Boston, MA -- (SBWIRE) -- 05/09/2014 -- Text Analytics Market by Applications (Enterprise, Web-based and Software, Data Analysis, Search-based, Others), Users (SMBs, Enterprises) & Deployment Model (Cloud, On-premise) - Market Forecasts and Analysis (2014-2019)
Today, the industries and organizations have become acquainted about the importance of text analytics in brand and reputation management and for achieving customer satisfaction. Text analytics software is equipped to handle any size and form of data with complex algorithms. Text analytics has evolved from a theoretical approach to a more tactical approach.
Customer retention through brand building will be the next big thing for companies to market the products using one's brand image. In order to keep up with the latest trend, social media platform can be very beneficial for the industries. Social media analytics are powered by feedbacks and surveys; wherein sentiment analysis and natural language processing are used. Social media platform has unexplored data that could be useful for companies to identify the latest trends, and create a brand image which in turn will help in expanding its existing customer base. This will also help companies to understand the needs of the customer and in noting areas where improvement is required.
Text analytics with advanced language support helps to retrieve useful information from responses in the form of surveys, feedback or emails through multilingual platform. This is beneficial to the companies in tracking the global trends, to discover potential markets, and serve the customers speaking any language.
Software these days offer to collate data from multiple sources and support practically any file format, in order to convert large amount of data into valuable information which would be useful for the organization.
Text analytics powered with semantic search, is the solution provided to industries such as BFSI. This solution is used to investigate the case for authenticity with regard to insurance claims, and also offers a safer portal for financial institutions to enable secure online transactions with less risks of fraud.
The benefits of text analytics include improved efficiency, increased visibility into highly sophisticated data of virtually any format, real-time analysis, better decision making, and security solutions for financial firms.
The major restraint in this market is the lack of end use awareness, and deployment cost along with the compliance issue in present IT infrastructure.
There are various assumptions that have been taken into consideration for market sizing and forecasting exercise. Few of global assumptions include political, economic, social, technological and economic factors. For instance, exchange rates, one of the economic factors, are expected to have a moderate rating of impact on this market. Therefore, the dollar fluctuations are expected to not seriously affect the forecasts in the emerging APAC regions.
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