January 21, 2020
According to the research report titled ‘Text Analytics Market Size By Component (Software [Customer Intelligence, Customer Relationship Management (CRM), Fraud Detection, Governance, Risk & Compliance (GRC) Management], Service [Professional Service, Managed Services]), By Deployment Model (On-premise, Cloud), By End-use (BFSI, Retail, Government, Healthcare & Lifesciences, IT & Telecom, Travel & Hospitality, Media & Entertainment) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, the global text analytics market is expected to surpass USD 15 billion by the year 2026.
According to the report, growing demand from private and public entities to analyze consumer behavior is a major factor driving the text analytics market growth. These days enterprises use text mining solutions to verify and validate fake claims and misrepresented facts. Analytics helps in reducing the financial burden of the corporations as well as minimizes the risk of fraud. Increasing instances of financial frauds have boosted the demand for technically advanced solutions which in turn is aiding the market expansion.
Several government entities are adopting text analytics solutions in order to enhance regulatory compliance, improve policy analysis, and to measure public feedback. Rising adoption of e-governance across the globe is stimulating the industry outlook. Text mining solutions help government entities to extract and evaluate information in order to gain new insights.
Citing the end use landscape, the travel & hospitality segment is expected to register substantial growth during the estimated timeframe. Increasing utilization of text mining solutions in travel & hospitality industry owing to its customer centric nature is facilitating the business scenario.
Considering the geographical landscape, Europe and North America text analytics market is presumed to expand significantly during the forecast period. The growth is attributed to various collaborations between private companies and text analytics solution providers in order to retrieve useful insights from social media information.
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On the other hand, Latin America text analytics market is poised to amass commendable gains in the ensuing years, primarily driven by rising adoption of social media analytics in countries such as Mexico and Brazil. Surging investments in NLP technologies and the spike in desire to boost customer experience are contributing towards the popularity of the text analytics solutions across the region.
The prominent companies operating in the text analytics market are Verint Systems Inc., Unmetric Inc., SAS Institute Inc., SAP SE, RapidMiner Inc., OpenText Corporation, NetBase Solutions Inc., Microsoft Corporation, Megaputer Intelligence Inc., Medallia Inc., Luminoso Technologies Inc., Lexalytics Inc., Khoros LLC, Jive Software (Aurea Inc.), Interactions LLC, IMB Corporation, Hewlett Packard Enterprise, Clarabridge, Brandwatch, Bitext Innovations S.L., Altair Engineering Inc. (Angoss Software Corporation), Basis Technology, and Amazon Web Services (AWS).
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