17.3% CAGR growth in the Text Analytics Market during the forecast period of 2018-2023| Dominant Players - ALGOLIA, ASCRIBE, AVERBIS, CLARABRIDGE, CLARABRIDGE, INC., CONFIRMIT AS, EPIANALYTICS, INFEGY, INC., IBM CORPORATION, amongst others

Market Analysis:

Asia-Pacific to Witness the Highest Growth
Asia-Pacific is witnessing significant growth in industries such as retail, BFSI, and healthcare, which is expected to propel the demand for data analytics such as text analytics. Furthermore, the region poses noteworthy opportunities for text analytics owing to the rising number of the customers utilizing social media platforms and online purchase, which is projected to boost the market.

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Text analytics tools are being increasingly used by organizations to aid their business-making process by offering actionable insights from various forms of text sources, such as client interaction, emails, blogs, product reviews, tweets, and center logs. The primary objective of text analytics is to accumulate different forms of data, including structured and unstructured, which is further utilized for analysis, thereby fueling the organization’s business decisions. The companies procure better picture and understanding of their products and services at social media owing to which the use of text analytics is expected to grow. The increasing penetration of text analytics across the world, the demand for data security and flexibility is increasing, giving rise to cloud-based software.

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Market Segments:
Text Analytics Market is segmented by:
1. Deployment Model: On-premise Model, Cloud-based Model
2. Application: Predictive Analytics, Fraud Management, Risk Management, Business Intelligence, Others
3. End User: BFSI, Healthcare, Energy and Utility, Manufacturing, Retail, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Recent Developments:
•February 2018 - Linguamatics commenced the integration of their NLP platform at Atrius Health to recognize and collect crucial clinical and hidden clinical unstructured patient data, which is projected to compel other companies to increase the usage of text analytics.
•January 2018 - Rosoka Software announced the launch of analyst’s notebook, Rosoka Text Analytics, which can be used to analyze unstructured documents in over 200 languages. This is expected to boost the company’s audience reach thereby fueling the financials.

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