Text Analytics Market – Overview
The intensifying need to evaluate the social media expenses and revenues are anticipated to boost the text analytics market. Reports that judge the information and communication technology industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. The earnings worth USD 9 billion are expected to be gained, with the market growing at a 17 % CAGR.
The need to ensure a secure and effective brand building is expected to raise the adoption of the Text Analytics Market. Also, the expanding volume of big data generation is projected to add momentum to the text analytics market in the forecast period. The elevated demand to address the customer experience aspects is expected to boost the text analytics market in the approaching period further.
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.
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The segmental study of the text analytics market has been conducted on the basis of deployment, components, application, region, and vertical. On the basis of components, the market for text analytics is segmented into software and services. The services segment consists of managed services and professional services. The application-based segmentation of the text analytics market consists of workforce management, documentation management, marketing management, customer experience management, and risk and compliance management. On the basis of deployment, the text analytics market is segmented into on-premise and cloud. On the basis of vertical, the text analytics market is segmented into travel and hospitality, retail and e-commerce, energy and utilities, government, IT and telecommunication, BSFI, manufacturing, and others. Based on the regions, the text analytics market is segmented into the Asia Pacific, North America, Europe and other regions in the world.
The regional examination of the text analytics market covers regions such as Asia Pacific, North America, Europe and other regions in the world. The North America region is governing the text analytics market on the global level due to the technologically progressive industrial infrastructures and speedy expansion of digital platforms such as e-commerce and social media in this region. The European region comes next in the text analytics market globally due to the simple adoption of progressive technologies and collective demand for cloud-based solutions in this region. The Asia Pacific region is impelling noteworthy development in the text analytics market due to the growing predisposition towards the implementation of innovative technology in the developing economies of this region.
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On 14th June 2018, ABBYY, a global provider of content intelligence solutions and services, has announced the launch of ABBYY text analytics for contracts which is a managed service that automatically analyzes insights from contracts and leases to fasten the process of risk mitigation, content migration and obligation analysis.
On 18th June 2018, the Service Management Group (SMG) has announced the initiation of a phased rollout of advanced text analytics which will enable their clients to transform open-end feedback into exceptional insights.
On 22nd June 2018, SAS® Visual Text Analytics has been named a Leader in AI-based text analytics platforms by The Forrester Wave TM, an independent research firm. The SAS® Visual Text Analytics provides the users with natural language processing, machine learning and follows linguistic rules on a visual dashboard to reveal the data insights.
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