LONDON--(BUSINESS WIRE)--The global text analytics market is expected to post a CAGR of more than 20% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Text analytics solutions provide cost benefits and improve the functionality and management of various processes. They are widely used to handle various CRM-related requirements and help enterprises to focus more on their core competencies. For instance, the insights derived from CRM-processes such as chatbots and feedback systems can be analyzed for effective decision-making. This is crucial in customer-centric industries such as BFSI, retail, travel and tourism, and media and entertainment. Text analytics can also be used in promotional campaigns and category-based marketing to find new and innovative ways to target a particular set of customers. Many such benefits offered by text analytics solutions are driving the growth of the market.
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As per Technavio, the emergence of AI and big data in text analytics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Text Analytics Market: Emergence of AI and Big Data in Text Analytics
Many enterprises are increasingly adopting text analytics backed with AI and big data to improve their business efficiencies. The integration of AI automates various text analytics solutions such as data modeling, fraud detection, predictive analytics, brand reputation management, and report systems. In addition, AI-based text analytics solutions help monitor consumer behavior using behavioral analysis. This helps customer-centric industries such as BFSI to detect fraudulence in policy claims and the crimes and thefts in banks.
“The emergence of advanced text analytical tools and the high utilization of social media will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Text Analytics Market: Segmentation Analysis
This market report segments the global text analytics market by geography (APAC, Europe, MEA, North America, and South America) and deployment (cloud-based and on-premise).
The European region led the market in 2019, followed by North America, APAC, MEA, and South America respectively. During the forecast period, the European region is expected to maintain its dominance over the market. This is due to increasing investments in industries such as retail, e-commerce, and healthcare in the region. However, the APAC region is expected to witness the maximum incremental growth owing to the increasing adoption of advanced technologies in end-user industries such as telecommunication, BFSI, healthcare, retail, and travel and tourism.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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