Text analysis, also known as text mining, is a process of retrieving high quality structured information from the available unstructured or unorganized text. There are various techniques available to retrieve the data from unstructured data such as linguistic, statistical, and machine learning techniques. Text analytics is used for various purposes such as summarization, sentiment analysis, explicative, investigative, and for classification of various data. Innovative text analytics software provides user friendly interface for better representation and analysis of data.
Reliability to analyze big data is expected to create opportunities for global text analytics market in next 10 years
Rising demand for text analytics technology, owing to factors such as increasing acceptance of social media platforms and preference towards cloud technology for data storage are key factors driving growth of the global text analytics market. In addition, increasing multilingual text analytics and industry specific text analytics to break language barriers are other factors fueling growth of the global text analytic market. Moreover, advanced data collection, metadata management policies, and rising big data analytics within organization help to improve technological efficiency. This factor is expected to boost the global text analytics market over the forecast period.
However, expensive analytic softwares, lack of awareness about the text analytical softwares and software handling professionals are key factors restraining growth of the global text analytics market. Moreover, government institutions also avoid the use of such analytical tools due to its high cost. This can also hamper growth of the global text analytics market over the forecast period.
Advance predictive analytics and reliability to analyze big data is expected to provide various opportunities for the global text analytics market in the coming years.
The global text analytics market report has been segmented on the basis of deployment type, application, end-user, and region. On the basis of region, market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Currently, the market in North America dominates the global text analytics market in terms of revenue owing to growing technological advancements, increasing demand for data analysis, and presence of numerous key vendors in this region. The market in Europe accounted for second-highest revenue share in the global text analytics market, owing to acceptance of high end technologies, increasing social media platforms, and preference to cloud-based technologies for storage, followed by markets in Latin America, Asia Pacific and Middle East & Africa respectively. The market in Asia Pacific is expected to grow at the highest CAGR over the forecast period.
Key players in the global text analytics market include IBM Corporation, Microsoft Corporation, Hewlett-Packard Development Company, L.P., Attensity Group, Inc., Clarabridge, Inc., SAS Institute Inc., SAP SE, TIBCO Software Inc., Tableau Software, Inc., and Oracle Corporation.