Global Text Analytics Market
The Global Text Analytics Market was valued at USD 3.31 billion in 2016 and is projected to reach USD 14.00 billion by 2025, growing at a CAGR of 17.35% from 2017 to 2025.
Text analytics is a general practice of applying algorithms or programs to text in order to analyze that text. With an iterative approach, an organization can successfully use text analytics to gain insight into content-specific values such as sentiment, emotion, intensity and relevance. Benefits of text analytics include - efficiency, unlocking hidden information and developing new knowledge, exploring new horizons, improved research and evidence base, and improving the research process and quality.
1. Market Drivers
1.1 Increasing usage of big data and IoT in analytics market
1.2 Increasing need for social; media analytics
1.3 Rising usage of predictive analytics for business
1.4 Increasing highly customized and industry specific applications
1.5 Increasing need for enhancing customer service and competitive intelligence
2. Market Restraints
2.1 Concerns for data privacy and security
2.2 Having consistent business semantics and interpretations
2.3 Lack of technical expertise and other operational challenges
The Global Text Analytics Market is segmented on the application, organization size, component, deployment model, vertical, and region.
1. By Application:
1.1 Customer experience management
1.2 Marketing management
1.3 Workforce management
1.4 Governance, risk, and compliance management
1.5 Document management
2. Organization Size:
2.1 Large Enterprises
2.2 Small and Medium Organizations
3. By Component:
3.2.1 Managed services
3.2.2 Professional services
18.104.22.168 Support and maintenance services
22.214.171.124 System integration and deployment
126.96.36.199 Consulting services
4. By Deployment Mode:
5. By Vertical:
5.2 Government and Defense
5.3 IT and Telecom
5.4 Banking, Financial Services, and Insurance (BFSI)
5.5 Travel and Hospitality
5.6 Retail and e-commerce
5.7 Media and Entertainment
6. By Region:
6.1 North America (U.S., Canada, Mexico)
6.2 Europe (Germany, UK, France, Rest of Europe)
6.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
6.4 Latin America (Brazil, Argentina, Rest of Latin America)
6.5 Middle East & Africa
The major players in the market are as follows:
1. IBM Corporation
2. SAP SE
3. Opentext Corporation
4. SAS Institute, Inc.
5. Clarabridge, Inc.
6. Bitext Innovations S.L
7. Knime.Com AG
8. Luminoso Technologies, Inc.
9. Meaningcloud LLC
10. Infegy, Inc.
12. Lexalytics, Inc.
13. Megaputer Intelligence, Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Text Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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