Text Analytics Market Scope
Text analytics is a process of analyzing the text content in emails, blogs, tweets, forums, and other forms of textual communication. Text Analytics is the process of discovering new, previously unknown information, by automatically extracting information from different written resources. The growing popularity of text analytics technology is attributed to the rising acceptance of social media platforms and a growing inclination towards cloud technology for data storage.
The companies are exploring the market in new regions by adopting mergers & acquisitions, expansions, investments, new solution launches, and collaborations as their strategies. Key players are exploring new areas through expansions and acquisitions across the world to avail of competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Text Analytics market throughout the predicted period.
SAP SE (Germany), International Business Machines Corporation (United States), SAS Institute, Inc. (United States), OpenText Corporation (Canada), Clarabridge, Inc. (United States), Megaputer Intelligence, Inc. (United States), Luminoso Technologies, Inc. (United States), MeaningCloud LLC (United States), KNIME.com AG (Switzerland) and Infegy, Inc.(United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Lexalytics, Inc. (United States) and Averbis (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Text Analytics market by Type (Software (Customer Intelligence, Customer Relationship Management (CRM), Fraud Detection Governance, Risk and Compliance (GRC) Management) and Service (Professional Services, Managed Services)), by Application (Customer Experience Management, Marketing Management, Governance and Risk and Compliance Management) and Region with country level break-up.
On the basis of geography, the market of Text Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In Nov 2019, OpenText announced new partnerships, services and product integrations to help customers move critical EIM workloads to Google Cloud. As part of this expanded relationship, Google Cloud has selected OpenText as its preferred partner for Enterprise Information Management Services, while OpenText has named Google Cloud its preferred partner for enterprise cloud., and In Jun 2019, Medallia, Inc announced it has signed a definitive agreement to acquire Tel Aviv-headquartered Cooladata, a next-generation cloud-based behavioral analytics platform.
In April 2019, SAP SE announced enhancements to the SAP HANA® database in the cloud and on-premise that provide everyone instant access to critical data and extreme performance to democratize in-memory computing.
Market Trend
- Growing Demand for Sentiment Analysis
- Inclination towards Virtual Workplace and Demand for Personalized Services
Market Drivers
- Growing Demand for Social Media Analytics
- Increasing Use of Business Intelligence Tools
- Proliferation of Cloud Computing Technology
Opportunities
- Enhancing Customer Service and Competitive Intelligence
- Rising Significance of Big Data and IoT in Analytics Market
Restraints
Challenges
- Data Privacy and Security Concerns
- Concerns About Positive RoI
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analyst and Strategic Business Planners, Text Analytics Providers, Government Regulatory and Research Organizations and End-Use Industries