Text Analytics Market Value to Hit USD 15 Billion by 2026, Growing at More Than 18%: Global Market Insights, Inc.
The Latin America text analytics market will witness substantial gains during the forecast period as businesses in countries such as Brazil and Mexico are utilizing text analytics solutions to understand customer preferences based on social media behavior
SELBYVILLE, Del., Dec. 5, 2019 /PRNewswire/ -- According to the latest report "Text Analytics Market by Component (Software [Customer Intelligence, CRM, Fraud Detection, GRC Management], Service [Professional Services, Managed Services]), Deployment Model (On-premise, Cloud), Application (BFSI, Retail, Government & Defense, Healthcare, IT & Telecom, Travel & Hospitality, Media & Advertising), Regional Outlook, Growth Potential, Competitive Market Share & Forecast 2026" by Global Market Insights, Inc., the market valuation of text analytics will reach $15 billion by 2026. The growing demand to gain key business insights by analyzing consumer behavior is propelling market growth.
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Some major findings of the text analytics market report include:
Ø The demand for social media analytics to enhance customer engagement and experience is proliferating the text analytics market.
Ø Government organizations are using text analytics to analyze public feedback, enhance policy analysis, and improve regulatory compliance.
Ø The highly customer-centric nature of the travel & hospitality industry has surged the importance of customer sentiment analysis and feedback reviews.
Ø Major players operating in the text analytics market are IBM Corporation, Interactions LLC, Jive Software (Aurea, Inc.), Khoros LLC, Lexalytics Inc., Luminoso Technologies Inc., Medallia Inc., etc.
Ø Companies are delivering advanced text analytics solutions with AI, machine learning, deep learning, and NLP to gain a competitive edge over rivals.
Ø Text analytics solution providers in North America and Europe are helping private companies to form business strategies based on the analysis of social media information.
Governments across the globe are transitioning from conventional public services to e-governance, driving the demand for advanced analytics to formulate new policies. Text mining solutions enable federal agencies in information extraction and evaluation to gain new insights. Policymakers can leverage text mining systems to consolidate, compare, and government regulatory documents and establish new policies under the existing framework.
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Text mining can detect multiple similar patterns in fake claims and misrepresented facts, reducing the financial burden on insurance firms and mitigating the risk of fraud. Enterprises can analyze several documents from unrelated claimants to reveal similarities in claim patterns and verify the authenticity of the claims. For instance, in March 2017, The United Services Automobile Association, a Fortune 500 financial services company, partnered with IBM Global Services to detect fake insurance claims through text analytics solutions. The technology helped the company reduce cases of fake claims and improve customer experience by accelerating the process of claim settlement.
The rising adoption of social media analytics in Latin American countries, such as Brazil and Mexico, is supporting market growth. Businesses are utilizing text analytics solutions to understand customer preferences based on social media behavior. Enterprises are using text analytics to plan strategies and target a specific customer base based on demography, gender, and region. Furthermore, significant investments in NLP technologies are supporting the text analytics market demand in the region. The companies operating in the Latin American region are partnering with text analytics solution providers to improve customer experience in their platforms.
Companies are focusing on strategic alliances with other market players to enhance and maintain their offerings and market position. New entrants in this market are focusing on R&D and new product developments to register a significant growth rate in the text analytics market. For instance, in September 2018, Unmetric, Inc. launched custom content tagging, an enhancement to its core platform, enabling marketers to identify and understand the most engaging content categories across social media handles and adjust their social media strategies.
Browse key industry insights spread across 252 pages with 306 market data tables and 34 figures and charts from the report "Text Analytics Market Size 2019-2026" in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/text-analytics-market.
Table of Contents (ToC) of the report:
Chapter 3 Text Analytics Market Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Industry landscape
3.4 Global predictive analytics market landscape, (2018 - 2026)
3.5 Evolution of text analytics
3.6 Text analytics industry architecture
3.7 Text analytics market ecosystem analysis
3.8 Technology & innovation landscape
3.8.1 Big data analytics
3.8.2 Artificial Intelligence
3.8.3 Natural Language Processing (NLP)
3.9 Regulatory landscape
3.9.1 North America
3.9.1.1 Standards on Privacy and Web Analytics (Canada)
3.9.1.2 Health Insurance Portability and Accountability Act (HIPAA) of 1996 (U.S.)
3.9.2 Europe
3.9.2.1 General Data Protection Regulation (EU)
3.9.2.2 Exception of Text & Data Mining (TDM) in Copyright in Digital Single Market (DSM Draft Directive - EU)
3.9.3 APAC
3.9.3.1 Information Security Technology- Personal Information Security Specification GB/T 35273-2017 (China)
3.9.4 Latin America
3.9.4.1 The General Data Protection Law (Brazil)
3.9.5 MEA
3.9.5.1 Federal Law No. 2 of 2019 on the use of ICT in Healthcare (UAE)
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Growing demand for social media analytics
3.10.1.2 Increasing use of business intelligence tools
3.10.1.3 Proliferation of cloud computing technology
3.10.1.4 Growing demand for sentiment analysis
3.10.2 Industry pitfalls and challenges
3.10.2.1 Lack of awareness
3.10.2.2 High cost of software
3.10.2.3 Risk of data theft and cyber attacks
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/text-analytics-market
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Global Text Analytics Market to register around 18% gains to 2026: GMI
Major players operating in the text analytics market are IBM Corporation, Interactions LLC, Jive Software (Aurea, Inc.), Khoros LLC, Lexalytics Inc., Luminoso Technologies Inc., and Medallia Inc.
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SOURCE Global Market Insights, Inc.
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