Market SummaryMarket Research Future (MRFR), in its research study, emphasizes that the Text Analytics Market 2020 is projected to rise exponentially over the review period, ensuring significant market valuation of USD 9 Billion by 2023, and a healthy 17% CAGR over the review period.Drivers and RestraintsThe need for a market for text analytics is increasingly rising on a global platform.
The factors fueling the development of the market for text analytics are a growing need for social media analysis, effective brand building and a rapidly increasing big data market.
Due to its multidisciplinary application including multiple domains such as e-commerce, IT, telecommunications, government , healthcare, BSFI, and others, the inclination to adopt text analytics drives the global text analytics market largely.
Text analytics beneficial aspects such as market research, competitive intelligence, brand-reputation management, customer service and support and others are acting as demand creators for text analytics in the global market.The omnipresent availability of unstructured data in the form of online news, forums, tweets and others drives the market for text analytics that has competitive advantages for the companies.
During the forecast period, the growing demand for actionable insights derived from real-time data analysis that are used in tactical approaches for business growth is projected to propel the expansion of the global text analysis market.On the other hand, the increasing availability of data analytics software, high costs and lack of awareness among stakeholders as text analytics is an emerging technology that is likely to act as constraints on the global text analysis market.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2989Segmental AnalysisThe text analytics market has been analyzed on the basis of components, deployment, application, and vertical.Based on component, the text analytics market is bifurcated into software and services.
The services segment comprises managed services and professional services.On the basis of application, the text analytics market is segmented into marketing management, workforce management customer experience management, documentation management, along with risk and compliance management.Based on deployment, the text analytics market is bifurcated into on-premise and cloud.