Social Media Driving Growth in the Text Analytics Market With a 17.16% CAGR

Text analytics is an emerging technology in the field of big data analytics, which is targeted to handle unstructured text data. Due to data deluge, there is a considerable demand for text analytics from various end-user industries, such as Banking, Financial Services & Insurance (BFSI), Healthcare, Fast Moving Consumer Goods (FMCG), Telecommunication, and so on.

Text analytics has four group of institutions which utilises its solution; public administration, consumer-facing businesses, life sciences, government, and scientific and technical research. These industries emphasize on online news, social postings, and enterprise feedback. Nowadays, users involved in these group-institutions seek to extract numerous relevant data/information. This, coupled with the continuous integration of artificial intelligence with features like linked intent and sentiment-attitudes, and emotions, the market for text analytics is likely to grow in the future.

Social media driving the text analytics market

Social media analytics used to be a frantic work for analyst before the introduction of social media-based analytical tools. Social media analytics deals with handling an unstructured data that is offered on social media into significant information for business. Companies use the data collected from social media to meet their goals in business and analyse critical indicators for resourceful performance. The market of social media analytics includes many analytical tools such as Twitter Analytics, Facebook Analytics, Google Analytics, Keyhole, Brandwatch, Edgar, BuzzSumo, Crowdbooster, TweetReach and Tailwind for specific needs of research to establish a market strategy. 

Due to ease in the collection of raw data and low cost involved, the social media analytics has attracted many small scale and large scale business such as Dell, Best Buy, Coca-cola, Nike, ITC and others as a profitable platform for data collection and processing.

Predictive text analytics is the fastest growing segment of technology

Text analytics technology bundles highly innovative techniques to quantify the processes of text analysis and deploy the automation of qualitative analysis of the text data. By technologies, the global text analytics market is segmented into; descriptive data analytics, predictive data analytics, text clustering, and web mining. Predictive text analytics comprises a variety of statistical techniques for machine learning, data mining, predictive modelling and prediction analysis, using any relevant data and information. In text analysis, this model exploits the pattern hidden behind any string of text which has some sentiment or emotions linked to it. This helps to take proactive decisions.

North America dominates the Text Analytics Market

North America was the market leader in the text analytics market in 2016. The primary factor that is augmenting the growth of the North America text analysis market is the technological advancement in the region, including the well-established cloud management technology. Cloud traffic in North America, in the year 2015, was estimated to be 1891 Exabyte (888 billion gigabytes) per year. In the year 2016, cloud traffic in the region reached 2771 Exabyte per year. The increasing cloud traffic indicates the growing number of data that needs to be processed. As a result, the market is fast expanding to cater to the rising need for processed data

According to Inkwood Research “The global text analytics market value was $3020 million in 2016, and it is expected to grow with a CAGR of 17.16% during the forecast period of 2017-2025.”

The global ‘text analytics’ market enjoys the presence of several established market players such as IBM, Attivio, Basis Technology, Brainspace, Dell, KPMG, Lexalytics, Linguistics, Open Text, SAS, SAP and so on

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