Published By : 24 Jun 2016 | Published By : QYRESEARCH
The global market for text analytics has been witnessing a tremendous rise since the last few years. The escalating need for social media analytics and the increasing number of industry-specific applications associated with text analytics are boosting the text analytics market significantly across the world.
Demand for Text Analytics to Increase Significantly in IT and Telecom Sector
The text analytics solutions are mostly applied in military and defense, manufacturing, automotive, entertainment and media, medical and healthcare, BFSI, IT and telecom, transportation and hospitality, and retail industry.
In 2015, the demand for these solutions was the highest in the military and defense industry. However, the IT and telecom sector is likely to register the fastest growth in the coming years, expanding at a CAGR of 18.50% between 2016 and 2024. The growing need to improve visibility in core operations and internal procedures to predict results accordingly is driving the demand for text analytics solutions in this industry.
North America and Europe to Maintain Dominance in Global Text Analytics Market
The worldwide text analytics market is spread across North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. In 2015, Europe and North America led the global market. The presence of a dynamic market environment has fueled the adoption of text analytics solutions in both the regions. The trend is expected to continue in the near future. Latin America and the Middle East and Africa are also projected to experience a rapid rise in their market share over the next few years.
The global text analytics market is currently led by are Attensity Group Inc., SAP SE, RapidMiner Inc., OpenText, Clarabridge, SAS Institute Inc., Angoss Software Corp., IBM Corp., Lexalytics Inc., Microsoft Corp., and Predixion Software. Market players are increasingly involving into mergers, acquisitions, and strategic alliances to expand their reach. Leading participants including IBM, RapidMiner, Lexalytics, OpenText, and Clarabridge are also focusing on introducing novel products and services into the market to strengthen their portfolios.