On the basis of application, the text analytics market is diversified into brand reputation, competitive intelligence, customer relationship management, fraud detection, and predictive analytics. The customer relationship management application held a dominant position in the market in 2016, owing to high focus on customer engagement and increasing adoption by small and medium enterprises, fuels the customer relationship management application in text analytics market.
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Text analytic is a process which is used to extract the insights from unstructured text. This insights help organizations to measure the customer expectations, product description, and also to understand the market trend. The increasing high volume and variety of data in feedback channels become one of the major drivers for the growth of text analytics market. The increasing data on feedback channels provides wealth information to the companies to analyze their customer demand. To improve their business process and customer experience, the companies are increasingly turning to text analytics to extract the insights from unstructured text generated by social media post, open-end survey questions and many more.
The increasing demand for insights from social media content become one of the major drivers for the growth the market
Increasing stiff competition have forced companies to understand the demand of their customers and market trend. Text 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, photos, and many more. This help companies to extract the real insights regarding customer experience, product description and many more. In addition, the increasing data on social media fuel the demand for text analytics in various organizations. For instance, Facebook, Instagram, YouTube, LinkedIn are some of the major player of the social media industry. In sixty seconds, on YouTube near 27,000 videos are watched, around 3 million posts are shared on Facebook, nearly 430,000 tweets are posted on Twitter and around 120 new users are registered on LinkedIn. Hence, increasing data on social media channel fuels the demand of the text analytics market.
The global text analytics market was valued at US$ 3,031.5 million in 2016 and is estimated to witness a CAGR of 17.7% over the forecast period.
North America holds a dominant position in the global text analytics market
According to Coherent Market Insights, North America held the dominant position in the global text analytics market in 2016, valued US$ 1045 million and is projected to reach US$ 4,237.6 million by 2025, with a CAGR of 16.9% over the forecast period. The U.S. and Canada are the major countries driving growth of the text analytics market in North America region. This is owing to factors such as dominance of digitalization and high presence of leading companies, provides the dominant position to the market in the region. Moreover, Asia Pacific text analytic market is projected to exhibit largest CAGR of 19.1% over the forecast period. India, China, and Japan are some of the major countries which drives the growth of this market in Asia Pacific region. This is due to factors such as increasing economy and rising online business industry, which fuels the text analytics market in the region.
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