Text Analytics Market Trend, Competitive Growth Overview and Forecast to 2025

Global Text Analytics Market was valued at US$ 2.59 Bn in 2016 and is estimated to reach US$ 18.28 Bn by 2025. The report highlights the trends prevalent in the global text analytics market and the factors driving the market along with those that act as deterrents to its growth.

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Top Key Players in Market

IBM Corporation
SAP SE
SAS Institute Inc.
Clarabridge
Expert Systems
OpenText Corp.
Basis Technology
Linguamatics
ANGOSS SOFTWARE CORPORATION
KNIME

On the basis of technology, text analytics can be distinguished into three types: natural language processing, automated machine learning and hybrid. Natural language processing is a scientific discipline that is concerned with making the natural language accessible to machines on the basis of text analytics. Automated machine learning promotes the development of malleable software packages which can be instantiated automatically in a data-driven way. It is a type of machine learning that can be used easily and without expert knowledge, whereas Hybrid is a mixture of NLP and Automated Machine Learning, which is required for the machine to perform the action based on commands or algorithms written in natural language

In our study, we have segmented the text analytics market by deployment type, technology, applications and verticals. Text analysis is a process of transforming input text into series of terms, or canonical forms of words that are typically stripped of inflections and junk characters. Deployment of the text analysis is done in two types: on-premise and cloud-based. Multitenant architecture is very elastic, which necessitates on-demand provisioning and de-provisioning of applications and computing resources. This type of service is preferred by the countries that either do not have their data centers or have very classified data which cannot be shared over the cloud. Cloud-based text analysis are provided over the internet that are used by various companies for analysis of their data to collect necessary information regarding the data.

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Text analytics has been used by government agencies for a variety of purposes. Most of the organizational data (almost 80%) are unstructured such as freeform text from field reports, forms, abstracts, notes, comments, emails, social media and other sources. Dealing with this unstructured data is one of the biggest challenge that the government agencies are facing. With the use of text analytics, the agencies can perfectly estimate identify unmet needs, public sentiment, influence opinion, identify hidden risks, shape policy, and stop fraud and collusive crime, and more

The key players profiled in the report are IBM Corporation, SAP SE, SAS Institute Inc., Clarabridge, Expert Systems, OpenText Corp., Basis Technology, Linguamatics, ANGOSS SOFTWARE CORPORATION and KNIME.

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This release was published on openPR.