New York, According to a new market research report published by Global Insight Services “Text Analytics Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Text analytics is a process of analyzing unstructured data to extract valuable insights and information. This process can be used to understand customer sentiment, analyze customer feedback, and much more.
Text analytics is a powerful tool that can be used to glean insights from unstructured data that would otherwise be unavailable. This process can be used to understand customer sentiment, analyze customer feedback, and much more.
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Key Trends
There are four key trends in text analytics technology:
1. The rise of artificial intelligence (AI) and machine learning (ML):
Artificial intelligence (AI) and machine learning (ML) are two of the most important trends in text analytics technology. AI and ML can be used to automatically extract information from text, which can be used to improve decision-making.
2. The increasing popularity of cloud-based solutions:
Cloud-based solutions are becoming more popular as they offer a number of advantages over on-premise solutions, such as scalability and flexibility.
3. The growing need for real-time data analysis:
The growing need for real-time data analysis is another key trend. Text analytics can be used to analyze social media data in order to understand what people are saying about a brand or product in real-time.
Key Drivers
There are a few key drivers of the Text Analytics market.
Firstly, the increasing need for businesses to make sense of the huge amount of data being generated every day is driving the demand for text analytics solutions.
Secondly, the need to gain insights from unstructured data such as social media data, customer reviews, and call center logs is another key driver.
Additionally, the need to automate the process of extracting information from unstructured data is also fueling the growth of the text analytics market.
Market Segments
The text analytics market is segmented by component, application, end-user, and region. By component, the market is classified into software, and services. Based on application, it is bifurcated into customer experience management, marketing management, governance, risk, and compliance management, document management, workforce management, and others. On the basis of the end-user, it is divided into retail, BFSI, travel & hospitality, media & entertainment, healthcare, IT & telecom, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the rest of the World.
Key Players
The text analytics market includes players such as Clarabridge Inc., IBM, Luminoso Technologies Inc., Megaputer Intelligence Inc., Microsoft Corporation, Micro Focus LLC, Open Text Corporation, Oracle Corporation, SAP SE, SAS, and others.
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Reasons to buy Text Analytics Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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