The global text analytics market is anticipated to register growth over the forecast period. The need to aggregate and explore textual data to obtain new insights by combining industry knowledge, technology, and practices that drive business outcomes is expected to drive the market growth. 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 the 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 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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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.