Published on : Mar 16, 2016
The text analytics market is one of the fastest growing markets in the global technology and media market. With many new text analytics solutions being introduced by leading players, the global text analytics solutions market is expected to expand at a rapid pace. Text analytics, a process used for various purposes such as sentiment analysis, summarization, explicative, classification, and investigative is in demand more than ever before. The rapid rise in unstructured information has resulted in the increasing adoption of text analytics services, thus expected to boost the global text analytics market in the years to come.
Text analytics solutions help transform unstructured information for analysis to help organizations conduct numerous functions such as understanding customer feedback, analyzing and monitoring brand reputation, identifying product issues, and others. For any business, unstructured data plays an important role as majority of business information is originated in an unstructured format, mainly in text. Going forward, social media is expected to play a major role in contributing towards the growth of text analytics solutions.
What would help in Growth of Global Text Analytics Market?
- Text analytics assist in comprehending, monitoring, and participating in public dissertation. Thus, the demand of text analytics solutions is expected to increase in the coming few years.
- Further, the increasing adoption of cloud-based applications and services is expected to augment the growth of the global text analytics market in the next few years.
- The exposure of text analytics services to cloud-based applications is expected to increase the agility of the process. With this the cloud segment for analytics applications is expected to grow faster.
Cloud-based and on-premise are two of the deployment types popularly practiced by the experts. Data analysis and forecasting, intelligence and law enforcement, fraud detection, and customer relationship management are some of the applications of text analytics. Text analytics play an important role in fraud detection where the main purpose of text analytics solutions is to intercept, analyze, and translate various communication channels to avoid serious crimes in the region or a community.
The increasing research investments by the governments and federal agencies across the globe to effectively monitor and prevent terrorist activities and any other unlawful acts is expected to increase the demand for text analytics services.