Companies Profiled in the Text Analytics Market Research Report are SAP SE, IBM Corporation, Knime.Com AG, SAS Institute, Inc., Microsoft Corporation, Netbase Solutions, OpenText Corporation, Bitext Innovations S.L., Megaputer Intelligence, Inc., RapidMiner, Inc., Luminoso Technologies, Inc., Infegy, Inc., Indium Software, Brandwatch, Lexalytics, Inc., Clarabridge, HP Enterprise, among others.
Pune, India, May 23, 2022 (GLOBE NEWSWIRE) -- The global text analytics market size is anticipated to showcase considerable growth in the forthcoming years due to rising demand for social media analysis. This information is published by Fortune Business Insights in its report, titled "Text Analytics Market, 2022-2029". The tool offers insights from various forms of text sources such as emails, blogs, tweet, product reviews, client interaction, and others. The data accumulated from different sources of data structured and unstructured is used to analyze and the assist business decisions. It also anticipates consumer behavior which is a major driver for the market.
August 2020: Microsoft Corporation launched its text analytics for frontline workers during the coronavirus infection. The tool is expected to support frontline workers to gain insights from unstructured medical data to deal with coronavirus impact.
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A comprehensive overview of the Text Analytics Market
Significant factors boosting, restricting, challenging and providing an opportunity to the market
Key insights and major industry developments
Significant players functioning in the Text Analytics Market
Major strategies adopted by players such as the launch of new products for better revenue generation, company collaborations, and others
Other market trends
Increasing Amount of Textual Data Due to Work from Home to Facilitate Growth
The impact of COVID-19 is anticipated to propel the market growth in the foreseeable future. This is due to the rising amount of unstructured and structured data generated as people continue to follow work from home culture. Moreover, the rising amount of user generated data across various social media platforms is expanding the market for text analytics. The highly communicable virus has also transferred most of the financial transactions as well as retail industry online which is further generating a significant amount of data for analysis by various stakeholders.
By component, the market for text analytics is segmented into solution and services. On the basis of application, the market is divided into competitive intelligence, customer relationship management, predictive analysis, fraud detection, risk management, social media analysis, workforce management, document management, and others. By deployment, the market is bifurcated into cloud and on-premises. On the basis of enterprise size, the market is classified into SMEs and large enterprises. By end user, industry is segmented into BFSI, retail, government, healthcare, manufacturing, IT and telecom, media and entertainment, travel and hospitality, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale of text analytics industry. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
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Drivers & Restraints
Rising Volume of User Generated Data to Spur Demand
The rising amount of data generated by users across various social media platforms is augmenting substantial text analytics market growth. The work-from-home scenario due to coronavirus infection has resulted in substantial amount of text data generated on various platforms. The competitive intelligence extracted from such data is one of the major drivers for the market growth.
Also, the advanced technology used by these analytic tools such as machine learning, and artificial intelligence are propelling the development of the market. For instance, in 2019, a report by Hitachi solution stated that artificial intelligence generated USD 40 billion in additional revenue in the retail sector.
Widespread Adoption of Advanced Technology to Boost the North America Market
North America is expected to hold the major text analytics market share in the foreseeable future. This is due to the increasing adoption of technologies such as artificial intelligence, big data, machine learning, internet of things, and others to develop the product. In addition to this the growing demand for competitive intelligence is anticipated to propel the market growth. For instance, in 2020, Microsoft announced the addition of Hindi in its analytics service to support organization and business with customer sentiment analysis.
Asia Pacific is also expected to grow in similar manner in the foreseeable future. The high-end techno technologies used in the region for analyzing structured and unstructured data is boosting product growth.
Eminent Companies Focus on Product Innovation to Facilitate Client Requirements
The market is peppered with constant innovation in product along with integration of latest technology available. These innovations are targeted towards extracting sensitive information from the text generated by users across various online platforms. The growing demand for competitive intelligence among market giants multiple sectors is encouraging product variants in the market according to the client requirements. For example, in 2020, SAS introduced its COVID-19 search tool that might extract text and numerical data from more than n50 thousand articles of research for the user to quickly access relevant information.
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List of Key Players Profiled in the Market:
SAS Institute, Inc.
Bitext Innovations S.L.
Megaputer Intelligence, Inc.
Luminoso Technologies, Inc.
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