The need to aggregate and explore textual data so as to obtain new insights by combining industry knowledge, technology and practices that drive business outcomes is expected to drive the global text analytics market growth over the forecast period. With the emergence of big data analytics, enterprises are increasingly emphasizing on combining disparate internal as well as external data sources to achieve new efficiencies. Text analytics is the process that analyzes unstructured text, extract relevant information, and transform it into structured information that can be leveraged in numerous ways. Unstructured data is ubiquitous in blogs, tweets, call centers, online news etc, and companies are rapidly adopting the text analytics technology to gain an insight into this information, and gain competitive advantage. Further, increasing adoption of social media analytics is also expected to be a key factor driving the text analytics market growth. The technology is still in its nascent stage, and developing effective data collection and metadata management policies within an organization may help improve the technology efficacy, and drive the text analytics market growth over the forecast period. In addition, increasing adoption of text analytics tools into an enterprise's analytics software tools to help businesses analyze data is also expected to fuel market growth. However, expensive analytic software and lack of awareness among stakeholders may pose a challenge to the text analytics market growth over the forecast period.
Text analytics provides a more tactical approach through actionable insights from analyzed data. Further, the technology is expected to gain ground over the next few years owing to its ability to predict and forecast consumer behavior. The technology is used across an array of applications including brand-reputation management, market research, competitive intelligence and customer service & support. Major players in the text analytics market include Brandwatch, SAS, IBM Corporation, HP, Jive, Kana, Lexalytics, Listenlogic, Lithium, Netbase solution, Networked insights, Sysomos, Unmetric, Conversition, Confirmit and Collective intellect. Vendors focus on embedding text analytics capabilities such as natural language processing across several enterprise applications ranging from customer service to market research to social media monitoring.
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