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Text Analytics Market Projected to $4.90 Billion by 2019 – New Report by MarketsandMarkets

(PRWEB) July 24, 2014

The report, “Text Analytics Market by Applications (Enterprise, Web-based and Software, Data Analysis, Search-based, Others), by Users (SMBs, Enterprises), by Deployment Model (Cloud, On-Premise) – Market Forecasts and Analysis (2014-2019),” defines and segments the global Text Analytics Market into various sub-segments with an in-depth analysis and forecasting of market sizes. The report also identifies the factors driving this market, and the restraints and opportunities impacting it along with the adoption trends.

Browse 68 market data tables and 41 figures spread through 166 pages and in-depth TOC on “Text Analytics Market:”

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MarketsandMarkets forecasts the global Text Analytics Market to grow from $ 1.64 billion in 2014 to $ 4.90 billion in 2019, at a CAGR of 18.1%. In terms of regions, North America is expected to be the biggest market in terms of market size, while Europe and Asia Pacific (APAC) are expected to experience increased market traction during the forecast period.

MarketsandMarkets broadly segments the global Text Analytics Market by regions: North America (NA), Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America (LA); by applications: enterprise, web-based and software, data analysis, search-based and others; by deployment model: cloud and on-premise; by users: Small And Medium-sized Businesses (SMBs) and enterprises; by industry verticals: Banking, Financial Services, and Insurance (BFSI), consumer packaged goods, healthcare and pharma, high-tech, manufacturing, retail and hospitality, telecommunications and others.

The vendors in the Text Analytics Market are constantly innovating and remodeling the existing architecture in order to develop more efficient software. Major vendors in the Text Analytics Market include IBM, HP, Microsoft, Oracle, and SAP. The major forces driving this market are better customer understanding and improved decision-making using the insights obtained from data analysis.

Technologies like big data analytics and predictive analytics in the Text Analytics Market have promising growth opportunities for industry players. Text analytics offers a more tactical approach by providing actionable insights from analyzed data. Organizations have realized that in order to keep up with this enormous amount of information, they need to automate their data analysis. Text analytics has huge potential in improving customer experience through Customer Relationship Management (CRM) and exercising marketing and branding activities more efficiently and effectively.

Text analytics has empowered organizations to extract valuable business insights from textual sources such as survey responses, email and messaging, contact center notes, traditional and social media, etc. For a customer-centric approach, text analytics could be the answer to survey analysis for attending to the needs of customers by understanding their responses better and in a more competent way. Social media platforms are among the top contributors for large amount of data which could be beneficial for many organizations if analyzed with the appropriate tools.

Text analytics with multi-lingual support is the key to removing language barrier between a customer and a company which will help the company to establish and expand globally. Lack of awareness in terms of end use and software handling could hamper the growth of text analytics. Issues like deployment cost and non-compliance with existing Information Technology (IT) infrastructure could challenge the credibility of this technology.

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About MarketsandMarkets:

MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.

MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. MarketsandMarkets covers thirteen industry verticals; including advanced materials, automotives and transportation, banking and financial services, biotechnology, chemicals, consumer goods, telecommunications and IT, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, aerospace & defense.

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