New York, NY, July 21, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Text Analytics Market By Component, By Applications, By Deployment (On-premises, Cloud), By Organization (Large Enterprises, Small and Medium-sized Enterprises), By End-User Segments and Regions: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.

“According to the recent research report, the demand of global Text Analytics Market size & share expected to reach to USD 16.46 Billion by 2026 from USD 6.16 Billion in 2020, at a compound annual growth rate (CAGR) of 17.8% during the forecast period 2021 to 2026”

Global Text Analytics Market: Overview

Text analytics is defined by e-mail, blogging, tweets, forums, and other kinds of textual communication as a technique for assessing text content. It is the last word given to comprehension, data, and text mining of natural languages. Text analytics is the process of automatically collecting information from various textual sources to find new, previously unexplored information. The fact that data mining instruments are developed for managing structured information from databases is comparable to data mining.

Text analysis is an emerging technique that is increasing in prominence from marketing to finance in various industries. It enables them to extract and analyze enormous volumes of texts which assist policy-makers to understand the dynamics of the market, anticipate results and trends, identify fraud and risk management. There are numerous sophisticated text analysis basics and methods, including frequency of words, collocation, concordance, categorization of texts, feelings analysis, language identification, and many more. Depending on the findings required, the study of the text can extend its AI wings across other texts.

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Industry Major Market Players

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COVID-19 Impact Analysis

As activities in the IT business usually take place using a structure called 'work from home' the worldwide shutdown did not influence the textile analysis market. As a result, there is a steady demand worldwide for the usage of text analysis in the applications sector.

In addition, during the coronavirus pandemic, text analytics was very used to examine the coronavirus information in the health sector. The Text Analytics program helps to generate correct text data, trends, insights, and patterns from unstructured text.

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Fast-growing scope of application across different industry verticals

Text analytics generates value throughout various sectors of industry. Leading players are constantly improving algorithms for linguistic processing to help organizations become aware of the current trends in various vertical industries. In Europe, prominent sports traders exploit the advantages of text analytics through the analysis of Twitter feeds to get a deep local grasp of gaming and sports trends. NLP techniques and machine learning processes that enable firms to identify hidden patterns are utilized to produce Twitter feed in many languages across the area. The Voice of the Customer (VOC) program allows telecom firms to obtain customer views on broadband. In order to detect fraud against claims, insurance firms use text analytics. Customer service routing is also one of the primary text analysis applications. Companies utilize business review sites to assess consumer perceptions and product/service requirements. In health care, research establishments are continuously using data sources such as medical notes, social media posts, and the publication of literature to aid in the study in health care and clinical practice. In the next several years, growth will be driven by the Text Analytics market.

Growing social media analytics drives the market growth of text analytics as it helps federal agencies and national security authorities to track citizens ' actions for possible terrorist threats. Growing the deployment of text mining tools for fraud detection also leads to market share in text analytics. The platform enables the firm to simplify the processing of insurance claims and identify false claims by matching them with use cases. However, lack of awareness and the high cost of text analytics solutions are limiting the market growth. In addition, the increasing growth in information and demand for real-time analytics will continue to increase the demand for text analytics solutions in the coming years.

The text analytics market research report delivers an acute valuation and taxonomy of the Text Analytics industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.

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North America Region Dominates the Global Text Analytics Market

The world text analytics market in North America is predicted to be bigger, while Asia Pacific (APAC) is anticipated to expand over the projected period with the greatest CAGR. The growth rate of APAC is the greatest among rising nations due to increasing technology investments. This leads to a growing demand for solutions in Text Analytics utilized for the maintenance automation and plant safety process.

In terms of adopting and developing text analytics, North America is likely to be the dominating area. The expanding investments in new technologies such as IoT, AI, and ML, the expanding presence of text analytics providers, and increased government support for compliance with regulations are the main drivers that are likely to help market expansion during the projected period.

Browse the full “Text Analytics Market By Component (Software, Service), By Application (Customer experience management, Marketing management, Governance, risk, and compliance management, Document management, Workforce management, and Others), By Deployment (On-premises, Cloud), By Organization (Large Enterprises, Small and Medium-sized Enterprises), By End-Use(Banking, Financial Services, and Insurance (BFSI), Telecommunications and Information Technology (IT), Retail and e-Commerce, Healthcare and life sciences, Manufacturing, Government and defense, energy and utilities, media and entertainment, travel and hospitality and Others)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at  https://www.fnfresearch.com/text-analytics-market-by-component-software-service-by-1186

The global Text Analytics market is segmented as follows:

By Component:

By Application:

By Deployment:

By Organization:

By Industry Vertical:

 Key Highlights of this Report:

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