Text Analytics Market- What are the main factors that contributing towards industry growth?

Text Analytics Market report gives attention to market segmentation, market size, and forecast of 2018-2024 to help stakeholders in making a good decision for the future investments. The industry report segmented into types, application, and regions with providing production, revenue, import/export.

North America holds a major share of the text analytics market owing to availability of advanced IT infrastructure in the region coupled with a thriving e-commerce industry. With rapid adoption of advanced technologies such as Big Data and data mining, the region is expected to hold a significant market share during the forecast period. Asia Pacific text analytics market is expected to exhibit promising growth throughout the forecast period owing to increasing demand for cost-effective predictive analytics models among emerging startups and SMEs.

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Text analytics market solutions have critical applications in areas such as competitive intelligence, sentiment analysis, social media monitoring, enterprise data mining and intelligence, automated ad placement, workforce management, document workflow management, governance and compliance management. By unearthing patterns and relationships from structured and unstructured text, text analytics along with data mining and Big Data analytics can enable enterprises to create predictive intelligence. For sentiment analysis, text analytics APIs return numeric scores depicting positive and negative sentiments. In key phrase extraction applications, APIs return distinct strings representing key talking points in input text. In language detection applications, the API returns numeric scores determining whether the identified language is true.

Text Analytics Market size is influenced by increasing adoption of social media platforms for analytics, need to combine multiple data sources to extract meaningful insights, and recent advancements in predictive analytics along with emergence of industry-specific analytics applications. Text analytics involves deriving meaningful patterns from unstructured textual data followed by its evaluation and interpretation.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

  1. IBM
  2. SAP
  3. Microsoft
  4. HP
  5. Luminoso
  6. Opentext
  7. Bitext
  8. Brandwatch
  9. Lithium
  10. Clarabridge
  11. NetBase Solutions
  12. SAS Institute
  13. Confirmit
  14. Unmetric
  15. Lexalytics

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Some of the key players operating in the text analytics market are IBM, SAP, Microsoft, HP, Luminoso, Opentext, Bitext, Brandwatch, Lithium, Clarabridge, NetBase Solutions, SAS Institute, Confirmit, Unmetric and Lexalytics. These players emphasize on incorporating advanced processing capabilities in their solutions and differentiating them from existing products in the text analytics market.