Market Overview

Text analytic is a process which is used to extract the insights from unstructured text. This insights help organizations to measure the customer expectations, product description, and also to understand the market trend. The increasing high volume and variety of data in feedback channels become one of the major drivers for the growth of text analytics market. The increasing data on feedback channels provides wealth information to the companies to analyze their customer demand. To improve their business process and customer experience, the companies are increasingly turning to text analytics to extract the insights from unstructured text generated by social media post, open-end survey questions and many more.

Moreover, huge amount of data present on social media fuels demand for text analytics in various organizations. Facebook, Instagram, YouTube, LinkedIn are some of the major players of social media industry. For instance, in one minute around 27,000 videos are viewed on You Tube, around 3 million posts are shared on Facebook, nearly 430,000 tweets are posted on Twitter, and around 120 new users are registered on LinkedIn. Hence, increasing data on social media channel fuels the demand of the text analytics market.

The global text analytics market was valued at US$ 3,031.5 million in 2016 and is estimated to witness a CAGR of 17.7% over the forecast period.

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Market Dynamics

The increasing demand for insights from unstructured data, rising adoption of predictive analytics by various business, growing requirement for social media analytics and changing business trends are some of the key drivers which fuels growth of the text analytics market. Moreover, the rising significance of IoT and big data in analytics, provides the growth opportunity platform to the market. In addition, lack of skilled workforce and awareness are the major challenge which hinders the growth of the text analytics market.

This report segments the global text analytics market on the basis of deployment model, application, organization size, end users, and geography. On the basis of deployment model, the market is segmented into cloud and on-premises. Based on application, the market is segmented into competitive intelligence, customer relationship management, predictive analytics, fraud detection, and brand reputation. Based on organization size, the market is segmented into small, medium, and large enterprises.



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Key companies covered as a part of this study include SAP SE, International Business Machines Corporation, SAS Institute, Inc., Opentext Corporation, Clarabridge, Inc., Bitext Innovations S.L., Lexalytics, Inc., Megaputer Intelligence, Inc., Luminoso Technologies, Inc., and Knime.Com AG

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