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Text Analytics Market Share

Report ID: GMI2215
Published Date: Mar 2021
Report Format: PDF

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Text Analytics Market Share

The global text analytics market remains highly consolidated with technology giants, such as IBM, SAP, and SAS, dominating the market share. Prominent players are placing an ever-growing emphasis on delivering advanced solutions that can cater to the changing dynamics of consumer sentiments, especially during the pandemic. For instance, in July 2020, Microsoft included text mining capabilities within its Azure Cognitive Services product. The text analytics for health feature can process various data types and tasks including extracting more than 100 types of personally identifiable information from unstructured texts.

Another major development included the release of COVID-19 search tool by SAS Institute in March 2020, which can extract text and numerical data from more than 50,000 research articles and allow users quick access to relevant information. The market has also witnessed several strategic alliances between key players to launch new products with added functionalities and to maintain revenue share & profitability, such as the June 2019 acquisition of Cooldata by Medallia to propel its big data handling capabilities.

Some of the key players operating in the text analytics market are:

Amazon Web Services (AWS)
Altair Engineering, Inc. (Angoss Software Corporation)
Basis Technology
Bitext Innovations SL
Brandwatch
Clarabridge
IBM Corporation
Interactions LLC
Jive Software (Aurea, Inc.)
Khoros, LLC
Lexalytics Inc
Luminoso Technologies Inc
Medallia Inc
Megaputer Intelligence, Inc
Micro Focus LLC
Microsoft Corporation
Netbase Solutions
OpenText Corporation
RapidMiner Inc
SAP SE
SAS Institute Inc
Unimetric
Verint Systems, Inc.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The global text analytics market share surpassed USD 6 billion in 2020 and will grow at a CAGR of 20% by 2027.

The cloud segment in Japan recorded a value of over USD 74.75 million in 2020 and will expand due to the rising adoption of cloud technology for the enhancement of business capabilities.

The Asia Pacific text analytics industry value will augment at a CAGR of around 25% through 2027 owing to the surging product demand for reducing the risk of frauds across the BFSI industry.

The retail segment is anticipated to hold more than 30% of the Canada text analytics market share by 2027, considering the increasing requirement for cost optimization and efficient targeting of customers.