Conversing naturally and getting apt answers for finance-based operational metrics, along with traffic and weather updates, transform both business processes and consumer spaces.
Almost 25% of businesses are estimated to integrate point-and-click text analytics with their conversational interfaces. Procuring information using simple and natural language, while delivering the consequent visualizations in real-time is estimated to become a standardized feature of text analytics software solutions during the forecast period.
Enterprises are focusing on adopting tools that accommodate the next generation of enterprise-grade automation. Efficiency enhancement tools and robotic process automation (RPA) usher intensive process tasks, while eliminating the need for tedious human efforts. Artificial intelligence (AI) and machine learning technologies are expected to accommodate the complex cognitive intensive business processes.
Text analytics software solutions are estimated to hold almost 65% of the global text analytics market by the end of the forecast period. Developers are offering text analytics software solutions that utilize text mining algorithms and natural language processing (NLP) technology to find meaning in huge amounts of unstructured textual data.
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- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- TIBCO Software Inc.
- Medallia Inc.
- Softweb Solutions Inc.
- Confirmit AS
- Basis Technology
- Micro Focus
- bizAmica Software
- Kingland Systems
- Sintelix Pty Ltd
- Talkwalker Inc.
Insights-as-a-Service Deployments Propelling the Text Analytics Market Growth
Software developers are deploying a wide range of text analytics software solutions and services for almost every task in the big data analytics portfolio through libraries on cloud or application programming interfaces (APIs).
These text analytics software developers are now focusing on delivering insights in a light weight deployment model instead of looping their services in the text analytics market. This factor is signaling a shift away from highly expensive monolithic analytical tools and custom development services.
By integrating such analytical tools for marketing, enterprises gain the benefit of contextual insights being delivered by their business applications with relevant contact. Sales compensation, supply chain logistics, customer churn analysis, and workforce planning are some aspects of a business workflow that benefit from the timely contextual insights.
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Requirement of New Skills Challenging the Adoption of Text Analytics Software Solutions
Software integrators and enterprises procuring text analytics software solutions sometimes experience confusion as proper text analytics demand new skills, some of which are hard to find. These new skills leverage valuable advanced features, such as combining insights from unstructured customer orders and social media data, in order to optimize campaign results and capture new opportunities as they emerge.
Unavailability of such skills results in the inability of software solutions to harness the full capabilities of text analytics features. This factor is expected to challenge the overall growth of the text analytics market, on a global scale, as enterprises succumb to all the confusion created in their process strategy.
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Advanced and Predictive Analytics Expected to Offer Lucrative Opportunities
Advanced and predictive analytics have a wide range of use cases. These use cases ranging from conventional customer value and success forecasts, demand fulfillment, prevention of contract termination, and sales forecasts to newer tasks, such as social media monitoring and evaluation, predictive policing, and prediction of machine failures, among other use cases.
For instance, advanced and predictive text analytics software enhance existing business processes by facilitating high precision sales planning, and consequential improvements in production and purchasing planning. Also, insights delivered by advanced and predictive text analytics throw a light on potential new businesses in the marketplace.
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Global Text Analytics Market Structure
The global text analytics market is moderately concentrated, as tier I and tier II companies, such as Oracle, IBM, Microsoft, SAP, SAS, Capgemini and Attivio hold a market share monopoly of less than 55%. Other tier III companies hold a total market share of almost 45% of the global text analytics market.
These companies include Confirmit AS and NICE, among other small-time local and global text analytics software providers. Companies are primarily focused on the integration of new technologies that would attract new customers, while keeping the existing clientele engaged.
For instance, in July 2019, Microsoft released an updated version of its sentiment analysis solution. This solution primarily supports English and has been majorly deployed in three regions, namely Central Canada, East Asia, and Central US. This new model has significantly enhanced the ability of detecting negative, positive, and mixed sentiment in unstructured text documents.
An exhaustive analysis of the global text analytics market draws up the conclusion that the market is in an evolving phase and is proliferating at a noteworthy rate. Text analytics markets in North America and Western Europe are currently holding a large share of the global text analytics market.
Availability of text analytics software solutions with integrated artificial intelligence, natural language processing, and machine learning technologies is attracting new customers. Regional expansion, along with collaborations with other text analytics solution providers are some strategies followed by leading market players to increase their sales growth.
Key Segments of the Text Analytics Market
This research study by Persistence Market Research on the text analytics market offers information divided into four important segments—solution, application, industry, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered by Persistence Market Research in the Global Text Analytics Market Report
- Which regions will continue to remain the most profitable regional markets for text analytics market players?
- Which factors will induce a change in the demand for text analytics during the assessment period?
- How will changing trends impact the text analytics market?
- How can market players capture the low-hanging opportunities in the text analytics market in developed regions?
- Which companies are leading the text analytics market?
- What are the winning strategies of stakeholders in the text analytics market to upscale their position in this landscape?