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.
- 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
Text Analytics Market Segmentation
The text analytics market has been segmented on the basis of component, application, deployment and vertical. By vertical segmentation, IT and telecommunication sector is estimated to drive market share of text analytics market. For achieving improvement in visibility in market trends and core operations, these upcoming industries are expected to incorporate increased number of text analytics solutions.
Market Research Analysis:
The global text analytics market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. In the global text analytics market, Asia Pacific is anticipated to witness relatively faster adoption and hence the growth rate as compared with other regions. Within Asia Pacific, customer experience management segment is projected to contribute the faster share growth. Furthermore, text analytics is implemented to offer quick, computerized feedback to the clients, which reduces dependency for resolving issues on executives. North America is rapidly deploying the text analytics solution due to the dynamic market environment. It holds the largest market share of the overall insurance market. Early adoption of new and emerging technologies and large numbers of text analytics vendors in the region is responsible for driving the majority of revenues in the market
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of text analytics market. In Europe, the advancements in technology and growing social media analysis for brand building; and the growing need of organizations to analyze the preferences of customers, among others, are the key factors driving the growth of text analytics market.
Text analytics market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth during the forecast period.
Text analytics market in Middle East and Africa occupies a relatively smaller pie of the global digital impression system market. Within Middle East and Africa counties including UAE, South Africa and Saudi are driving the growth.
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TABLE OF CONTENTS
LIST OF TABLES
Table 1 Text Analytics Market, By Component
Table 2 Text Analytics Market, By Application
Table 3 Text Analytics Market, By Deployment
Table 4 Text Analytics Market, By Vertical
Table 5 Text Analytics Market, By Regions
Table 6 North America Text Analytics Market, By Component
Table 7 North America Text Analytics Market, By Application
Table 8 North America Text Analytics Market, By Deployment
Table 9 North America Text Analytics Market, By Vertical
Table 10 U.S. Text Analytics Market, By Component
Table 11 U.S. Text Analytics Market, By Application
Table 12 U.S. Text Analytics Market, By Deployment
Table 13 U.S. Text Analytics Market, By Vertical
Table 14 Canada Text Analytics Market, By Component
Table 15 Canada Text Analytics Market, By Application
Table 16 Canada Text Analytics Market, By Deployment
Table 17 Canada Text Analytics Market, By Vertical
Table 18 Germany Text Analytics Market, By Component
Table 19 Germany Text Analytics Market, By Application
Table 20 Germany Text Analytics Market, By Deployment
Table 21 Germany Text Analytics Market, By Vertical
Table 22 U.K. Text Analytics Market, By Component
Table 23 U.K. Text Analytics Market, By Application
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