Global Text Analytics Market Worth USD 5.2 Billion By 2020

Date: 2016-11-22

Text analytics, also referred to as text data mining, roughly equivalent to text mining, is the process of deriving high-quality information from text. High-quality information is typically derived through the devising of patterns and trends through means such as statistical pattern learning. According to research, Global Text Analytics is expected to worth USD 5.2 billion by 2020

Emergence of multilingual text analytics to break the language barrier and an increase in industry-specific text analytics applications are among the factors driving the text analytics market. Furthermore, the market is expected to be driven by opportunities such as the convergence of text analytics with big data and added advantage of predictive analytics.

By types, cloud based text analytics solutions are estimated to contribute the largest market share duing the forecast period, text analytics software is designed to offer valuable insights from organization data, which the company can use to improve decision making.

On the basis of geography, North America is the world largest market due to the early adoption of big data analytics in the region. North American region approximately holds 40% of global text analytics market amongst all regions. Till 2012, North American region generated about 2.5 exabyte (2.5 million gigabytes) of data per day and the number is anticipated to double every 40 months. For instance, Walmart collect 2.5 petabytes of data from their customers’ transactions.

Other region such as China, which is expecting to grow at highest CAGR over 2016-2020 due to its world largest internet market and growing mobile internet start-ups. 

Global Text Analytics Service providers such as IBM, SAP, SAS, Clarabridge, Attensity, Lexalytics, Basis Technology Corporation, OpenText, RapidMiner, Angoss.

Text Analytics market share by region as following:

text-analytics

Read Full Report: http://www.gosreports.com/global-text-analytics-market-report-2016/

Joanna | Executive – International Business and partner Relations
E-mail: info@gosreports.com | Tel: 510-400-8520
Web: www.gosreports.com
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