Text Analytics Market is expected to witness significant to 2026

As per a recent research report by Global Market Insights, Inc., Text Analytics Market is estimated to exceed $15 billion through 2026. Growing demand from enterprises to measure consumer behavior is a major factor driving the growth of the text analytics market. Businesses can use the text mining systems to verify the authenticity of misrepresented facts and fake claims. This not only facilitates in reducing the risk of fraud but also reduces the financial burden of insurance firms.

Earlier in March 2017, even the United Services Automobile Association entered a partnership with IBM Global Services to enhance customer experience and services and cut the cases of fake claims. Increasing instances of frauds and the rising demand for appropriate solutions to combat the same will thus drive text analytics market share.

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Given below are a few trends that will influence text analytics market forecast in the coming years:

Favorable federal reforms regarding e-governance

Governments can utilize the data mining systems to measure public opinion, improve analysis of policies and optimize regulatory compliance. Moreover, advanced analytical systems are not only used to develop new policies but also to extract and evaluate data on the population to gain new perceptions. These factors play a vital role to strengthen, compare, and generate new policies. Thus, the enforcement of favorable federal reforms which encourage transforming traditional public services to e-governance is augmenting the demand for text analytics systems across the globe.

Growing inclination of social media analytics in Latin America

Latin America text analytics market will witness substantial growth through 2026 owing to escalating investments in NLP technologies and the rising demand for accurate social media analytics. Prominent Latin American companies are observed partnering with key players operating in the text analytics market to enhance customer experience and services in the region.

Enterprises are leveraging text analytics systems to analyze preferences of consumers based on their behavior on social media. With these types of analytics, companies can target specific customers according to gender, region and demography, the rising need for which is propelling the growth of the text analytics market in the region.

Recently in August 2019 for instance, UOL selected AI technology provider Utopia Analytics to improve customer services by automating comment moderation on its respective platform.

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The prominent companies operating in text analytics market are Interactions LLC, IMB Corp., Khoros, LLC, Jive Software (Aurea Inc.) Lexalytics, Inc., Medallia Inc. and Luminoso Technologies Inc. These companies, as is observed, are primarily focusing on developing novel products and services in order to enhance their position in the market.

In 2017, financial services firm, The United Services Automobile Association, joined hands with IBM Global Services to detect fake insurance claims via text analytics solutions.

Unmetric Inc. introduced custom content tagging – an upgraded addition to its platform in September 2018. Post the enhancement, this platform offered vendors analysis of the factors that engage consumers on social media so they may be able to adjust their social media strategies.

Browse key industry insights spread across 252 pages with 306 market data tables and 34 figures & charts from the report, "Text Analytics Market Size, By Component (Software [Customer Intelligence, Customer Relationship Management (CRM), Fraud Detection, Governance, Risk, and Compliance (GRC) Management], Service [Professional Services, Managed Services)]), By Deployment Model (On-premise, Cloud), By End-use (BFSI, Retail, Government, Healthcare, IT & Telecom, Travel & Hospitality, Media & Advertising), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, China, India, Japan, Australia, South Korea, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2026" in detail along with the table of contents:https://www.gminsights.com/industry-analysis/text-analytics-market

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