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The global Text Analytics Market Size is expected to attain a market size of $10.2 billion by 2023, rising at a CAGR of 18% during the forecast period.
Text Analytics is a process used to convert unstructured text data into meaningful data to conduct analysis, look for customer opinions, track product reviews, gather feedback, provide search facility, analyze sentiments, and entity modeling to add value to and support decision making which is based on facts. Various linguistic, statistical, and machine learning techniques are used to retrieve information from unstructured data and then eventually structure the data and accordingly derive patterns and trends and evaluate and interpret data. It also involves lexical analysis, categorization, clustering, pattern recognition, tagging, annotation, information extraction, link and association analysis, visualization. Text Analytics is used to determine keywords, topics, category, semantics, and tags from huge data sets.
The need to gather insights from the financial transactions and study customer feedbacks to build more effective models would drive the demand for text analytics in the aforementioned sectors. Large enterprises have adopted the text analytics technology widely and therefore, is the leading segment with highest revenue. Based on the component types, the Text Analytics market is segmented into Software and Services.
The Services market is segmented into Professional and Managed Services. The Applications highlighted in this report include Customer Experience Management, Governance, Risk, & Compliance Management, Marketing Management, Document Management, Workforce Management, and Other Applications. Based on Deployment Types, the market is segmented into On-Demand and On-Premise. The verticals covered under the report include Retail & E commerce, Government & Defense, Healthcare, Telecom & IT, Energy & Utilities, BFSI, Media & Entertainment, Transportation & Manufacturing, and Others.
Based on region, Text Analytics market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia Pacific) and Latin America, Middle East & Africa. North America remained the dominant region in the global Text Analytics market in 2016. Asia Pacific would witness promising CAGR during the forecast period (2017-2023).
The report covers the analysis of key stake holders of the Text Analytics market. Key companies profiled in the report include Clarabridge, Inc, Luminoso Technologies, Inc., Meaningcloud LLC, Averbis, International Business Machines Corporation (IBM), SAP SE, SAS Institute, Inc., and Open Text Corporation.