Text Analytics Market Research Analysis, Global Size, Share, Business Growth, Opportunities, Competitive Landscape and Comprehensive Research Study 2023
Market Research Future published a research report on “Text Analytics Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Pune, India – July 2, 2019 /MarketersMedia/ —
Market Synopsis:
Market Research Future (MRFR) has published a report on the global text analytics market asserting that the global market for text analytics is anticipated to expand remarkably at a strong CAGR of 17% during the forecast period of 2017-2023 and reach USD 9 Bn by the end of 2023.
Text analytics is a process that transforms the unstructured texts into well-structured information by analyzing unstructured text and extracting relevant information from it. The rapid industrialization and simultaneous technological advancement are creating the necessity of aggregation and exploration of textual data for obtaining profitable insights that aid in the development of businesses, resulting in the rise in demand for text analytics in the global market.
The inclination towards adoption of text analytics due to its multidisciplinary application encompassing multiple domains such as e-commerce, IT, telecommunication, government, healthcare, BSFI, and others is majorly driving the global Text Analytics Market. The beneficial aspects of text analytics such as market research, competitive intelligence, brand-reputation management, customer service and support and others are acting as demand generators for text analytics in the global market.
The ubiquitous availability of unstructured data in the form of online news, blogs, tweets, and others is driving the demand for text analytics that avails the companies with competitive advantages. The increasing demand for actionable insights extracted through real-time data analysis which are utilized in tactical approaches for the growth of the enterprises is projected to propel the expansion of the global market for text analytics during the forecast period.
However, the increasing availability of data analytics software, high cost, and lack of awareness among the stakeholders as text analytics is an emerging technology are likely to act as restraints on the global text analytics market.
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Industry/ Innovation/ Related News
April 15, 2019 —– Amenity Analytics (the US), a software company and an AI-enabled insights platform announced that it has secured USD 18 MN in a Series B round to help businesses transform the text into meaningful insights with its NLP text analytics solutions.
With these substantial funding, the company aims to develop further its cloud-based natural language processing (NLP) solutions that can help businesses draw actionable insights from the text on a massive scale.
Led by the insurance industry leader STARR Companies, the B series round also include a new investment from Allstate alongside the existing investors Intel Capital and State of Mind Ventures.
Key Players
The prominent players in text analytics market are – SAP SE (Germany), IBM Corporation (US), SAS Institute, Inc. (US), OpenText Corporation (Canada), Clarabridge, Inc. (US), Megaputer Intelligence, Inc. (US), Luminoso Technologies, Inc. (US), MeaningCloud LLC (US), KNIME.com AG (Switzerland), Infegy, Inc. (US), Lexalytics, Inc. (US), Averbis (Germany), Bitext Innovations S.L.(Spain) among others.
Global Text Analytics Market – Segments
For ease of understanding, the analysis has been segmented into five key dynamics:
• By Component: Software and Services (Managed Services and Professional Services among others).
• By Application: Documentation Management, Workforce Management, Customer Experience Management, Marketing Management, and Risk & Compliance Management among others.
• By Deployment: On-cloud and On-premise.
• By Vertical: BFSI, Manufacturing, Government, Retail & E-Commerce, IT & Telecommunications, Energy & Utilities, and Travel & Hospitality among others.
• By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Text Analytics Market – Regional Analysis
North America, heading with the rapid advancements in mobile technology and the increasing number of social media platforms, leads the global text analytics market. Additional factors that are boosting the growth of the regional market include the early emergence and adoption of text analytics across the region and favorable federal government policies. Continuing with the same growth trends, the North America text analytics market is expected to create a substantially large revenue pocket.
The text analytics market in the European region accounts for the second-largest market, globally. Factors such as the increasing number of R&D activities led by the colossal funding alongside a well-established infrastructure that allows seamless implementation, foster the growth of the regional market. Moreover, factors such as the proliferation of text analytics alongside the proliferation of smart connected devices are fueling the growth of the regional market.
The Asia Pacific text analytics market is emerging as a profitable market, globally. The market is propelled by the vast technological advancements, especially in the rapidly developing countries such as India and China. Moreover. Factors such as the increasingly advancing mobile technology and the increasing number of users on social media platforms drive the growth of the regional market, creating a massive demand for text analytics in the region.
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Intended Audience
• Technology investors
• Integrated device manufacturers (IDMs)
• Original manufacturers (OEMs)
• Research/Consultancy firms
• Text analytics service vendors
• System integrators
• IT developers
• Third party vendors
• Network operators
• Infrastructure provider
• Government
• Regulatory and compliance agencies
About Us:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Source: MarketersMedia
Release ID: 88891826
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