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Text Analytics Market 2020: Top Key Players are Amazon Web Services (AWS), HP Enterprise, IBM Corporation, Interactions LLC, Jive Software (Aurea, Inc.), Luminoso Technologies, Medallia, Microsoft Corporation, SAP SE, and Verint System
Text Analytics Market
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.
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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.
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 industry share.
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 industry. Prominent companies operating in the text analytics industry 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 market.
Governments can utilize the data mining systems to measure public opinion, improve analysis of policies and optimize regulatory compliance. Moreover, advanced analytical systems are not only used to develop new policies but also to extract and evaluate data on the population to gain new perceptions. These factors play a vital role to strengthen, compare, and generate new policies. Thus, the enforcement of favorable federal reforms which encourage transforming traditional public services to e-governance is augmenting the demand for text analytics systems across the globe.
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The prominent companies operating in text analytics market are Amazon Web Services (AWS), Altair Engineering, Inc. (Angoss Software Corporation), Basis Technology, Bitext Innovations, S.L., Brandwatch, Clarabridge, HP Enterprise, IBM Corporation, Interactions LLC, Jive Software (Aurea, Inc.), Khoros, LLC, Lexalytics, Inc., Luminoso Technologies, Inc., Medallia, Inc., Megaputer Intelligence, Inc., Microsoft Corporation, Netbase Solutions, OpenText Corporation, RapidMiner Inc., SAP SE , SAS Institute Inc., Unimetric, and Verint System.
Some Points From Table Of Content: -
Chapter 5 Text Analytics Market, By Component
5.1 Key trends, by component
5.2 Software
5.2.1 Software market size, 2015 - 2026
5.2.2 Customer intelligence
5.2.2.1 Customer intelligence market size, 2015 - 2026
5.2.3 Customer Relationship Management (CRM)
5.2.3.1 CRM market size, 2015 - 2026
5.2.4 Governance, Risk, and Compliance (GRC) management
5.2.4.1 GRC management market size, 2015 - 2026
5.2.5 Fraud detection
5.2.5.1 Fraud detection market size, 2015 - 2026
5.2.6 Others
5.2.6.1 Others market size, 2015 - 2026
5.3 Service
5.3.1 Service market size, 2015 - 2026
5.3.2 Professional Services
5.3.2.1 Professional services market size, 2015 - 2026
5.3.3 Managed Services
5.3.3.1 Managed services market size, 2015 - 2026
Chapter 6 Text Analytics Market, By Deployment Model
6.1 Key trends, by deployment model
6.2 On-premise
6.2.1 On premise market size, 2015 - 2026
6.3 Cloud
6.3.1 Cloud market size, 2015 - 2026
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