A guide to make decisions in Text Analytics Related Industry

According to new market research report "Text Analytics Market by Component (Software, Services), Application (Customer Experience Management, Marketing Management, Governance, Risk and Compliance Management), Deployment Model, Organization Size, Industry Vertical, Region - Global Forecast to 2022", The text analytics market size is expected to grow from USD 3.97 Billion in 2017 to USD 8.79 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.2%. The key forces driving the text analytics market include growing need for social media analytics, predictive analytics for businesses, and the need for customized and industry-specific applications.

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Text analytics is a tool that applies sets of statistical, linguistic, and machine learning techniques, to analyze the text data gathered from social and enterprise sources. Text analytics extracts useful information from social, online, or enterprise data, in order to create valuable insights for business, research, and investigation. The text analytics software solutions are increasing in demand among business groups to automate the identification of entities, topics, events, concepts, and personal attributes, and streamline the decision-making and business optimization process. Nowadays, text analytics has been finding greatest use in CEM and marketing management, risk management, and fraud detection applications. Text analytics has evolved from word extraction and document categorization to sentiment analysis, along with today’s predictive analysis for CEM, market research, investigative analysis, and social listening. It uses Natural Language Processing (NLP) to structure the unstructured data and categorize it. For instance, NLP helps merge the unstructured text-based data with operational data in Voice-of-Customer (VoC) programs.

The text analytics market has been segmented, on the basis of component, application, deployment model, organization size, industry vertical, and region. The demand for text analytics software is rising on account of growing prevalence of social media content toward improving customer experience and building effective marketing campaigns. Among applications, customer experience management is expected to continue its dominance during the forecast period. The use of text analytics solutions is increasing among businesses to gain better insights into customer demands and product feedbacks and offer better services. The cloud deployment model is expected to exhibit a higher adoption, compared to the on-premises deployment model. The demand for cloud-driven Application Programming Interfaces (APIs) is rising among customers, which in turn is supporting the growth of cloud-based deployment models. The retail and eCommerce segment, followed by the Banking, Financial Services, and Insurance (BFSI) segment, is expected to constitute the largest market share and continue to lead the market during the forecast period. 

In 2017, North America is expected to dominate the text analytics market with largest market size. This trend is expected to continue throughout the forecast period. The text analytics market is revealing a strong positive trend in this region owing to the easy availability of text analytics solutions. Various companies and industries are adopting text analytics software and services to create business models that support real-time decision making and improve productivity. The APAC region is expected to exhibit the highest growth rate. This growth can be attributed to growing awareness, surge in data, and increasing demand for real-time analytics. 

Text Analytics applications in retail and eCommerce, BFSI, healthcare and life sciences and media and entertainment drive the market growth

Retail and eCommerce

Organizations in the eCommerce arena get to collect tremendous customer data, with constant additions every day. The data is collected through social media in the form of comments, posts, or blogs, which prove to be helpful in demand forecasting, customer segmentation, and profitability analysis. The retail and eCommerce industry has shown a significant adoption rate of text analytics solutions. Text analytics applications in the retail and eCommerce vertical are majorly focused on marketing and CEM, which include analysis of brand reputation, purchase behavior, summarization of surveys and reviews, churn analysis, and developing selling and promotion strategies.

The text analytics ecosystem comprises vendors such as SAP SE (Germany), IBM Corporation (US), SAS Institute, Inc. (US), OpenText Corporation (Canada), Clarabridge, Inc. (US), Megaputer Intelligence, Inc. (US), Luminoso Technologies, Inc. (US), MeaningCloud LLC (US), KNIME.com AG (Switzerland), Infegy, Inc. (US), Lexalytics, Inc. (US), Averbis (Germany), and Bitext Innovations S.L.(Spain).