What are the potential opportunities in the Text Analytics Market? By Major Players Altair, Brandwatch, Clarabridge, Hewlett Packard Enterprise, IBM, Interactions LLC, Jive Software, Khoros, Medallia, Microsoft, NetBase Quid, OpenText, RapidMiner, SAP, SA

Growing demand from enterprises to measure consumer behavior is a major factor driving the growth of the text analytics market. Businesses can use the text mining systems to verify the authenticity of misrepresented facts and fake claims. This not only facilitates in reducing the risk of fraud but also reduces the financial burden of insurance firms.

Earlier in March 2017, even the United Services Automobile Association entered a partnership with IBM Global Services to enhance customer experience and services and cut the cases of fake claims. Increasing instances of frauds and the rising demand for appropriate solutions to combat the same will thus drive text analytics market share.

The prominent companies operating in text analytics market are Altair, Brandwatch, Clarabridge, Hewlett Packard Enterprise, IBM, Interactions LLC, Jive Software, Khoros, Medallia, Microsoft, NetBase Quid, OpenText, RapidMiner, SAP, SAS. These companies, as is observed, are primarily focusing on developing novel products and services in order to enhance their position in the market.

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Unmetric Inc. introduced custom content tagging - an upgraded addition to its platform in September 2018. Post the enhancement, this platform offered vendors analysis of the factors that engage consumers on social media so they may be able to adjust their social media strategies.

These companies are also focusing on development of innovative products and research & development activities to amass growth in the market. Moreover, text analytics service providers in Europe and North America are also aiding private corporations to adopt strategies on the basis of changing social media trends.

Consumer feedback and sentiment analysis play a significant role in the customer-based industries such as travel and hospitality. The expanding travel and hospitality sectors are thus aiding the expansion of the text analytics market. Prominent companies operating in the market are developing innovative solutions which comprise machine learning, AI, NLP, and deep learning, to gain an advantage over their respective competitors. This factor, coupled with the surging need of social media analytics to improve customer services is contributing to the growth of the text analytics industry.

Latin America text analytics market will witness substantial growth through 2026 owing to escalating investments in NLP technologies and the rising demand for accurate social media analytics. Prominent Latin American companies are observed partnering with key players operating in the text analytics market to enhance customer experience and services in the region.

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Enterprises are leveraging text analytics systems to analyze preferences of consumers based on their behavior on social media. With these types of analytics, companies can target specific customers according to gender, region and demography, the rising need for which is propelling the growth of the text analytics market in the region.

Recently in August 2019 for instance, UOL selected AI technology provider Utopia Analytics to improve customer services by automating comment moderation on its respective platform.

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