Market overview
The global text analytics market is expected to register a CAGR of 17% for the years spanning 2017 and 2023. The market is expected to be worth USD 9 billion in 2023.
Many organizations use text analysis technologies and software programs when they want to retrieve data that has valuable information and insights that they can use to inform strategic decisions. Many in the tech and IT fields refer to this process and these technologies as data mining.
A variety of companies in many industry verticals use text analysis to summarize, classify, and make order and sense out of seemingly random data that are unrelated.
Segment overview
By component
This segment can be further grouped as follows:
- Software
- Services
- Managed services
- Professional services
By application
This segment can be further grouped as follows:
- Documentation management
- Workforce management
- Customer experience management
- Marketing management
- Risk and compliance management
By deployment
This segment can be further grouped as follows:
- Cloud
- On-premises
By vertical
This segment can be further grouped as follows:
- BFSI
- Retail and e-commerce
- Government
- IT and telecommunications
- Manufacturing
- Energy and utilities
- Hospitality
The retail and e-commerce sub-sector is currently holding the largest market share in the vertical sector. This trend is expected to continue for the time period that this report covers. Many retail companies value text analysis because is a key variable in terms of understanding and predicting consumer behavior and buying patterns.
These companies also use text data gleaned from various social media platforms to anticipate what future supply and demand will be like in a particular target market. The objective is to provide superior customer services and an unforgettable buying experience.
Retailers are best served when they use the insights gleaned from analyzing text data to implement new and innovative technologies and processes that will allow them to meet sudden increases in demand and provide the best shopping experience for customers.
Regional analysis
The global text analytics market can be grouped into the following geographic regions;
- North America
- Asia-Pacific
- The European Union
- The rest of the world.
The North American region currently enjoys the largest regional market share. This is expected to continue for the time period that this report covers. The reason for this is that many industries like BFSI, retail, and healthcare are using text analysis in their daily operations to inform strategic decision-making.
The United States, especially, is home to the world’s largest text analysis companies. That’s also one key reason why the North American region enjoys such a large edge in the market in comparison to the rest of the world.
Industry news
- Microsoft Corporation recently announced the launch of a text analysis application that would allow them to translate and understand the meaning of texts that consumers send in the Hindi language. Hindi is India’s national language. The objective will allow companies that use this app to better understand how customers who speak Hindi (mostly in India) perceive shopping on various sites.
- UC Berkeley has a school called the School of Information. This school is attempting to use text analysis to develop a program called BioText. This program will help biology researchers mine and analyze data better. The result will be better and more powerful blockbuster medicines and treatments that will save more lives and improve the quality of lives of humans in general.
Full Report @ https://www.marketresearchfuture.com/reports/text-analytics-market-2989