Pune, India -- (SBWire) -- 10/15/2018 --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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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.
Segments:
Text analytics market can be segmented on the basis of following:
By Component:
- Software
- Services
- Managed Services
- Professional Services
By Application:
- Documentation Management
- Workforce Management
- Customer Experience Management
- Marketing Management
- Risk And Compliance Management
By Deployment:
- Cloud
- On premise
By Vertical:
- BFSI
- Retail And E-Commerce
- Government
- IT and Telecommunications
- Manufacturing
- Energy And Utilities
- Travel And Hospitality
Regional Analysis
The regional analysis of text analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. During the forecast period, North America region will witness significant competition from the Europe region owing to rapid growth of mobile technology and increasing population on social media platforms.
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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 Market Research Future
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.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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