Text Analytics Market worth 8.79 Billion USD by 2022

(LegalLaw247.com, June 13, 2018 ) The text analytics market 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) 17.2%. Factors such as the emergence of multilingual text analytics to break the language barrier and increase in industry-specific text analytics applications are driving the global market.

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The report provides detailed insights into the global text analytics market, which is segmented by component, application, deployment model, organization size, industry vertical, and region. In the component segment, the text analytics software segment is expected to have the largest market share during the forecast period. 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. The need to generate insights from the data gathered from financial transactions and customer feedback, and develop better business models is expected to foster the demand in this vertical. Large enterprises dominate the market in terms of revenue generation with the widespread adoption of text analytics for various applications, such as customer experience management and marketing management. However, Small and Medium-sized Enterprises (SMEs) are expected to exhibit the highest CAGR owing to easy availability and scalability of cloud-based deployments.

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The report covers all the major aspects of the text analytics market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America, owing to the early adoption of new and emerging technologies and the presence of major industry players, is expected to continue to dominate the market throughout the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to the growing adoption of cost-effective text analytics software and services among SMEs.

Mr. Rohan

Source: EmailWire.Com
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