Text analytics, which is also referred as text mining or text data mining, is a process of extracting information from the available text sources. In this process, value content is derived from the provided raw data. This derived content is useful for business organizations to acquire the ready-to-use information with insights. This data are used in research activities too.
This process is widely used in business organizations all around the world for summarization of data, classification of information, data investigation, and other purposes. Text analytic program or software is able to process both structured and unstructured data with accuracy and efficiency. These programs accept multi-language and foreign language data and run efficiently without any disturbance. Globally, the need for this software is increasing at a rapid pace. Increasing demand for social media analysis for effective brand development, creating multi-lingual text to overcome language barriers, growing data market, banking frauds, and stock market security breaches are some of the reasons contributing to the growth of text analytics market globally.
Expanding internet appearance, increasing use of mobiles, and rising awareness about text analysis principles in getting insight into consumer behavior and preferences are other factors fueling the global market growth. However, lack of knowledge about software handling and high costs are the factors that may hamper the growth of the global market in future.
The global text analytics market is segmented on the basis of application, deployment model, organization size, and verticals. On the basis of application, the market is segmented as search-based applications, enterprise application, data analytics application, predictive analytics, web-based application, and others. Based on organization size, the global text analytics market can be segmented as small, medium, and large enterprises. Based on the deployment model, the market is further classified as on-premise model and cloud deployment model. Cloud deployment model is anticipated to get importance in future; small enterprises are dependent on on-premise model. Based on verticals, the global text analytics market is segmented as banking, financial serves, healthcare, retail and manufacturing, hospitality, CPG, and telecommunication.
Geographically, the global text analytics market is further classified into the United States, Latin America, Africa, Asia Pacific, the Middle East and Europe. North America is the leading region in the global text analytics market. This trend is followed by Western Europe and Asian regions.
The global text analytics market is lead by many major players owing to their efficient software. Some of the key players operating in this market globally include HP Development Co., Attensity Inc., Tableau Software, and Oracle.
Text Analytics Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa