Text analytics, a process of analyzing textual information to identify the patterns and gaining insights, is gradually being used by retailers to learn more about the consumers. By identifying customer purchase patterns and opinion on particular products, retailers can target specific individual or segments with personalized offers and discounts to boost sales and increase customer loyalty. Through text analytics, retail companies can come up with price optimization, future performance prediction, demand prediction, forecasting trends, pick up highest ROI opportunities and identify customers. Text analytics also offers online behavioral analysis of customers to come up with the best offers for their targeted customers. Thus, retail sector is expected to create a burgeoning demand for text analytics market over the forecast period from 2017 – 2025.
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Text Analytics market is expected to grow US$ 18.28 Bn by 2025 from US$ 2.59 Bn in 2016. The global text analytics market is primarily driven by increase in the volume of unstructured data. Increasing utilization of social media platforms, consumer shifting trends towards online buying and increasing digitalization are some of the factors contributing to increase in unstructured data. Analysis of unstructured data can uncover key patterns capable of forming the basis of decision making in various organizations. Traditionally, the data is analyzed by an individual which becomes ineffective as the volume of data increases. This necessitates use of text analytics software capable of handling large volume of data set capable of finding hidden patterns which assist in decision making purpose. Moreover, companies are able to exploit only 30% of unstructured data generated, this low percentage represents significant opportunity for vendors to develop analytical solutions featured with advanced capabilities including machine learning, NLP and language support.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Text Analytics industry.
The market initiative and new development was observed as the most adopted strategy in global text analytics market. Few of the recent strategies by some of the players text analytics market landscape are listed below:
2017: Angoss Software Solutions unveiled its new fully integrated and big data enabled data science platform with KnowledgeENTERPRISE application for analytics and visualization. The company also launched version 10.3 of KnowledgeREADER which includes significant user interface enhancements that minimizes learning curve, increases collaboration and improves operational efficiencies.
2016: Cambridge Semantics Inc. announced the release of enhanced version of Anzo Smart Data Lake which will have the capability to combine, manage and analyse all of enterprise’s data in one place.
2017: Velan introduced the all new Securaseal R-series cast metal-seated text analytics at Valve World Expo in Houston, Texas
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