Market Overview

The global text analytics market is growing at a rapid pace; mainly due to the wide adoption of cloud platforms. According to a recent study analysis published by Market Research Future (MRFR), the booming global text analytics market is expected to touch a valuation of USD 9 BN by 2023, registering a striking double-digit CAGR of 17% throughout the assessment period (2017 and 2023).

The market is majorly driven by the demand for effective categorization of the data and social media analysis. Also, the emergence of multilingual text analytics to ease out language barriers are positively impacting the growth in the market. Simultaneously, the demand for effective text analytics solution and services is augmenting continually.

Additionally, the rising concerns of growing big data, cybercrimes, and financial frauds are providing impetus to the market growth. The need for a Text Analytics Market is increasing rapidly across the globe. Moreover, factors such as the increasing demand for social media analysis, effective brand building, and rapidly growing big data market are driving the growth of the text analytics market.

Text mining that is frequently utilized to improve customer experience through various information sources is one of the traditional methods used in customer service. Companies are increasingly opting for a service-based approach to categorization, and some are opting to choose to invest their time and money to develop in-house text analytics solutions and expertise.

Text analytics also referred to as text data mining is basically a retrieval of high-quality information from already available text sources. It is used for various purposes such as classification, summarization, and to make unstructured data accessible and useful. Text analytics supports the categorization of unstructured data increasing at an exponential rate.

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There are around 5-6 approaches to implement categorization such as machine learning, rules-based, manual classification, service-based, and DIY. It is important for any company to have its own text analytics solution as it fosters the speed at which the company can get customer insight.

However, companies need to choose the approach of text analytics. Implementation of text analytics offers quick and computerized feedback to clients, which helps in reducing the dependency on executives for resolving issues.

Key Players

The prominent players in text analytics market are – SAP SE (Germany), IBM Corporation (US), SAS Institute, Inc. (US), OpenText Corporation (Canada), Clarabridge, Inc. (US), Megaputer Intelligence, Inc. (US), Luminoso Technologies, Inc. (US), MeaningCloud LLC (US), KNIME.com AG (Switzerland), Infegy, Inc. (US), Lexalytics, Inc. (US), Averbis (Germany), Bitext Innovations S.L.(Spain) among others.

Global Text Analytics Market - Segments

For ease of understanding, the analysis has been segmented into five key dynamics:

By Component: Software and Services (Managed Services and Professional Services among others).
By Application: Documentation Management, Workforce Management, Customer Experience Management, Marketing Management, and Risk & Compliance Management among others.
By Deployment: On-cloud and On-premise.
By Vertical: BFSI, Manufacturing, Government, Retail & E-Commerce, IT & Telecommunications, Energy & Utilities, and Travel & Hospitality among others.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Text Analytics Market - Regional Analysis

North America, heading with the rapid advancements in mobile technology and the increasing number of social media platforms, leads the global text analytics market. Additional factors that are boosting the growth of the regional market include the early emergence and adoption of text analytics across the region and favorable federal government policies. Continuing with the same growth trends, the North America text analytics market is expected to create a substantially large revenue pocket.

The text analytics market in the European region accounts for the second-largest market, globally. Factors such as the increasing number of R&D activities led by the colossal funding alongside a well-established infrastructure that allows seamless implementation, foster the growth of the regional market. Moreover, factors such as the proliferation of text analytics alongside the proliferation of smart connected devices are fueling the growth of the regional market.

The Asia Pacific text analytics market is emerging as a profitable market, globally. The market is propelled by the vast technological advancements, especially in the rapidly developing countries such as India and China. Moreover. Factors such as the increasingly advancing mobile technology and the increasing number of users on social media platforms drive the growth of the regional market, creating a massive demand for text analytics in the region.

Intended Audience

Technology investors
Integrated device manufacturers (IDMs)
Original manufacturers (OEMs)
Research/Consultancy firms
Text analytics service vendors
System integrators
IT developers
Third party vendors
Network operators
Infrastructure provider
Government
Regulatory and compliance agencies
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TABLE OF CONTENTS

1 Market Introduction

1.1 Introduction

1.2 Scope Of Study

1.2.1 Research Objective

1.2.2 Assumptions

1.2.3 Limitations

1.3 Market Structure

2 Research Methodology

2.1 Research Type

2.2 Primary Research

2.3 Secondary Research

2.4 Forecast Model

2.4.1 Market Data Collection, Analysis & Forecast

2.4.2 Market Size Estimation

3 Market Dynamics

3.1 Introduction

3.2 Market Drivers

3.3 Market Challenges

3.4 Market Opportunities

3.5 Market Restraints

4 Executive Summary

Market Factor Analysis
5.1 Porter’s Five Forces Analysis

5.2 Supply Chain Analysis

Continued…

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