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Global Text Analytics Market to See Incredible Growth during 2018-2025

Text Analytics Market By Deployment Model (Cloud Based And On-Premise), By Application (Predictive Analytics, Risk Management, Law Enforcement & Intelligence, Fraud Management, Customer Relationship Manager And Others); And By End-Use Industry (BFSI
Global Text Analytics Market to See Incredible Growth During
Text Analytics Market: Introduction
Text analytics also known as text mining is used to analyze the unstructured data into
meaningful insights. The text mining software examines the large chunk of written
materials which identifies relationship, facts and assertions, whereby visualizing it the
form of charts, graphs, maps and others. These visualizing techniques are helpful to
find the potential business insights in social media posts, medical records, surveys and
other data based on texts the text analytics market is anticipated to grow significantly
over the CAGR over the projected period owing to rising use of cloud services for
storage of data coupled with rising adaption of social media. Rising Adaption of Social
Media to Drive the Market
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At present, monitoring the public behavior is an inevitable business. Public behavior
on social media has become a part of marketing, thereby analyzing the public opinion,
marketing professionals could take decisions regarding the promotional expenditures.
Moreover, by using text analytics companies are making strategic decisions to make
more profits by understanding the real picture of their products and services offered
to the public. Further, statistically derived meaningful insights would allow
organizations to act in more personal way. This would lead to change the perception
of the people that the company is more personable than mechanistic which would
profit the company.
Statistical models in the text analytics such as online activity analysis and sentimental
analysis to analyze the social media trends, would significantly grow the demand for
text analytics in the coming years. However, low awareness of this strategic
technology is restricting the global text analytics market growth.
Deployment Model Insights
Cloud based deployment model expected to hold prime share in the global market
owing to the rising demand for the data security. Moreover, it is considered to be cost
effective solutions, which would propel the market in the coming decade. Cloud is
technology where large chunk of data is stored for real time analysis to gain logical
information, which is attracting the text analytics market players. Cloud based text
analytics facilitates the application of different models such as regression analysis,
correlation, data clustering and many others which would help in analyzing the
different markets, which may propel the text analytics market. Moreover, the
exponential increase in the data would also boost the cloud services in the text
analytics market.
Regional Outlook
North America is technologically advanced region owing to which the region is
anticipated to dominant the global text analytics market over the forecast period. The
wide presence of the companies providing text analytics software and services in the
North America, particularly in the U.S. is another growth factor for the text analytics
market. Major active companies offering robust technology includes Aylien,
Lexalytics, Stride and several others which are offering their own text analytics
platform in this region.
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Asia Pacific is anticipated to have significant growth during the projected period. The
region is highly witnessing the inclination towards the customer relationship
management, which is resulting in rise towards prediction of consumer behavioral
trends. This would boost the demand for text analytics in this region in the coming
years. Furthermore, the region is also experiencing the growth in the using the social
media platform which would in turn propel the market of text analytics in the region.
Competitive Landscape
Launching of new data visualization techniques and upgrading the software with new
features would frost the demand for text analytics in the global market. For instance,
in January, 2018, SAS announced the new platform of is its analytics software such
as visual text analytics which would ease the deep learning, text analytics and
forecasting techniques. This advancement would fuel the revenue growth of the text
analytics in the global market.
Being a potential market various companies are venturing into text analytics with their
own text analytics platform. Companies includes Affectiva, Lightwave, Beyong
Verbal, Behavior Matrix, nViso, Realeyes, iMotions, Kairos and others.
Other established players in the market are SAS Institute Inc, SAP SE, Meaning
Cloud LLC, Clarabridge Inc., IBM Corporation and several others are providing the
software and services for the text analytics.
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