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), and Bitext Innovations S.L.(Spain) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Text Analytics Market.
Text Analytics Market – Overview
The Global Text Analytics Market is growing with the rapid pace; mainly due to the wide adoption of cloud. According to a recent study report published by the Market Research Future, The global market of Text Analytics is booming and expected to gain prominence over the forecast period. The global Text Analytics Market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking double digit CAGR during the estimated period (2017 – 2023). The global market of Text analytics will reach up to USD 9 Billion by the year 2023, by registering a whooping, double digit CAGR of 17% during the forecasted period (2017 and 2023).
The demand for effective text analytics solution and services is constantly augmenting. The Market is predominantly driven by the demand for effective categorization of the data, increasing demand for social media analysis, and emergence of multilingual text analytics to eradicate language barriers. Additionally, rising concerns of growing big data and cybercrimes and financial frauds are providing impetus to the market growth.
Text Analytics supports categorization of unstructured data increasing at an exponential rate. There are around 5-6 approaches to implement categorization such as Machine learning, Rules-based, Manual Categorization Service-based and DIY. It is crucial for any company to have their 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.
To Choose the Machine learning approach, the companies must first define the set of categories. The Machine learning algorithm learns to pick up with accuracy. However, in larger category getting an appropriate result is difficult for machine learning which can be considered as its only drawback. Due to which Rules based approach is preferred often. Based on customer inputs, category sets can be developed and maintained. Companies are increasingly opting for a service-based approach to categorization and some are opting to chosen to invest the time and money to develop in-house text analytics solutions and expertise.
Text analytics is basically retrieving of high quality information from already available text sources. It is also referred to as text data mining. It is used for various purposes such as classification, summarization and to make unstructured data accessible and useful. The need for text analytics market is increasing rapidly on a global platform. The factors driving the growth of text analytics market are increasing need for social media analysis, effective brand building and rapidly increasing big data market.
Based on application, the Customer Experience Management segment is expected to hold the largest market share during the forecast period. Text mining is frequently utilized to improve customer experience through various information sources and is one of the traditional methods in customer service. Implementation of text analytics offers quick and computerized feedback to clients, which helps in reducing the dependency on executives for resolving issues.
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Text Analytics Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Text Analytics appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, Technology and services and measure precision for each client implementation.
Text Analytics Global Market – Segments
Global Text Analytics Market is segmented in to 5 Key dynamics for an easy grasp and enhanced understanding.
Segmentation by Component: Comprises – Software and Services (Managed Services, Professional Services).
Segmentation by Application: Comprises – Customer Experience Management, Workforce Management, Documentation Management, Marketing Management, Risk and Compliance Management and Other.
Segmentation by Deployment: Comprises – On-Cloud, On Premise.
Segmentation by Vertical: Comprises – BFSI, Manufacturing, Government, Retail, E-Commerce, IT and Telecommunications, Energy and Utilities, Travel and Hospitality and other.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Based on application, the Customer Experience Management segment is expected to hold the largest market share during the forecast period.
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Text Analytics Global Market – Regional Analysis
The regional analysis of text analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. During the forecast period, North America region will witness significant competition from the Europe region owing to rapid growth of mobile technology and increasing population on social media platforms.
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