Text analysis is a developing technology that facilitates the companies to know their customers and help them analyse customers purchasing patterns, demands, etc. by evaluating the data received from numerous sources. This technology has gained popularity in various industrial verticals such as banking, financial services & insurance (BFSI), fast moving consumer goods (FMCG), healthcare, telecom, etc. Text analytics depends on processing of natural-language, that is based on machine learning, statistical, or linguistic, methods. But, till now there isn’t any one technical approach that has conquered, and neither any one solution provider who leads the market. There are numerous open source choices and range of API cloud solutions. As significant data is produced through diverse sources, the acceptance of cloud technology authorizes companies to examine the data and forecast profitable results of the same. The capability of text analytics to examine real-time data is influencing its acceptance in myriad businesses; hence, text analysis is attaining importance as advance technology that is capable of redefining business processes.
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The increasing popularity of text analytics is credited to the growing adoption of social media platforms and rising inclination directed towards data storage through cloud technology. The growing propensity among companies to implement cloud technology for better understanding of the intrinsic dynamics of the market. The capability of companies to manage risk, curb fraud, plan marketing campaigns, etc. are major drivers of the global text analytics market. However, deficiency of software handling and consumer awareness are limiting the growth of market. Despite of certain hindrance in growth of the market some emerging economies are providing huge potential to support the expansion of the text analytics market in the APAC region.
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The global text analytics market is bifurcated based on deployment, application, vertical and geography. The deployment segment is further bifurcated into on-premises and Cloud based. These are the two models based on which text analytics software is deployed. The applications is further segmented into predictive analysis, fraud detection, competitive intelligence, etc. majorly in telecommunication and financial sectors. Industries such as BFSI, retail, telecom sector, government, FMCG, pharmaceuticals and healthcare utilize text analytics solution to examine consumer behaviours. The text analytics market is spread across various provinces, namely Europe, North America, Asia Pacific, South America and Middle East and Africa. North America is assessed to behold the largest share in market, trailed by Europe and APAC. MEA and SAM regions are also expected to observe rapid growth in adopting and demonstrating text analytics software.
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The text analytics is capable of extracting eloquent information from raw data that benefits companies in attaining business intelligence, understanding market dynamics and obtaining substantial insight into the competitive background of the market. The leading players in the market are acquiring product launch, collaboration and partnerships as strategies to extend their global reach, robust product lines and to improvise their services. Companies such as SAS Incorporation, Clarabridge, OpenText, Lexalytics, IBM, SAP SE, RapidMiner, Basis Technology, Angoss and Attensity amongst others.
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