What's Driving the Text Analytics Market Trends? Amazon Web Services (AWS), Basis Technology, Bitext Innovations, S.L., Brandwatch, Clarabridge, HP, IBM, Interactions, Jive Software (Aurea, Inc.), Medallia, Megaputer Intelligence, Microsoft, SAP, SAS Inst

Text analytics market will be driven by the need to gain valuable business insights by analyzing customer behavior would act a primary growth enabler for its industry. Moreover, with growing significance, the Global Market Insights, Inc., predicts that the market may surpass USD 15 billion by 2026.

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Analytics is slated to the potential to revolutionize the way organizations commence their businesses. With efficient analytics, companies can examine enormous amounts of data to uncover correlations, hidden patterns, and other business insights. Given to the growing need to streamline unstructured data, the text analytics market is projected to gain immense traction in the coming years.

Company profiled in text analytics market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Amazon Web Services (AWS), Basis Technology, Bitext Innovations, S.L., Brandwatch, Clarabridge, HP, IBM, Interactions, Jive Software (Aurea, Inc.), Medallia, Megaputer Intelligence, Microsoft, SAP, SAS Institute, Unimetric, and Verint System

Enterprises worldwide are using text analytics to mitigate the risk of fraud. Text mining can help detect similar patterns misrepresent facts and fake claims which reduces risk and financial burden on insurance firms. Organizations are analyzing documents from unrelated claimants to uncover similarities in claim patterns and verify the authenticity of the claims.

Citing March 2017 instance, the United Service Automobile Association (USSA) collaborates with IBM Global Services to detect fake insurance claims using text analytics. With this technology, the could reduce fake claims cases and enhance customer experience by fueling the process of claim settlement.

Governments across the world are transitioning from conventional public services to e-governance online services. These services require advanced analytics solutions to formulate new policies. Text analytics solutions help federal agencies to extract and evaluate information and attain key insights.

Policymakers are leveraging text mining systems to compare and establish new policies under the existing framework. Moreover, government organizations are using text analytics to enhance policy analysis, analyze pubic feedback, and improve regulatory compliance for better decision making.

Latin American countries including Brazil and Mexico are actively adopting social media analytics. Organizations are leveraging text analytics solutions to understand customer preferences based on their social media behavior. They are utilizing text analytics to plan strategies and target-appropriate customer base depending on parameters like region, gender, and demography. In addition to this, significant investments in Neuro-Linguistic Programming (NLP) are supporting the regional text analytics market growth over recent years.

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Latin American companies are also seen partnering with text analytics solutions providers to enhance their customer experience. In 2019, online media company, Universo Online (UOL) collaborated with Utopia Analytics for leveraging their AI-based moderation service to pre-moderate all the comments on its platform in real-time. This partnership would help UOL automate comment moderation on its platform to increase customer experience.

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Corporate Sales, USA
Global Market Insights, Inc.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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