Text Analytics Market Insights by Growth, Emerging Trends and Competitive Analysis by 2027

Text analytics transforms unstructured text into structured data to aid identification of meaningful patterns and fresh insights. This is achieved by breaking sentences and phrases into their components and then evaluating each component using complex software rules and machine learning algorithms. Furthermore, this comprises text mining, which pulls text from a source into a model for data analysis, and natural language processing (NLP) to transform written language into data. Increase in demand for social media analytics is augmenting growth of the global text analytics market.

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Leading software companies are understanding a growing importance of fresh skills for proper text analytics. These skills consist of indispensable features that combine insights from unstructured customer orders and social media data that augment campaign results leveraging new opportunities of expansion. Moreover, augmentation of competitive intelligence and enhanced customer services are projected to offer lucrative opportunities of growth during the forecast period.

Increasing Popularity of Predictive Analytics Projected to be a Key Driver of Growth for Text Analytics Market

Predictive analytics is aiding the augmentation of internal operations of businesses. Such technologies are being used enhance customer services, efficiently manage budgets, understand the scopes of new markets, and project the impact of campaigns. As technology advances towards accuracy, accessibility, and cost-efficiency, the benefits of text analytics are increasingly gripping software establishments. Increasing applications of standard statistical practices, and technologies surrounding artificial intelligence are being adopted to evaluate future outcomes based on existing data.

These techniques facilitate problem-resolving capacities like reducing risk, improving market campaigns, optimize operation, and fraud detection. Therefore, all these factors act as the key driving forces of the text analytics industry.

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North America Projected to Maintain a Dominant Position in the Global Text Analytics Market

The United States of America constitutes a major text analytics market within the North American region. This owes to the increasing application of text analytics across end-user industries. The region has always been a forerunner in taking up advanced technologies. Therefore, the United States is major contributor of maintaining North American dominance over the global text analytics market due to a strong presence of major text analytics providers. Increasing investments in artificial intelligence and machine learning are also driving market growth in the region.

Companies Invest in Augmented Updates on Existing Technologies to Retain Customers

Businesses are increasingly developing fresh technologies to attract new customers and retaining the present consumer-base. In July 2019, Microsoft launched an update of their sentiment analysis solution. The new model has drastically boosted the ability of detecting negative, positive, and mixed sentiment in unstructured text documents. Similarly, in May 2021, TCS and Microfocus's unified analytics platform, Vertica, announced a strategic partnership to accelerate the process of modernization in enterprise data warehouses for various data-driven companies using Unified Analytics Platform.

A group of companies constitute a larger share of the global text analytics market. These include IBM, SAP, SAS, Capgemini, Microsoft, Attivio, and Oracle. The secondary group consist of NICE, and Confirmit AS along with others.

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