Text Analytics Market to Account for US$12.16 bn in Revenue by 2024

Text analytics is the process of deriving information from various text sources which can be unstructured or structured data. It can be used for several purposes, such as summarization (searching key content across large volume of information or from a single document), sentiment analysis (analyzing the commentary on an issue), explicative (driving factors for the commentary), investigative (listing particular cases based on the issue), and classification (on what subject does the text talk about).

The rapid increase in unstructured data has led to increasing adoption of text analytics solutions, hence driving market growth. Text analytics solutions transform the unstructured data for analysis in order to help organizations conduct various functions such as monitoring and analyzing brand reputation, understanding customer feedback, identifying product issues, and so on. Unstructured data is the information having no pre-defined data model or is unorganized in a predefined way.

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Unstructured data is valuable for every business. Majority of business-related information originates in unstructured form, mainly in text. In contrast to unstructured data, structured data can be easily organized and is clean, analytical, and generally stored in relational databases and on spreadsheets. Currently, social media plays a major role in contributing to the growth of the text analytics market. Many-to-many communications have granted massive influential power to the public. Public opinion is trusted and respected more than any promotional statements of companies. Text analytics help in monitoring, comprehending as well as participating in public dissertation. The growing adoption of cloud based text analytics solutions has also augmented the growth of the text analytics market in a significant manner. The exposure of text analytics functionality to cloud applications and services is increasing the process agility, which means that the cloud segment for analytics applications grows considerably much faster.

Challenges such as insufficient supply of trained professionals, risk of data privacy, security and time consuming concerns, continue to inhibit the growth of the text analytics market. Convergence of text analytics solutions with big data and moving text analytics from a standalone application into a component of other applications would offer substantial growth opportunities for the text analytics market. The global text analytics market generated revenue of US$ 2.82 Bn in 2015 and is projected to expand at a CAGR of 17.6% during the forecast period (2016 – 2024) to reach US$ 12.16 Bn by 2024.

On the basis of deployment type, the text analytics market is segmented into on-premise and cloud-based. Companies lack in house skills for aggregating and analyzing unstructured data which is leading them toward SaaS solutions which in turn is driving the growth of cloud-based text analytics solutions in the global text analytics market.

On the basis of applications, the text analytics market is segmented into data analysis & forecasting, fraud/spam detection, intelligence & law enforcement, and customer relationship management (CRM). Due to increasing need to generate large quantities of reliable forecast results quickly and automatically without any human intervention, the demand for text analytics solutions for this application is increasing in a significant manner. Text analytics also play a key role in fraud detection research areas where its main purpose is to intercept, translate, and analyze various communication channels to prevent serious crimes in a community or a region.

On the basis of end-user, the text analytics market is divided into military and defense, BFSI, retail, healthcare, IT and telecom, entertainment and media, and others segments. Increasing research investments by federal agencies and governments across the world to proactively monitor terrorist activities and prevent any unlawful acts targeting civil society have increased the demand for text analytics in the military and defense sector of the text analytics market.

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