ALBANY, New York, May 27, 2019 /PRNewswire/ -- The global text analytics market features a fragmented vendor landscape, Transparency Market Research (TMR) predicted during their detailed study. Angoss Software Corporation, IBM Corporation, RapidMiner, Inc., Microsoft Corporation, and Attensity Group, Inc. are some of the key players in the global text analytics market. Additionally, the presences of well-established vendors, which are trying to build the brand image, are leading to increasing fragmentation of the market. Additionally, the new entrants in the market are expected to invent strategic alliances to offer a tough competition to these well-established players and to help them account for a leading share in the global text analytics market.
Data analysis that offers better considerations of the overall preferences of the consumer is driving the immense growth of the text analytics market. Additionally, a rising number of companies entering in the market with newer text analytics products and improvement of processes are propelling overall growth of the global text analytics market. Thus, TMR's report based on the global text analytics market estimated the growth with a striking CAGR of 17.6% over the forecast period from 2015 to 2024. With the vigorous CAGR, the market is expected to attain a value of US$12.16 bn by 2024 from a value of US$2.82 bn in 2015.
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Booming IT and Telecom Sector Drives Text Analytics Market Growth
However, the risks of the leakage of licensed copies of products due to carelessness coupled with the high cost of on-premise solutions is restraining the growth of the global text analytics market. Nonetheless, robust development of the services and several advancements are expected to offer lucrative opportunities for growth in the coming years.
Flourishing IT and telecom sector globally and especially across the developing countries such as the Asia Pacific and the Middle East & Africa. Thus, the demand for the text analytics across these regions is higher, which is expected to help the segment expand at a CAGR by the end of the forecast period.
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Additionally, highly unstable political environment and tension on the boundaries globally and especially across the countries such as China and India has increased the demand for advanced military and defense devices and technologies. This factor has boosted the global text analytics market from past few years. Hence, based on the end user, in 2015, the military and defense segment accounted for a lion's share of about 19.7% in the global text analytics market. Additionally, this end-user segment is estimated to lose its attractiveness to the IT and telecom sector in years to come.
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North America Accounts for a Leading Share in the Text Analytics Market
Based on the region, North America dominated the global text analytics market in 2015 by accounting 38.7% of the market share and is estimated to remain dominant over the forecast period. The developed regions including Europe and North America are an attractive market for text analytics. The rapid growth of the numerous digital platforms such as social media, social media marketing, and vast data of booming e-commerce is driving growth of the global text analytics market. Thus, the North America region is expected to expand at a CAGR of 17.8% and Europe at 17.2% in the coming years. However, rising demand from the developing countries across the Asia Pacific is expected to help the region to expand substantially.
This information is encompassed in the report by TMR, titled, "Text Analytics Market ( End-user - Entertainment and Media, IT and Telecom, Healthcare, Retail, BFSI, Manufacturing, and Military and Defense; Applications - Customer Relationship Management (CRM), Intelligence & Law Enforcement, Fraud/Spam Detection, and Data Analysis & Forecasting; Deployment Type - Cloud-Based, and On-Premise) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024."
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For the study, the global text analytics market has been segmented as follows:
- Data Analysis & Forecasting
- Fraud/Spam Detection
- Intelligence & Law Enforcement
- Customer Relationship Management (CRM)
- Military and Defense
- IT and Telecom
- Entertainment and Media
- Automotive and Transportation and Hospitality
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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