Text-Analytics-Market
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<strong>Text</strong> <strong>Analytics</strong> : An Investor’s Guide to Understand <strong>Market</strong><br />
Variation Globally<br />
<strong>Text</strong> <strong>Analytics</strong> <strong>Market</strong> research provides industry analysis by type,<br />
manufacturer, application along with key factors influencing the<br />
growth of the market which include growth drivers, restraints,<br />
opportunities and challenges, strategically profile key players and<br />
comprehensively analyze their market share and core<br />
competencies.<br />
<strong>Text</strong> analytic is a process which is used to extract the insights from unstructured text. This<br />
insights help organizations to measure the customer expectations, product description, and also<br />
to understand the market trend. The increasing high volume and variety of data in feedback<br />
channels become one of the major drivers for the growth of text analytics market.<br />
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The increasing data on feedback channels provides wealth information to the companies to<br />
analyze their customer demand. To improve their business process and customer experience, the<br />
companies are increasingly turning to text analytics to extract the insights from unstructured text<br />
generated by social media post, open-end survey questions and many more.<br />
The increasing demand for insights from social media content become one of the<br />
major drivers for the growth the market<br />
Increasing stiff competition have forced companies to understand the demand of their customers<br />
and market trend. <strong>Text</strong> analytics help the companies to find real insights of the market by
analyzing data which is present on social media websites in the form of comments, posts, tweets,<br />
photos, and many more. This help companies to extract the real insights regarding customer<br />
experience, product description and many more. In addition, the increasing data on social media<br />
fuel the demand for text analytics in various organizations. For instance, Facebook, Instagram,<br />
YouTube, LinkedIn are some of the major player of the social media industry. In sixty seconds, on<br />
YouTube near 27,000 videos are watched, around 3 million posts are shared on Facebook, nearly<br />
430,000 tweets are posted on Twitter and around 120 new users are registered on LinkedIn.<br />
Hence, increasing data on social media channel fuels the demand of the text analytics market.<br />
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The global text analytics market was valued at US$ 3,031.5 million in 2016 and is<br />
estimated to witness a CAGR of 17.7% over the forecast period.<br />
On the basis of application, the text analytics market is diversified into brand reputation,<br />
competitive intelligence, customer relationship management, fraud detection, and predictive<br />
analytics. The customer relationship management application held a dominant position in the<br />
market in 2016, owing to high focus on customer engagement and increasing adoption by small<br />
and medium enterprises, fuels the customer relationship management application in text<br />
analytics market.<br />
North America holds a dominant position in the global text analytics market<br />
According to Coherent <strong>Market</strong> Insights, North America held the dominant position in the global<br />
text analytics market in 2016, valued US$ 1045 million and is projected to reach US$ 4,237.6<br />
million by 2025, with a CAGR of 16.9% over the forecast period. The U.S. and Canada are the<br />
major countries driving growth of the text analytics market in North America region. This is owing<br />
to factors such as dominance of digitalization and high presence of leading companies, provides<br />
the dominant position to the market in the region. Moreover, Asia Pacific text analytic market is<br />
projected to exhibit largest CAGR of 19.1% over the forecast period. India, China, and Japan are<br />
some of the major countries which drives the growth of this market in Asia Pacific region. This is<br />
due to factors such as increasing economy and rising online business industry, which fuels the<br />
text analytics market in the region.<br />
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About Coherent <strong>Market</strong> Insights:<br />
Coherent <strong>Market</strong> Insights is a prominent market research and consulting firm offering actionready<br />
syndicated research reports, custom market analysis, consulting services, and competitive<br />
analysis through various recommendations related to emerging market trends, technologies, and<br />
potential absolute dollar opportunity.<br />
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