The global text analytics market has been showing tremendous growth over the last few years. The increasing need for social media analytics and the rising number of applications associated with industry-specific text analytics are driving the demand for text analytics solution across the world significantly.
In 2015, the worldwide market for text analytics stood at US$2.8 bn in terms of revenue. Rising at a CAGR of 17.60% between 2016 and 2024, the market is expected to reach a value of US$12.1 bn by the end of 2024.
Increasing Adoption of SaaS Fuels Demand for Cloud-based Text Analytics Solutions
The two main types of text analytics, based on the type of deployment, are on-premise text analytics solutions and cloud-based text analytics solutions. The demand for cloud-based text analytics solutions is relatively higher than that of on-premise text analytics solutions. The dearth of in-house skills for the collection as well as the analysis of unstructured data in companies is leading them to focus on SaaS solutions, resulting in the increased demand for cloud-based text analytics solutions in the global arena.
Fraud/spam detection, data analysis and forecasting, customer relationship management (CRM), and intelligence and law enforcement are the major application areas of text analytics. The growing need to generate a massive amount of reliable forecast results automatically has propelled the application of text analytics solutions in data analysis and forecasting, leading to the highest demand for text analytics solutions from this segment in recent times.
IT and Telecom to Report Fastest Growth in Coming Years
The leading end users of text analytics solutions are the military and defense, entertainment and media, automotive, manufacturing, BFSI, transportation and hospitality, healthcare, IT and telecom, and retail sectors. The military and defense sector emerged as the biggest end-use segment in 2015.
The IT and telecom sector, however, is anticipated to report the fastest growth during the period from 2016 to 2024 at a CAGR of 18.50%. The need to enhance visibility in core operations, internal procedures, and current market condition to forecast results accordingly is leading to the increased uptake of text analytics solutions in the IT and telecom sector.
Dynamic Market Environment Stimulates Deployment of Text Analytics Solutions in North America
North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa are the key regional markets for text analytics. North America and Europe were the leading text analytics markets in 2015 and were closely followed by Asia Pacific, Latin America, and the Middle East and Africa.
North America has reported the maximum number of text analytics solution deployments, thanks to the dynamic market environment present in this region. Analysts expect this trend to continue in the coming years. Latin America and the Middle East and Africa are also expected to witness a healthy rise in the adoption text analytics solutions in local businesses.
Global Text Analytics Market: Competitive Landscape
The major enterprises functioning in the global text analytics market are Clarabridge, IBM Corp., Lexalytics Inc., Attensity Group Inc., SAP SE, Microsoft Corp., OpenText, Predixion Software, Angoss Software Corp., SAS Institute Inc., and RapidMiner Inc.
The introduction of new products and services is the key strategy adopted by some of the leading market participants such as Lexalytics, RapidMiner, OpenText, IBM, and Clarabridge to gain organic growth in this market.
Mergers, acquisitions, and strategic partnerships are other strategies adopted by companies such as SAP, Attensity, IBM, and Angoss to improve their product portfolio as well as their distribution networks in the domestic markets.
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