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Text Analytics Market: Regional Outlook, Competitive Strategies & Forecast up to 2026

Author : Ronak Bora | Published Date : 2020-08-20 

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.

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.

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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

Growing demand from enterprises to measure consumer behavior is a major factor driving the growth of the text analytics market. 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.

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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 5   Text Analytics Market, By Component

5.1  Key trends, by component

5.2   Software

5.2.1    Software market size, 2015 - 2026

5.2.2    Customer intelligence

5.2.2.1    Customer intelligence market size, 2015 - 2026

5.2.3    Customer Relationship Management (CRM)

5.2.3.1    CRM market size, 2015 - 2026

5.2.4    Governance, Risk, and Compliance (GRC) management

5.2.4.1    GRC management market size, 2015 - 2026

5.2.5    Fraud detection

5.2.5.1    Fraud detection market size, 2015 - 2026

5.2.6    Others

5.2.6.1    Others market size, 2015 - 2026

5.3   Service

5.3.1    Service market size, 2015 - 2026

5.3.2    Professional Services

5.3.2.1    Professional services market size, 2015 - 2026

5.3.3    Managed Services

5.3.3.1    Managed services market size, 2015 - 2026

Chapter 6   Text Analytics Industry, By Deployment Model

6.1   Key trends, by deployment model

6.2   On-premise

6.2.1    On premise market size, 2015 - 2026

6.3   Cloud

6.3.1    Cloud market size, 2015 - 2026

Chapter 7   Text Analytics Market, By Application

7.1   Key trends, by application

7.2   BFSI

7.2.1    BFSI market size, 2015 - 2026

7.3   Retail

7.3.1    Retail market size, 2015 - 2026

7.4   Government

7.4.1    Government market size, 2015 - 2026

7.5   Healthcare

7.5.1    Healthcare market size, 2015 - 2026

7.6   Media & advertising

7.6.1    Media & advertising market size, 2015 - 2026

7.7   IT & Telecom

7.7.1    IT & telecom market size, 2015 - 2026

7.8   Travel & Hospitality

7.8.1    Travel & hospitality market size, 2015 - 2026

7.9   Others

7.9.1    Others market size, 2015 - 2026

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.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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