Text Analytics Market Overview:
Global Text Analytics Market is expected to garner $6.5 billion by 2020, registering a CAGR of 25.2% during the forecast period 2014-2020. It is an emerging technology that is very popular amongst various industries such as FMCG’s, BFSI, Telecom, Healthcare, etc. Text analytics software, provides companies with a means of understanding their customers better, helping them determine customer’s demands and purchasing patterns, by analyzing the data generated from various sources.
The growing popularity of text analytics technology is attributed by the rising acceptance of social media platforms and a growing inclination towards cloud technology for data storage. There is a global shift amongst companies to adopt cloud technology. The ability to curb fraud, manage risk and plan effective marketing campaigns, are some of the major factors that drive the global text analytics applications segment. As substantial data is generated through different sources, the adoption of cloud technology. empowers companies to analyze the data and forecast profitable outcomes of the same. The ability of text analytics, to analyze data in real time, has influenced its adoption in various businesses; therefore, text analysis is gaining prominence as a futuristic technology that could redefine business processes. Additionally, emerging economies possess a huge potential for the expansion of the text analytics market, especially, in the Asia-Pacific region.
The text analytics field is evolving as humongous amount of data is being generated from various sources such as social web sites, emails, conversations, audios, documents, tweets, web blogs, forums, etc. The key feature that makes this market attractive is the ability of text analytics to analyze the sentiments hidden in the text. Text analytics is being used in various sectors such as FMCG, Telecommunications, Government, Retail, Healthcare and Pharmaceutical Banking Financial Services and Insurance, etc. Increasing adoption of cloud computing technologies and use of social sites as communication platforms are major factors that are enhancing the growth of text analytics market.
The global text analytics market is segmented based on the deployment model, technologies involved, applications and geography. The deployment model is segmented into two different models such as on-premise model and cloud based model. In-spite of on-premise model being expensive, it is being opted by various government organizations instead of cloud based model due to the security concerns in the cloud technology. Additionally, cloud based model would be the largest revenue generating segment that is contributing to the growth of deployment model segment in the global text analytics market size.
Technology segment consists of big data analytics, predictive analytics, text clustering and web mining. Web mining segment is expected to grow at its faster pace as it provides leisure of analyzing the real time data which is on internet. Text clustering provides ease of text analysis on the similar types of data that decrease the time required for analysis, which is driving the growth for technology market.
Text analytics is an emerging market, which is being used in various application that are used in various sectors such as Retail, Healthcare and Pharmaceutical, FMCG, Telecommunications, Banking Financial Services and Insurance and Government. According to geography, North America is the largest revenue generating region amongst all.
Top factors impacting global text analytics market
Cloud is gaining traction in text analytics
Cloud is an umbrella term for large number of online services. It is very attractive technology amongst all the small and medium scale businesses (SMBs), which provides cost effective and lower risks solutions. Cloud allows real time analysis of the big data to retrieve meaningful information from the data, which is virtually stored in the data warehouses, which ultimately reduces the cost of storage. Also, as cloud allows the analysis from anywhere and anytime, it is gaining traction in text analytics. Currently, big data analytics through cloud is very the hottest trend in the global market. Companies believe that they don’t have the in-house skills to aggregate and analyze the unstructured data due to which they are turning towards Software as a Service (SaaS) platform. The SaaS solutions are in fact the fastest growing delivery models for the text analytics.
Low awareness as text analytics is the emerging technology
Text analytics is the emerging technology in the analytics field. As per the study done of the different geographies, LAMEA regions have low awareness about the technology and its benefits. Also, in emerging countries, due to their low economies, customers are unaware about the text analytics and its benefits in analyzing users and their behaviors. People in the technologically advanced regions such as North America use the analytical tools to improve their services. Hence, the overall usage of text analytics tools and awareness about the text analytics technology is limited. The lack of awareness about the text analytics technology is restricting the growth of global text analytics market. Therefore, such factors are negatively impacting the text analytic market.
High Cost text analytics software
The tools used for analytics purposes are very costly. Its cost depends on the version and the category of the analysis. Its price ranges from $500-$3500. The tools designed for the analysis purpose are developed from detailed analysis of homogenously generated data due to which the software is expensive. Emerging markets such as India, China, and Japan do not use such expensive tools for the analysis purpose due to their low economies. Also, the government institutions do not use the analytical tools due to its high cost. This limits the growth of text analytics market, which in turn negatively affects the global text analytics market.
The study provides an in-depth analysis of the global text analytics market with current and future trends to elucidate the imminent investment pockets in the market
Current and future trends are outlined to determine the overall attractiveness and single out profitable trends to gain a stronger foothold in the market
Quantitative analysis of the current market and estimations through 2013-2020 are provided to showcase the financial caliber of the market
Drivers and opportunities are evaluated to highlight the top factors responsible for market growth. Various segments are carefully evaluated to gauge the potential of the market
Porters Five Forces model and SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the market
Value chain analysis in the report gives a clear understating of the roles of stakeholder involved in the value chain
The study includes the text analytics market share of key players
Text Analytics Market Key Segments
The market for global text analytics is segmented as:
By Deployment Model
Cloud based model
Customer Relationship management
By End User
Fast Moving Consumer Goods (FMCG)
Banking Financial Services and Insurance (BFSI)
Healthcare and Pharmaceuticals