Market Highlights

Market Research Future (MRFR), in its research study, accentuates that the global Text Analytics Market Growth 2020 is projected to rise dramatically over the audit period, guaranteeing critical market valuation of USD 9 Billion by 2023, and a sound 17% CAGR over the survey time frame.

Drivers and Restraints

The requirement for a market for text analytics is progressively ascending on a global stage. The elements filling the improvement of the market for text analytics are a developing requirement for online media examination, successful brand building and a quickly expanding huge information market. Because of its multidisciplinary application including various areas, for example, web based business, IT, broadcast communications, government , medical care, BSFI, and others, the tendency to embrace text analytics drives the global text analytics market to a great extent. Text analytics advantageous angles, for example, market research, cutthroat insight, brand-notoriety the executives, client care and backing and others are going about as request makers for text analytics in the global market.

The inescapable accessibility of unstructured information as online news, gatherings, tweets and others drives the market for text analytics that enjoys cutthroat benefits for the organizations. During the figure time frame, the developing interest for significant bits of knowledge got from continuous information examination that are utilized in strategic methodologies for business development is projected to push the extension of the global text investigation market.

Then again, the expanding accessibility of information analytics software, significant expenses and absence of mindfulness among partners as text analytics is an arising innovation that is probably going to go about as limitations on the global text investigation market.

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Segmentation:

The text analytics market has been analyzed on the basis of components, deployment, application, and vertical.

Based on component, the text analytics market is bifurcated into software and services. The services segment comprises managed services and professional services.

On the basis of application, the text analytics market is segmented into marketing management, workforce management customer experience management, documentation management, along with risk and compliance management.

Based on deployment, the text analytics market is bifurcated into on-premise and cloud. Given the high-security risks of cloud-based deployment models, the on-premise deployment model is largely adopted by governmental organizations. Whereas the cloud-based deployment model is slated to account for the largest market share in the global text analytics market during the forecast period due to the increasing demand on the global market for cloud-based solutions.

Based on vertical, the global text analytics market is segmented into BSFI, IT and telecommunication, retail and e-commerce, government, manufacturing, travel and hospitality, energy and utilities, and others.

Regional Analysis

The global market geographic overview was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world. North America is expected to account for the highest market share, it has been noted. Due to the technologically advanced industrial infrastructures and the rapid growth of digital channels such as social media and e-commerce in this area, the North America region dominates the global text analytics market. In comparison, Asia-Pacific is expected to expand at the fastest pace over the forecast period. Owing to the rapid growth of mobile technology and increasing population on social media platforms, North America will witness significant competition from the Europe region during the forecast time period. Owing to the easy adoption of advanced technologies and growing demand for cloud-based solutions in this region, the Europe region stands second in the global text analysis market.

Competitive Analysis

The major market players functioning in the global market as identified by MRFR are IBM Corporation (US), SAP SE (Germany), SAS Institute, Inc. (US), Clarabridge, Inc. (US), OpenText Corporation (Canada), Megaputer Intelligence, Inc. (US), MeaningCloud LLC (US), Luminoso Technologies, Inc. (US), KNIME.com AG (Switzerland), Infegy, Inc. (US), Averbis (Germany), Lexalytics, Inc. (US), Bitext Innovations S.L.(Spain), among others.

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Text Analytics Market By Component (Software, Services), Application (Customer Experience Management, Workforce Management), Deployment (On Premise, Cloud), By Vertical (BFSI, Manufacturing, Government, Retail, E-Commerce) – Global Forecast 2027

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