According to a recent market research report published by Transparency Market Research, the global text analytics market is anticipated to robustly expand at a CAGR of 17.6% during the period between 2016 and 2024. The report, titled “Text Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024,” projects the global text analytics market to reach a valuation of US$12.16 bn by 2024. The overall market was worth US$2.82 bn in 2015.
Browse the full Text Analytics Market (By Deployment Type - On-Premise, Cloud-Based; By Applications - Data Analysis & Forecasting, Fraud/Spam Detection, Intelligence & Law Enforcement, Customer Relationship Management (CRM); By End-User - Military and Defense, BFSI, Retail, Healthcare, IT and Telecom, Entertainment and Media, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024 report at https://www.transparencymarketresearch.com/text-analytics-market.html
Text analytics offers measurable benefits to organizations across both private and public sectors. In the commercial sector, text analytics help to improve customer relationship management by interpreting data on real time basis. This leads to effective marketing, and improved brand value and customer loyalty. Furthermore, text analytics accelerates the cycle times during development of products and detects product related issues. In the public sector, text analytics is implemented to detect fraudulent activities and cyber threats.
The generation of a huge amount of textual data has made it difficult for organizations across various sectors to summarize and interpret the data to take effective business decisions. Text analytics solutions utilize different techniques such as statistical, linguistic, and machine learning to retrieve relevant information from unstructured data. The introduction of cloud-based text analytics has further propelled the growth of the global text analytics market. During the forecast period, the cloud-based text analytics market is anticipated to expand at a CAGR of 20.2%.
In terms of end users, the report segments the global text analytics market into anking, financial services, and insurance, military and defense, manufacturing, healthcare, retail, IT and telecom, entertainment and media, and others including transportation, hospitality, and automation. In 2015, the military and defense sector dominated the overall market. However, during the forecast period, the IT and telecom sector is expected to emerge as the fastest growing end-use segment, expanding at a CAGR of 18.5%. The growing requirement to improve visibility in internal process and core operations will lead to increased adoption of text analytics across the IT and telecom sector.
The report studies the global text analytics market across five key regions: Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. The developed economies in North America and Europe have been significantly contributing towards the growth of the market. In fact, North America has dominated the overall market owing to technological advancements and increased demand for data analysis. During the forecast horizon, Asia Pacific, Latin America, and the Middle East and Africa are anticipated to generate huge demand for text analytics.
Describing the competitive landscape, the report profiles some of the key players in the global text analytics market such as Microsoft Corporation, IBM Corporation, Lexalytics Inc., SAS Institute Inc., RapidMiner Inc., SAP SE, Predixion Software, Attensity Group Inc., and Angoss Software Corporation. The report provides insightful information about the market vendors including their company overview, financial overview, revenue, product portfolio, and recent developments.
Global text analytics market has been segmented as:
Text Analytics Market: By Deployment Type
Text Analytics Market: By Applications
- Data Analysis & Forecasting
- Fraud/Spam Detection
- Intelligence & Law Enforcement
- Customer Relationship Management (CRM)
Text Analytics Market: By End-User
- Military and Defense
- IT and Telecom
- Entertainment and Media
- Others (Automotive and Transportation and Hospitality)
Text Analytics Market: By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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