Text analytics, which is also referred as text mining or
text data mining, is a process of extracting information from the available
text sources. In this process, value content is derived from the provided raw
data. This derived content is useful for business organizations to acquire the
ready-to-use information with insights. This data are used in research
activities too.
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This process is widely used in business organizations all
around the world for summarization of data, classification of information, data
investigation, and other purposes. Text analytic program or software is able to
process both structured and unstructured data with accuracy and efficiency.
These programs accept multi-language and foreign language data and run
efficiently without any disturbance. Globally, the need for this software is
increasing at a rapid pace. Increasing demand for social media analysis for
effective brand development, creating multi-lingual text to overcome language
barriers, growing data market, banking frauds, and stock market security
breaches are some of the reasons contributing to the growth of text analytics
market globally.
Expanding internet appearance, increasing use of mobiles,
and rising awareness about text analysis principles in getting insight into
consumer behavior and preferences are other factors fueling the global market
growth. However, lack of knowledge about software handling and high costs are
the factors that may hamper the growth of the global market in future.
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The global text analytics market is segmented on the basis
of application, deployment model, organization size, and verticals. On the
basis of application, the market is segmented as search-based applications,
enterprise application, data analytics application, predictive analytics,
web-based application, and others. Based on organization size, the global text
analytics market can be segmented as small, medium, and large enterprises.
Based on the deployment model, the market is further classified as on-premise
model and cloud deployment model. Cloud deployment model is anticipated to get
importance in future; small enterprises are dependent on on-premise model.
Based on verticals, the global text analytics market is segmented as banking,
financial serves, healthcare, retail and manufacturing, hospitality, CPG, and
telecommunication.
Geographically, the global text analytics market is further
classified into the United States, Latin America, Africa, Asia Pacific, the
Middle East and Europe. North America is the leading region in the global text
analytics market. This trend is followed by Western Europe and Asian regions.
The global text analytics market is lead by many major
players owing to their efficient software. Some of the key players operating in
this market globally include HP Development Co., Attensity Inc., Tableau
Software, and Oracle.
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Text Analytics Market: Regional Segment Analysis
·
North America
o
U.S.
·
Europe
o
UK
o
France
o
Germany
·
Asia Pacific
o
China
o
Japan
o
India
·
Latin America
o
Brazil
·
Middle East and Africa
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