According to a new market research report "Text Analytics Market by Applications (Marketing & Customer Experience Management, Data Analysis & Forecasting, Enterprise Information Management, & Other Industry Specific Applications), Deployment, Vertical, & by Region - Global Forecast to 2020", Published by Marketsandmarkets ,The text analytics market size is estimated to grow from USD 2.65 Billion in 2015 to USD 5.93 Billion by 2020, at a CAGR of 17.5%.
Browse 65 market data Tables and 41 Figures spread through 118 Pages and in-depth TOC on “Text Analytics Market - Global Forecast and Analysis to 2020”
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The growing need for social media analytics, emergence of multilingual text analytics to break the language barrier, and an increase in industry-specific text analytics applications are the major factors driving the text analytics market. Furthermore, the market is expected to be driven by opportunities such as convergence of text analytics solution with the big data, and added advantage of predictive analytics to forecast future trends on the basis of current data.
Cloud based text analytics solutions are expected to gain maximum traction during the forecast period
The cloud deployment market share is expected to increase rapidly since most of the firms are rapidly transforming themselves from brick-to-click models. A cloud server for text analytics means less storage space and cut down on maintenance cost. Cloud-based text analytics solutions are gaining traction among small and medium businesses as they face the challenge of affordability of the infrastructure required for an on-premises implementation. Text analytics solutions have elaborate integration requirements and integrating cloud analytics with enterprise data can be challenging, hence on-premise solutions are experiencing gradual growth.
North America market is spending hugely on the text analytics solutions to improve the customer experience across all the verticals
The geographic analysis of the text analytics market mainly delves into the division of end user and deployment types across the five major regional segments, namely, North America, Asia-Pacific (APAC), Europe, Latin America, and Middle East and Africa (MEA). Among the five major regions, APAC is expected to lead the market in terms of market growth, followed by MEA. The major vendors in the text analytics market include IBM, SAP, SAS, Clarabridge, Attensity, Lexalytics, Basis Technology Corporation, OpenText, RapidMiner, and Angoss. A detailed analysis of key industry players has been done to provide their business overview, products and services offerings, key strategies, and recent developments associated with the text analytics market.
The scope of the report covers detailed information regarding the major factors influencing the growth of the text analytics market such as drivers, restraints, challenges and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations and recent developments associated with the text analytics market. It also provides insights into the current and future revenues of the market from 2015 to 2020, and an understanding of market drivers, current and upcoming trends, and competitive landscape.
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