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 industry. 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 industry. The capability of companies to manage risk, curb fraud, plan industrying campaigns, etc. are major drivers of the global text analytics industry. However, deficiency of software handling and consumer awareness are limiting the growth of industry. Despite of certain hindrance in growth of the industry some emerging economies are providing huge potential to support the expansion of the text analytics industry in the APAC region.
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The global text analytics industry 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 industry 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 industry, 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 industry dynamics and obtaining substantial insight into the competitive background of the industry. The leading players in the industry 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.
Few Key Points from Table of Content
Global Text Analytics Industry Revenue and Forecasts to 2025 – Applications
• Predictive Analysis
• Fraud Detection
• Competitive Intelligence
Global Text Analytics Industry Revenue and Forecasts to 2025 – Vertical
• Telecom Sector
Global Text Analytics Industry Revenue and Forecasts to 2025 – Geographical Analysis
• North America
• Asia Pacific (APAC)
• Middle East & Africa (MEA)
• South America (SAM)
Global Text Analytics Industry, Key Company Profiles Included Key Facts, Business Description, Financial Overview, SWOT Analysis and Key Developments
• SAS Incorporation
• IBM Corporation
• SAP SE
• Basis Technology
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