Text analytics refers to the process of extracting the intrinsic meaning of written communication. In the context of customer experience, text analytics is meant to examine text that was written about or by customers. One can find topics of interest and patterns of conversation or messages and then an action can be taken based on what one gets to learn. Given the availability of humongous amount unstructured messages, the global text analytics market is likely to witness considerable growth over the tenure of assessment, from 2016 to 2024
Notes of call center executives, emails, survey results, tweets, online reviews, and various other types of written communication contain insights about the choices and preferences of customers. There exists a huge amount of information in recorded interactions and those can be converted into insightful texts. Text analytics can be utilized to add meaning to such unstructured texts.
The global text analytics market is likely to clock a double-digit growth rate of 17.6% CAGR over the period of forecast, from 2016 to 2024. Expanding at such a robust growth rate, the global text analytics market is expected to touch a market valuation of around US$12.16 billion through 2024.
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Some of the key players in the global text analytics market comprise MeaningCloud LLC, International Business Machines Corporation, Luminoso Technologies, Inc., Megaputer Intelligence, Inc., OpenText Corporation, and SAP SE.
Increased Demand for Analysis of Unstructured Data Shoots Up Demand
The global text analytics market is estimated to be driven by increasing demand for the tools of text analytics from various end use sectors. Tools of text analytics are utilized by organizations to assist in the process of business-related decision making. It offers valuable actionable insights from various sources such as blogs, center logs, client interaction, tweets, and product reviews.
With the emergence and rapidly growing popularity of big data analytics, several organizations are focusing more on making a combination of dissimilar external and internal data sources to attain improved performance. As such, the advent of big data is likely to encourage the growth of the global text analytics market in the years to come. Utilizing the tools of text analysis, the data thus derived can be utilized in many different ways.
Unstructured data is present everywhere, from online news sources to call centers to tweets to blogs to posts and comments. Companies are utilizing this data in more than one ways to turn it into their advantage. In addition, emergence and rapid adoption of social media analytics are expected to favor the growth of the global text analytics market in the forthcoming years. Social media analytics track data from various social media networks to track online conversations about different products and companies. Marketers strategize and formulate plans for the company based on the information thus gathered from social media websites. In addition, augmented adoption and integration of text analytics tools into analytics software tools of companies assists businesses to analyze data. This factor is also likely to fuel the expansion of the global text analytics market.
However, the technology is still in its nascent stage and it needs to come a long way for its widespread application in organizes of all sizes.
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Driven by Technological Advancement, North America Likely to Lead the Market
The global text analytics market has been divided into the key regions of Middle East and Africa, Asia Pacific, Latin America, North America, and Europe. It is estimated that the North America region will rise to prominence over the period of assessment due to the presence of several leading players in the regions. In addition, early adoption of text analytics tools and its widespread implementation is expected to boost the growth of the text analytics market in North America.
The region comes with a highly advanced technological infrastructure of various companies, which facilitates the use of these tools to optimize revenue generation.
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