Text Analytics Market Will Generate New Growth Opportunities Till 2028 – The Insight Partners.
Posted by niket gore on July 11th, 2022
Text Analytics market is expected to grow US$ 18.28 Bn by 2025 from US$ 2.59 Bn in 2016. The global text analytics market is primarily driven by increase in the volume of unstructured data. Increasing utilization of social media platforms, consumer shifting trends towards online buying and increasing digitalization are some of the factors contributing to increase in unstructured data. Analysis of unstructured data can uncover key patterns capable of forming the basis of decision making in various organizations. Traditionally, the data is analyzed by an individual which becomes ineffective as the volume of data increases. This necessitates use of text analytics software capable of handling large volume of data set capable of finding hidden patterns which assist in decision making purpose. Moreover, companies are able to exploit only 30% of unstructured data generated, this low percentage represents significant opportunity for vendors to develop analytical solutions featured with advanced capabilities including machine learning, NLP and language support.
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Text analytics, a process of analyzing textual information to identify the patterns and gaining insights, is gradually being used by retailers to learn more about the consumers. By identifying customer purchase patterns and opinion on particular products, retailers can target specific individual or segments with personalized offers and discounts to boost sales and increase customer loyalty. Through text analytics, retail companies can come up with price optimization, future performance prediction, demand prediction, forecasting trends, pick up highest ROI opportunities and identify customers. Text analytics also offers online behavioral analysis of customers to come up with the best offers for their targeted customers. Thus, retail sector is expected to create a burgeoning demand for text analytics market over the forecast period from 2017 – 2025.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Text Analytics industry.
Text analytics is playing an increasingly important role is several use cases and it carries the potential to be incorporated in number of process and application across different industry verticals. Owing to increasing competitiveness, companies are seeking for advanced analytical solutions capable of leveraging large volume of data and assist them in better & faster decision making. With use of sentiment analysis and voice of customer (VoC) solutions companies can improve customer intimacy and service enabling them to drive customer satisfaction, loyalty and revenue. Textual analysis assist the companies to analyze thousands of published text material with no human intervention. Risk management and fraud detection application in banking and financial sector is helping to save millions of dollars over a deal. Further, with sentiment analysis and social media monitoring, manufacturers & service providers are able to detect issues with the customer and support the CRM capabilities. However, lacking analytical talent with advanced linguistic capabilities in developing economies is preventing the adoption of text analytics solution across various end-use verticals. For instance, in order to integrate linguistic capabilities with machine learning capabilities one must possess a deep knowledge of linguistic field which can be obtained by Phd. or other higher-level degree. With increasing applications vendors are extending their capabilities while offering all three types of solutions – Application, platform and APIs. While applications are packaged or preconfigured, platforms provide buyers an extended capability to develop application for business use case. APIs allow buyers to customize the platform and application as per required analytical application.
Some of the major trends identified in the global text analytics market includes focus towards development of text analytics solutions capable of handling unstructured data sets and vendors seeking to expand their customer base will form partnerships with data related solution providers. For instance, In June 2016, Basis Technology announced its partnership with MongoDB, Inc. With these partnership, users will be able to integrate Rosette text analytics with MongoDB 3.2 to enhance multilingual search in around 20 languages including critical to government applications – Arabic, Chinese, Persian, Dari and Urdu. This strategic move is part of the company efforts to improve data accessibility for government agencies.
The global text analytics market is classified based on the geography into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Across North America, the technological advancements have led to highly competitive markets. With the increasing demand from customer for high quality products and services, companies are on a constant hunt for innovations to serve their customer in the best possible way. The advent of social networking that has its origin in Northn America has changed the way companies approach to do business. With the evolution of upcoming technologies, companies have become more customer-centric rather than being product/ process-centric. Tracking consumers and competitor’s behavior on social media is one of the important activities for companies to make available their products to the end consumer.
List of companies.
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About the Authorniket gore
Joined: July 6th, 2022
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