Text analytics is the procedure that analyzes formless text, take out related information, and convert it into ordered information that can be leveraged in various ways. Unstructured data is omnipresent in blogs, tweets, call centers, online news etc, and companies are quickly accepting the text analytics expertise to achieve an insight into this information, and gain competitive benefit. The global text analytics market value was USD 2.65 billion in 2015 and it is expected to growa CAGR of 17.7 % during 2016-2022. Additionally, growing adoption of social media analytics is also anticipated to be a key factor driving the text analytics market growth. Growing adoption of text analytics methods into a business analytics software tools to help organizations analyze data is also anticipated to fuel market growth. However, expensive analytic software and lack of awareness among stakeholders may pose a hurdle to the text analytics market development in the future years. The need to collective and explore textual data so as to achieve new insights by combining industry knowledge, technology and work that drive business results is likely to drive the global text analytics market growth in the future years.
Segmentation of global text analytics market is done on the basis of applications, deployment model, technology, end user and geography. On the basis of deployment model market is segmented into on-premise model and cloud based model. In-spite of on-premise model being costly, it is being chosen by several government organizations in its place of cloud based model due to the safety concerns in the cloud technology. On the basis of technology market is segmented into text clustering, predictive analytics, big data analytics, and web mining. Web mining segment is projected to grow at its faster pace as it delivers leisure of analyzing the real-time data which is on internet. On The basis of application market is segmented into predictive analytics, fraud detection, customer relationship management, predictive analytics, fraud detection predictive analytics, fraud detection competitive intelligence, and brand reputation. On the basis of end user market is segmented into fast moving consumer goods (FMCG), banking financial services and insurance (BFSI), healthcare and pharmaceuticals, telecommunication, government and retail.
Segmentation of global text analytics market by geography is done into Asia Pacific, Europe, North America and Rest of the World. North America is projected to hold the major market share of the text analytics market in the future years, followed by Europe and APAC. North America is speedily deploying the text analytics explanation owing to the energetic market atmosphere. MEA and Latin America regions are also observing a record growth in representing and accepting text analytics solution.
Major players in the text analytics market include, Angoss Software Corporation, Basis Technology Corporation, Lexalytics, Inc, Microsoft Corporation, Opentext Corporation, Predixion Software, Rapidminer, Inc., SAP SE and SAS Institute, Inc. etc. Players focus on embedding text analytics abilities such as natural language processing across many enterprise applications ranging from consumer service to market study to social media monitoring. Companies are adopting many strategies such as innovation in their technology, new software development and merger & acquisition to capture high market share in the market.