Market Highlights —
In this rapidly changing world of technology, text analytics market will drive the growth prospects during the forecast period. This can be attributed to the growing popularity and acceptance of social media platforms and the inclination towards effective data analysis.
As compared to other regions, the text analytics market in North America is expected to witness significantly healthy growth. In North America, U.S. and Canada are anticipated to drive the growth of text analytics market. This is owing to the presence of large number of established players of text analytics market. In addition to this, organizations are adopting text analytics solutions in order to gain insights from the data spread over the internet and also to determine the impact of existing strategies of the companies and is expected to be a major factor for the growth of text analytics market.
The text analytics market is growing rapidly over 17% of CAGR and is expected to reach at approx. USD 9 billion by the end of forecast period.
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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.
The text analytics market has been segmented on the basis of components, application, deployment, and vertical.
• Based on component, the text analytics market is segmented into software and services. The services segment includes managed services and professional services.
• Based on application, the text analytics market is segmented into documentation management, workforce management, customer experience management, marketing management, and risk and compliance management.
• Based on deployment, the text analytics market is segmented into on-premise and cloud. The on-premise deployment model is majorly adopted by government organizations due to the high-security risks of cloud-based deployment models. Whereas, the cloud-based deployment model is projected to account for the largest market share in the global market for text analytics during the forecast period due to the increasing demand for cloud-based solutions in the global market.
• Based on vertical, the text analytics market is segmented into BSFI, retail and e-commerce, government, IT and telecommunication, manufacturing, energy and utilities, travel and hospitality, and others.
Geographically, the global text analytics market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. The North America region is dominating the global text analytics market owing to the technologically advanced industrial infrastructures and rapid expansion of digital platforms such as social media and e-commerce in this region. The Europe region stands second in the global text analytics market due to the easy adoption of advanced technologies and increasing demand for cloud-based solutions in this region. The Asia Pacific region is projecting significant growth in the global text analytics market owing to the increasing inclination towards adoption of advanced technology in the emerging economies of this region.
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• 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
• Regulatory and compliance agencies
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Name: Abhishek Sawant
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Organization: Market Research Future
Release ID: 496748