Worldwide Text Analytics Industry to 2030 - Enhancing Customer Service and Competitive Intelligence Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Text Analytics Market by Component, Deployment Model, Enterprise Size, Application and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

Text analytics is the process of converting the unstructured text data into meaningful data. This analytical software offers solutions which provides tools, servers, analytic algorithm-based applications, data mining and extraction tools for converting data into meaningful resources.

This is further utilized in the process of analysis, product review, feedback, to measure customer opinions and entity modeling to support fact-based decision making. Text analytics is applicable for various purposes which includes sentiment analysis, automated ad placement, social media monitoring, competitive intelligence and others.

Growing need for social media analytics and predictive analytics for businesses are boosting the growth of the global text analytics market. In addition, rise in highly customized and industry-specific applications is positively impacts growth of the market. However, lack of awareness, skilled workforce, and other operational challenges and data privacy and security concerns is hampering the market growth. On the contrary, enhancing customer service and competitive intelligence is expected to offer remunerative opportunities for expansion of the market during the forecast period.

The global text analytics market is segmented into component, deployment model, enterprise size, application, industry vertical, and region. By component, the market is bifurcated into software and services. On the basis of deployment model, it is categorized into on-premises and cloud. Depending ion enterprise size, the market divided into large enterprises and SMEs. The applications covered in the study include customer experience management, marketing management, governance, risk, and compliance management, document management, workforce management, and others.

As per industry vertical, the market is fragmented into retail, BFSI, travel & hospitality, media & entertainment, healthcare, IT & telecom, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Benefits

• The study provides an in-depth analysis of the global text analytics market forecast along with the current & future trends to explain the imminent investment pockets.
• Information about key drivers, restraints, & opportunities and their impact analysis on global text analytics market trends is provided in the report.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

Market Dynamics

Drivers

• Surge in need for social media analytics
• Predictive analytics for businesses
• Surge in penetration of cloud computing technology

Restraints

• Lack of awareness, skilled workforce, and other operational challenges
• Data privacy and security concerns

Opportunity

• Enhancing customer service and competitive intelligence

Key Market Segments

By Component

• Software
• Service

By Enterprise Model

• On-premises
• Cloud

By Enterprise Size

• Large Enterprises
• SME

By Application

• Customer Experience Management
• Marketing Management
• Governance, Risk, and Compliance Management
• Document Management
• Workforce Management
• Other

By Industry Verticals

• Retail
• BFSI
• Travel & Hospitality
• Media & Entertainment
• Healthcare
• IT & Telecom
• Others

By Region

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Netherlands
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Market Players

• Clarabridge, Inc.
• IBM
• Luminoso Technologies, Inc
• Megaputer Intelligence, Inc
• Microsoft Corporation
• Micro Focus LLC
• Open Text Corporation
• Oracle corporation
• SAP SE
• SAS

For more information about this report visit https://www.researchandmarkets.com/r/cyt56i