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Text Analytics Market 2020 | Outlook, Growth by Top Companies, Regions, Types, Applications, Drivers, Trends & Forecasts by 2026

Author : Ronak Bora | Published Date : 2020-09-04 

Text analytics market will be prominently driven by growing demand from enterprises to measure consumer behavior. Businesses can use the text mining systems to verify the authenticity of misrepresented facts and fake claims. This not only facilitates in reducing the risk of fraud but also reduces the financial burden of insurance firms. Earlier in March 2017, even the United Services Automobile Association entered a partnership with IBM Global Services to enhance customer experience and services and cut the cases of fake claims. Increasing instances of frauds and the rising demand for appropriate solutions to combat the same will thus drive text analytics market share.

Latin America text analytics market will witness substantial growth through 2026 owing to escalating investments in NLP technologies and the rising demand for accurate social media analytics. Prominent Latin American companies are observed partnering with key players operating in the text analytics industry to enhance customer experience and services in the region.

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Enterprises are leveraging text analytics systems to analyze preferences of consumers based on their behavior on social media. With these types of analytics, companies can target specific customers according to gender, region and demography, the rising need for which is propelling the growth of the text analytics market in the region.

Recently in August 2019 for instance, UOL selected AI technology provider Utopia Analytics to improve customer services by automating comment moderation on its respective platform.

Text Analytics Market size is expected to exceed USD 15 billion by 2026. The growing demand to gain key business insights by analyzing consumer behavior is propelling market growth.

Some major findings of the text analytics market report include:

  • The demand for social media analytics to enhance customer engagement and experience is proliferating the text analytics market
  • Government organizations are using text analytics to analyze public feedback, enhance policy analysis, and improve regulatory compliance
  • The highly customer-centric nature of the travel & hospitality industry has surged the importance of customer sentiment analysis and feedback reviews
  • 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.
  • Companies are delivering advanced text analytics solutions with AI, machine learning, deep learning, and NLP to gain a competitive edge over rivals
  • 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

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Consumer feedback and sentiment analysis play a significant role in the customer-based industries such as travel and hospitality. The expanding travel and hospitality sectors are thus aiding the expansion of the text analytics market. Prominent companies operating in the text analytics industry are developing innovative solutions which comprise machine learning, AI, NLP, and deep learning, to gain an advantage over their respective competitors. This factor, coupled with the surging need of social media analytics to improve customer services is contributing to the growth of the text analytics industry.

Table of Contents (ToC) of the report:

Chapter 1    Methodology & Scope

1.1   Methodology

1.1.1    Scope

1.1.2    Definitions

1.1.3    Methodology and forecast parameters

1.2   Data Sources

1.2.1    Secondary

1.2.2    Paid sources

1.2.3    Public sources

1.2.4    Primary

Chapter 2   Executive Summary

2.1   Text analytics industry 3600 synopsis, 2015 - 2026

2.2   Business trends

2.3   Regional trends

2.4   Component trends

2.5   Deployment trends

2.6   Application trends

Chapter 3   Text Analytics: Industry 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 industry 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) of this research report @ https://www.gminsights.com/toc/detail/text-analytics-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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