Global Market Study on Text Analytics: Huge Technological Strides to Offer Impetus


Text Analytics  Market
  • Published On : Sep-2019 |
  • Pages : 300 Pages |
  • Format :

Text Analytics Market - Scope of the Report

Persistence Market Research offers a 10-year forecast for the global text analytics market between 2019 and 2029. This study demonstrates the dynamics and trends of the text analytics market globally, which influence the current nature and future status of the global text analytics market over the forecast period.

This research report provides a detailed analysis of the global text analytics market and offers insights on various factors, such as the applications of and services provided by text analytics. The text analytics market study provides a comprehensive assessment of stakeholder strategies and imperatives for succeeding in the business. This text analytics market report segregates the market based on services and applications across different regions worldwide. Key players are introducing technologically-advanced products, which is acting as a major driver for the global text analytics market.

The report starts with an overview of the global text analytics market in terms of value. In addition, this section includes the analysis of key trends, drivers, and restraints, which are influencing the global text analytics market. Impact analysis of key growth drivers and restraints are included in this report to facilitate clients with crystal clear decision-making insights.

A detailed analysis has been provided for every segment in terms of market size analysis for text analytics across different regions. It provides the market outlook for 2019–2029, and sets the forecast within the context of text analytics, which includes the latest technological developments as well as service offerings in the market. This study discusses key trends within regions contributing to the growth of the market, as well as analyses degrees at which drivers are influencing this market.

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.

Solution

Application

Industry

Region

Software

Sentiment Analysis

BFSI

North America

Services

Risk and Fraud Management

Healthcare

Latin America

  • Consulting and Advisory

Social Media Monitoring

Manufacturing

Western Europe

  • Support and Maintenance

Digital Advertising

Retail and CPG

Eastern Europe

  • Training

Business Intelligence

Hospitality

Asia Pacific excluding Japan (APEJ)

Others

Telecommunication

Japan

Others

Middle East and Africa (MEA)

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?

Text Analytics Market: Research Methodology

A unique and promising research methodology forms the base of text analytics during the forecast period. The report has been prepared after a comprehensive analysis of the market happenings and then riveting insights have been compiled meticulously. The research methodology for text analytics is a two-step process comprising of primary and secondary research. Key stakeholders, including text analytics solution developers, suppliers, and distributors have been interviewed and experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, marketing professionals, and sales professionals.

Secondary sources referred to garner the report findings include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases, and many other credible sources.

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.

 

global text analytics market

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.

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.

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.

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.

Analysts’ Viewpoint

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.

Company Profiles:

  • Microsoft Corporation
  • IBM Corporation
  • Oracle Corporation
  • SAP SE
  • Capgemini
  • NICE
  • SAS Institute Inc.
  • TIBCO Software Inc.
  • Attivio
  • Lexalytics
  • Medallia Inc.
  • Softweb Solutions Inc.
  • Confirmit AS
  • MaritzCX
  • Basis Technology
  • Micro Focus
  • bizAmica Software
  • Qualtrics
  • Kingland Systems
  • Sintelix Pty Ltd
  • Talkwalker Inc.
  • Meltwater
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