Growing Demand for Social Media Analytics Creates Opportunity for Deployment of Text Analytics Solutions

Published By : 22 Aug 2016 | Published By : QYRESEARCH

An exponential rise has been witnessed in the global market for text analytics over the past decade, thanks to the surge in the need for social media analytics and the increase in the count of industry-specific text analytics applications across the world. In addition to this, analysts expect the demand for text analytics solutions to witness a remarkable rise over the forthcoming years, leading to significant growth in this market.

North America to Retain Leadership in Global Text Analytics Market 

The worldwide market for text analytics stretches across Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Among these, North America and Europe led the global market in 2015. Latin America, Asia Pacific, and the Middle East and Africa trailed closely with little margins in market shares.

Owing to the dynamic market environment, North America has been reporting a widespread deployment of text analytics solutions. This trend is projected to continue over the years to come, ensuring the region’s lead in the global market.

Cloud-based Text Analytics Solutions to Witness Strong Demand

In the global market, basically, two types of text analytics solutions are available: cloud-based solutions and on-premise solutions. Cloud-based solutions witness a higher demand than on-premise solutions due to the shortage of in-house skills to collect and analyze the unstructured data in enterprises. The recent emergence of SaaS solutions is likely to keep the demand for cloud-based solutions high over the next few years, retaining the segment’s leadership.

The leading text analytics service providers across the world are OpenText, RapidMiner Inc., IBM Corp., Clarabridge, and Lexalytics Inc. These players are aggressively focusing on the introduction of new products and services in order to maintain their positions in the global market. Other prominent players in this market are Angoss Software Corp., Attensity Group Inc., Predixion Software, Microsoft Corp., SAP SE, and SAS Institute Inc. 

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