Text Analytics Market: Introduction
Text analytics also known as text mining is used to analyze the unstructured data into meaningful insights. The text mining software examines the large chunk of written materials which identifies relationship, facts and assertions, whereby visualizing it the form of charts, graphs, maps and others. These visualizing techniques are helpful to find the potential business insights in social media posts, medical records, surveys and other data based on texts the text analytics market is anticipated to grow significantly over the CAGR over the projected period owing to rising use of cloud services for storage of data coupled with rising adaption of social media.Rising Adaption of Social Media to Drive the Market
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At present, monitoring the public behavior is an inevitable business. Public behavior on social media has become a part of marketing, thereby analyzing the public opinion, marketing professionals could take decisions regarding the promotional expenditures. Moreover, by using text analytics companies are making strategic decisions to make more profits by understanding the real picture of their products and services offered to the public. Further, statistically derived meaningful insights would allow organizations to act in more personal way. This would lead to change the perception of the people that the company is more personable than mechanistic which would profit the company.
Statistical models in the text analytics such as online activity analysis and sentimental analysis to analyze the social media trends, would significantly grow the demand for text analytics in the coming years. However, low awareness of this strategic technology is restricting the global text analytics market growth.
Deployment Model Insights
Cloud based deployment model expected to hold prime share in the global market owing to the rising demand for the data security. Moreover, it is considered to be cost effective solutions, which would propel the market in the coming decade. Cloud is technology where large chunk of data is stored for real time analysis to gain logical information, which is attracting the text analytics market players. Cloud based text analytics facilitates the application of different models such as regression analysis, correlation, data clustering and many others which would help in analyzing the different markets, which may propel the text analytics market. Moreover, the exponential increase in the data would also boost the cloud services in the text analytics market.
Regional Outlook
North America is technologically advanced region owing to which the region is anticipated to dominant the global text analytics market over the forecast period. The wide presence of the companies providing text analytics software and services in the North America, particularly in the U.S. is another growth factor for the text analytics market. Major active companies offering robust technology includes Aylien, Lexalytics, Stride and several others which are offering their own text analytics platform in this region.
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Asia Pacific is anticipated to have significant growth during the projected period. The region is highly witnessing the inclination towards the customer relationship management, which is resulting in rise towards prediction of consumer behavioral trends. This would boost the demand for text analytics in this region in the coming years. Furthermore, the region is also experiencing the growth in the using the social media platform which would in turn propel the market of text analytics in the region.
Competitive Landscape
Launching of new data visualization techniques and upgrading the software with new features would frost the demand for text analytics in the global market. For instance, in January, 2018, SAS announced the new platform of is its analytics software such as visual text analytics which would ease the deep learning, text analytics and forecasting techniques. This advancement would fuel the revenue growth of the text analytics in the global market.
Being a potential market various companies are venturing into text analytics with their own text analytics platform. Companies includes Affectiva, Lightwave, Beyong Verbal, Behavior Matrix, nViso, Realeyes, iMotions, Kairos and others. Other established players in the market are SAS Institute Inc, SAP SE, Meaning Cloud LLC, Clarabridge, Inc., IBM Corporation and several others are providing the software and services for the text analytics.
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