Global Text Analytics Market Growth Forecast at 17.5% CAGR to 2020

Dec 18, 2015, 05:00 ET from ReportsnReports

PUNE, India, December 18, 2015 /PRNewswire/ --

The text analytics market size is estimated to grow from USD 2.65 Billion in 2015 to USD 5.93 Billion by 2020, at a CAGR of 17.5%. Cloud based text analytics solutions are estimated to contribute the largest market share during the forecast period. Increasing need for social media analytics for customer retention through brand building across various verticals is driving the text analytics market.

Complete report on text analytics market spread across 127 pages, profiling 15 companies and supported with 65 tables and 44 figures is now available at .

Emergence of multilingual text analytics to break the language barrier and an increase in industry-specific text analytics applications are among the factors driving the text analytics market. Furthermore, the market is expected to be driven by opportunities such as the convergence of text analytics with big data and added advantage of predictive analytics.

Text analytics software is designed to offer valuable insights from organization data, which the company can use to improve decision making. This in turn, will contribute to expand the customer base and generate more revenue for the company. SMBs are expected to grow with highest rate from 2015 to 2020 in the text analytics market. However, large enterprises are expected to contribute the largest market share during the forecast period. North America holds the largest share of the text analytics market; however, MEA is expected to grow at the highest CAGR through the forecast period.

In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted. Various key people in Tier 1(55%), Tier 2(20%) and Tier 3(25%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level (60%), Director Level (25%) and other executives (15%) from various key organizations operating in the text analytics marketplace. The primary interviews were conducted worldwide covering regions such as North America (10%), Europe (20%), APAC (40%), and Row (30%).

The text analytics ecosystem consists of text analytics solution vendors, such as IBM, SAP, SAS, Clarabridge, Attensity, Lexalytics, Basis Technology Corporation, OpenText, RapidMiner, Angoss and others sell their text analytics solutions and services to end users to cater to their unique business requirements. Order a copy of Text Analytics Market by Applications (Marketing & Customer Experience Management, Data Analysis & Forecasting, Enterprise Information Management, & Other Industry Specific Applications), Deployment, Vertical, & by Region - Global Forecast to 2020 research report at .

This report segments the text analytics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across different verticals and regions. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.

On a related note, another research on Workforce Analytics Market Global Forecast and Analysis to 2020 says the market size is estimated to grow from USD 422.5 million in 2015 to USD 860.4 million by 2020, at a Compound Annual Growth Rate (CAGR) of 15.3% from 2015 to 2020. The need to address the increasing challenges due to shrinking skilled workforce is expected to drive the workforce analytics market. Companies like ADP, IBM, Oracle, SAP SE, Tableau, Cornerstone on Demand, WorkDay, Kronos, Visier and WorkForce Solutions have been profiled in this 155 pages research available at .

Explore more reports on IT & Telecommunication at .

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