The global market for text analytics has been witnessing an exponential surge in demand, thanks to the massive amount of data generated on a regular basis. Text analytics, also known as text mining, is used to transform unorganized or ambiguous text into structured data that can be analyzed.
The rising trend of online communication, such as customer service interactions, has augmented the demand for industry-specific text analytics solutions across various verticals such as retail and consumer goods sectors. Apart from this, the increasing engagement of customers through social media is also propelling the application of text analytics solutions in enterprises. In the coming years, the integration of text analytics solutions with big data, coupled with the benefits of predictive analytics, is likely to present ample opportunities for players operating in the text analytics market.
Browse Full Global Text Analytics Market Report with TOC :http://www.mrrse.com/text-analytics-market
Transparency Market Research (TMR) has recently published a report on the worldwide text analytics market that estimates this market to register a CAGR of 17.60% between 2016 and 2024. In 2015, the market stood at US$2.8 bn. Analysts anticipate it to witness a more than four-fold increase and reach US$12 bn by the end of 2024.
Introduction of New Products Most Popular Strategy among Players
IBM Corp., Microsoft Corp., Attensity Group Inc., SAS Institute Inc., Clarabridge, Angoss Software Corp., OpenText, Lexalytics Inc., SAP SE, Predixion Software, and RapidMiner Inc. are leading the worldwide market for text analytics.
The introduction of new products, mergers and acquisitions, and alliance and partnerships are the key strategies, these players have adopted for the expansion of their businesses. Among these, the launch of new products takes around 45% of the overall strategic developments in this market, whereas alliance and partnerships hold almost 27% and mergers and acquisitions account for approximately 25% of the total developments.
While companies, such as RapidMiner, OpenText, Clarabridge, and Lexalytics, are relying on launching new products in the market, Microsoft and IBM are focusing on the procurement of startups in order to enhance their expertise in text analytics. Recently, IBM acquired AlchemyAPI, a U.S.-based startup that develops software to analyze unstructured data. Earlier, Microsoft acquired Equivio Ltd., an Israel-based text analysis startup, through deal worth more than US$0.3 bn.
Dynamic Environment in North American Markets Fuels Demand for Text Analytics Solutions
North America is the leading text analytics market across the world. The dynamic environment of North American markets has been driving the demand for text analytics in this region. The dominance of this regional market is expected to be maintained in the forthcoming years owing to the steady rise in the uptake of text analytics in local businesses.
Browse the full Press Release of Global Text Analytics Market at http://www.mrrse.com/global-text-analytics-market
Overall, the future of global market for text analytics looks flourishing. However, inadequate knowledge and awareness pertaining to software handling is likely to limit the growth of this market over the next few years.