Text Analytics Market - IT and Telecom Industries to Constitute Majority of Demand

Having realized that analysis of text data can allow a better understanding of consumers’ priorities and overall behavior, a constantly rising number of companies across the globe are focusing on the enhancement of their text analytics capabilities.

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Text data is being swarmed in from sources such as e-mails, social media platforms, and consumer reviews on company web portals, creating mounting volumes of business critical data. In the intensely competitive market, where competitors are leaving no stone unturned to align strategies with consumer preferences, text analytics prowess is expected to be a major determinant of success for companies in the near future.

In 2015, the military and defense sector accounted for a dominant share of 19.7% of the overall text analytics market. However, this end-use segment is projected to lose its attractiveness to the IT and telecom sector in the next few years. These flourishing industries are expected to incorporate an increased number of text analytics solutions for achieving improvement in visibility in market trends, internal processes, and core operations.

The world is currently on the verge of a digital revolution, and the telecom and IT sectors, which constitute the core competencies enabling digitization, will witness vast global expansion in the next few years, and will require effective text analytics solutions at a rapid pace. The market for text analytics will exhibit an 18.5% CAGR in the IT and telecom sector from 2016 to 2024.

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