"Steady Technology Development to Stimulate the Demand for Text Analytics Solutions"
Text analytics market accounted for the market value of US$ 4.63 Bn in 2018 and expected to grow with CAGR of 14.35% during the forecast period from 2019 to 2027. Text analytics is the analysis of unstructured text data, extracting appropriate data, and transforming it into structured format that leveraged in several ways. Extraction and analysis used in text analytics take an advantage of techniques that originate in computational statistics, linguistics, and several other computer science disciplines. Social media analysis is primarily driving the adoption of text analytics across the world. Several market players provide social media monitoring solutions with range of sophistication in terms of analysis. Such techniques have moved beyond search-based mechanism and include text analytics to analyze sentiments. End users have realized the potential of insights from mining unstructured data, as it enables to build superior predictive models. With rapid technological advancements and steady investment for the same is expected to surge the demand for text analytics across the forecast period.
Market Synopsis
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"Healthcare Segment to Witness Significant Adoption for Text Analytics across the Forecast Period"
Life science and healthcare industries are generating tremendous amount of textual and numerical data pertaining patients record such as medicines, diseases, symptoms and treatments of diseases among several others. To filter relevant text for decision making from large biological repository is critical task. Medical records are dynamic, complex and lengthy in nature. As well as, technical vocabulary used in documents, make knowledge discovery process very crucial. Text mining tools in biomedical field enables to extract valuable data, rationalize it and deriving relationship among various species, diseases, and genes. Adoption of text analytics in healthcare offers to evaluate the potential of medical treatments that reflects effectiveness by comparing number of symptoms, diseases, and their course of treatments. With growing accuracy and efficiency, penetration of text analytics in healthcare end-use expected to surge with significant rate in following years.
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"Early Adoption for Text Analytics to Ensure Dominating Position of North America Market"
Presently, North America leads the overall text analytics market with lion share. In 2018, the region contributed to more than 30% of the total market value generated worldwide. Europe was the second largest contributor to the market followed by Asia Pacific in same year. The U.S. dominated the overall market with presence of key text analytics companies. These organizations are steadily investing in text analytics, thereby driving the overall NLP market growth here. Further, Asia Pacific accounted to be the fastest growing region for text analytics market primarily due to rapid growth of end-use verticals. Asia Pacific encompasses more than 50% of global population and is referred as hub for retail sector. With rapid penetration of text analytics across several end-use verticals, Asia Pacific expected to retain the position throughout the forecast period.
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Some of the major players profiled in the report include OpenText Corporation, RapidMiner, Inc., International Business Machines (IBM) Corporation, Lexalytics, Inc., Algolia, SAP SE, SAS Institute, Inc., Knime AG, Bitex Innovations S.I., Clarabridge, Inc., Averbis, Lavastorm Analytics, Infegy, Inc., Megaputer Intelligence, Inc., LuminosoTechnologies, Inc., Meaningcloud LLC, EpiAnalytics and Medallia, Inc. among others.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
Text analytics market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global text analytics market based on component, deployment model, application type, end-use vertical and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Component Segment (2017–2027; US$ Bn)
• Software
• Services
o Managed Services
o Professional Services
|
|
Deployment Model Segment (2017–2027; US$ Bn)
• Cloud Based Deployment
• On-premise Deployment
|
|
Application Type Segment (2017–2027; US$ Bn)
• Customer Relationship Management
• Marketing Management
• Competitive Intelligence
• Predictive Analytics
• Fraud Management
• Workforce Management
|
|
End-use Vertical Segment (2017–2027; US$ Bn)
• Banking, Financial Services and Insurance (BFSI)
• Government & Defense
• Manufacturing
• Healthcare
• Retail
• Electronics
• Media & Entertainment
• IT & Telecommunications
• Others (Energy, Hospitality etc.)
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., France, Germany, Rest of Europe)
• Asia Pacific (Japan, China, India, Rest of APAC)
• Rest of the World (Latin America, Middle East & Africa)
|
Key questions answered in this report
- What was the market size of text analytics in 2018 and forecast up to 2027?
- Which is largest regional market for text analytics?
- What are the key market trends observed in the text analytics market?
- Which are the most promising component, deployment model, application type and end-use vertical in text analytics market?
- Who are the key players leading the market?
- What are the key strategies adopted by the leading players in market?
- What are the key trends across different geographies and sub-geographies?
