Dallas, Texas, April 16, 2019 (GLOBE NEWSWIRE) -- Growing quantities of unstructured data such as textual data, emails, videos, images, and web pages will drive the demand for text analytics solutions across multiple industry verticals.
The global text analytics market is anticipated to grow at a CAGR of 27.4% during the forecasted period. In 2018, the market was valued at USD 3.97 billion, owing to the ever-growing volume of unstructured data. The rapid adoption of smartphones and increasing in digitalization across various industries are the key factors that will drive the text analytics demand over the forecast period.
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The global text analytics market research report assesses market demand and scenario over the period from 2015 to 2025. The report highlights the historic trends between 2015 and 2017 and the 2019 to 2025 market forecast. The report studies both at global and country level the current status and future market prospects. The global market for text analytics is segmented by deployment type, application, end-use, and geography.
The report also throws light on various aspects of the analytics industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the text analytics industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The “Global Text Analytics Market Size 2017 by Deployment Type (Cloud & On-premise), by Application (Customer-facing Apps, Semantic/cognitive search, Integrated advanced analytics, Business intelligence & Competitive intelligence/brand awareness), by End-use (FMCG, BFSI, Healthcare and Pharmaceuticals, Telecom, Government & Retail), By Region (North America, Europe, APAC, Rest of World ) and Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
Text analytics is the process of converting unstructured data into structured information that the user can take advantage of in many ways. Text analytics provides businesses with the potential to mine customer feedback within millions of customer comments for insights hidden deeply. Techniques such as machine learning, linguistic analysis, and statistics are used in text analytics to retrieve meaningful information. Growing usage of smartphones across the world have resulted in proliferating data of various sorts. Additionally, the massive adoption rate of digital technologies across different industry domains have augmented the demand for global text analytics market. The natural language suite of technologies holds a great promise in its significant contribution towards progressive speech to text and semantic search use cases as well.
Based on the deployment type, the text analytics market is segmented as a cloud and on-premise. In 2018, cloud-based text analytics solutions dominated the market with a market share of ~63%, owing to its ease of usage and affordability. On-premise text analytics solutions are mainly used by large enterprises who have data security as a major concern. By application, semantic & cognitive search applications dominate the text analytics market whereas, Business Intelligence (BI) is projected to have the highest rate of 28.5% in the forecast period. On the basis of end-use, the healthcare segmented is anticipated to grow with the highest CAGR of 30.0% during the forecast period due to the growing number of text analytics applications in the healthcare and life sciences sector.
According to the regional analysis of text analytics industry, Asia-Pacific is projected to have the highest rate of about 30.8% during the forecast period owing to rapid digitalization in developing countries such as India, China, and Indonesia. In 2018, the market was dominated by the North America region with strong spending in the healthcare sector. This region has also been extremely responsive to the adaptation of new technologies such as Artificial Intelligence (AI) and Natural Language Processing (NLP) on the traditional text analytics market. Due to the growing awareness of social media analysis for brand building and the growing need to know customer preferences, the European market as well is expected to gain momentum in the forecast period.
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The global text analytics market is a highly fragmented industry with strong competition among the well-established and new emerging players. These players aim to gain an edge over the other players through innovative product development by investing high in R&D along with player acquisitions. In November 2018, Marchex, Inc., a leading provider of call analytics announced the acquisition of Telmetrics, an enterprise call, and text analytics company, for USD 13.1 million in cash.
Some of the key players in the global text analytics market are IBM Corporation, Medallia, Inc., Micro Focus International plc, Qualtrics, LLC, SAS Institute Inc., Clarabridge, Inc., Lexalytics, Inc., Open Text Corporation, SAP SE, Megaputer Intelligence, Inc. and Luminoso Technologies, Inc.
Major points from Table of Contents:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Chapter 3 Market Outlook
Chapter 4 Global Text Analytics Market Overview, By Deployment Type
Chapter 5 Global Text Analytics Market Overview, By Applications
Chapter 6 Global Text Analytics Market Overview, By end-use
Chapter 7 Regional Overview
Chapter 8 Competitive Landscape
Chapter 9 Company Profiles
Continued…
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