified by MRFR are
IBM Corporation (US), SAP SE (Germany), SAS Institute, Inc. (US), Clarabridge,
Inc. (US), OpenText Corporation (Canada), Megaputer Intelligence, Inc. (US),
MeaningCloud LLC (US), Luminoso Technologies, Inc. (US), KNIME.com AG (Switzerland),
Infegy, Inc. (US), Averbis (Germany), Lexalytics, Inc. (US), Bitext Innovations
S.L.(Spain), among others.
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