Global Text Analytics Market Forecast 2018-2026
The global text analytics market is predicted to grow at a CAGR of 17.44% during the forecast period of 2018-2026. The major factors contributing to this market growth are increasing industry-specific applications of the market and monetization of social media analytics.
The market is segmented by the type of application, technology, deployment, and end-user. Application types covers predictive analysis, customer relationship management (CRM), competitive intelligence, brand reputation, fraud detection, etc. Technology is further segmented into text clustering, descriptive data analysis, web mining and predictive analysis. The market for the Predictive Analysis is anticipated to be the fastest growing market in the coming years as compared to other technological types. However, at present, the descriptive data analysis market is dominating the market scene. The deployment types include cloud and on-premise deployment. End users cover areas like banking, financial services & insurance (BFSI), government, retail, healthcare & pharmaceuticals, telecommunication, FMCG, etc.
Geographically, the global text analytics market is divided into North America, Europe, Asia Pacific and rest of the world. In 2017, the North American market accounted for the highest market share. Factors like the well-established cloud management technology and booming E-commerce and social media platforms are boosting the market growth in this region. However, it is the Asia-Pacific region that is expected to exhibit the fastest growth rate during the forecast period. APAC is progressing due to the increasing demand for big data analysis and rising number of social media influence for brand promotions, customer service management, and sales channels in the region.
Merger & acquisition are the major strategies applied by the companies in the global text analytics market to survive the heavy competition. Some of these prominent market companies include Angoss Software Corporation, Averbis, Bitext Innovations Sl, Clarabridge Inc, Hewlett Packard Company (Hp), Infegy Inc, International Business Machines Corporation, Jive Software, Knime.Com Ag, Lexalytics Inc, Luminoso Technologies Inc, Meaningcloud Llc, Megaputer Intelligence, Inc, Microsoft Corporation, Netbase Solutions Inc, OpenText Corporation, Rapidminer Inc,Sap Se, Sas Institute, The Information Bus Company (Tibco) Software Inc, and Unmetric.