‘Text analytics’ is applied to extract most useful and relevant information and to create insights which can be used for decision making in almost any industry. It uses social media platforms and websites, online content, and widely available enterprise data to extract text. The technology is pervasive in nature and is deployed in applications ranging from devices-installed to distributed data mining, i.e. “total information awareness”. Text analytics is a big data analysis which also includes analyses of “machine data” and transaction records.

Inkwood Research estimates that the Global Text Analytics market will grow with a CAGR of 17.44% during the forecast period of 2018-2026. The base year considered for the study is 2017 and the estimated period is between 2018 and 2026. Several factors that are driving the market growth are:

• Monetizing of social media analytics.
• Rise in industry-specific text analysis applications.
• Increased social media users and smartphone users across the world.
• The emergence of multilingual text analytics to break the language barrier
• Integration of text analytics with emerging technologies

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However, the prime drivers that are responsible for the growth of the market are monetization of social media and rising applications of text analytics in different end user industries. The number of smartphone users along with social media users has been grown considerably in the past few years; this is also one of the important factors that has augmented the demand for text analysis applications. In the year 2017, the number of smartphone users were estimated to be at XX billion, and the number is further expected to reach XX billion by the year 2026. A number of companies utilize the data collected from social media to meet their goals in business and analyze the key indicators for efficient performance. The surging number of smartphone & social media users, in turn, pushes the need for Text analytics.

The market is primarily dominated by the Banking, Financial Services & Insurance (BFSI) sector, which accounted for a market share of XX% in the year 2017.  BFSI generates tons of data every second. Using text analytics, banks assess short term and long term risks, redefines customer experience by determining what they want, find out loyal customers and access their brand value. Insurance companies use text analytics, as a predictive analytics tool to determine customers association with any diseases or any injuries in the past. Around XX% BFSI believed in using analytics to gain competitive advantage and assess their customers, retaining them. However, Fast Moving Consumer Goods (FMCG) is expected to be the fast-growing end user segment during the forecast period. The best-known application of text analytics is that of Procter & Gamble (P&G).  P&G wanted to understand its changing business environment and varying market conditions. Using text analytics, P&G was able to assess its products performance from research and development, supply chain network, customers, from online searches and other data sources. Besides P&G, Reckitt Benckiser, Unilever, Johnson & Johnson and Nestle are using text analytics to assess its customers, both at short term and long term levels.

With increased growth in the text analytics technique, newer challenges have been introduced in the market. Controlling the cost involved in the text analytical procedures, increasing awareness among the end users and developing a tool that consistently interprets the data with maximum accuracy level are some of the major challenges faced by the market. Limited adoption within the companies that use text analytics is a major issue that is profoundly pulling back the text analytics market.

Global Text Analytics market is segmented on the basis of its technology, its deployment, its end users, and its applications, as follows:

Market by Deployment;

• Cloud
• On-Premise

Market By Technology;

• Descriptive Data Analysis
• Text Clustering
• Web Mining
• Predictive Analysis

Market by Application;

• Customer Relationship Management (CRM)
• Predictive Analysis
• Competitive Intelligence
• Fraud Detection
• Brand Reputation

Market by End-users;

• Banking, Financial Services & Insurance (BFSI)
• Government
• Retail
• Healthcare & Pharmaceuticals
• Telecommunication
• Fast Moving Consumer Goods (FMCG)
• Others

The report scope is widely categorized on the basis of its technology which includes predictive analysis, descriptive data analysis, text clustering and web mining. Moreover, the market revenue estimates and forecast includes only text analytics and exclude the conventional analytics.

On the basis of geography, the global text Analytics market has been segmented into four major regions, namely:

• North America Text Analytics Market : United States & Canada.
• Europe Text Analytics Market : United Kingdom, France, Germany, Spain, Italy & Rest of Europe.
• Asia Pacific Text Analytics Market : China, India, Japan, South Korea, Australia & Rest of Asia Pacific.
• Rest of world: Latin America, Middle East & Africa.

Geographically, North America holds the largest market share of the global Text Analytics market. In the year 2017, it accounted for XX% market share. The major factor that is augmenting the growth of the North America text analytics market is the technological advancement in the region, ex: the well-established cloud management technology. Increasing e-commerce platforms and social media platforms also plays a vital role in the growth of the market. Business automation and digitalization generates a lot of data, and the need to manage the data and optimum utilization of the data for the predictive analysis and risk mitigation creates a huge opportunity for the market.

On the other hand, the Asia Pacific region is anticipated to be the fastest growing region. Most of the companies have realized the importance of social media analytics for forming their marketing strategies. These companies are also trying to lure the consumers by utilizing the social media influence for brand promotions, customer services management, and as sales channel. Also, the increasing demand for big data analysis is going to fuel the demand of Text analytics market in the region.

Global text analytics market is segmented on the basis of its applications type into, customer relationship management (crm), predictive analysis, competitive intelligence, fraud detection and brand reputation.  Further, the market is segmented into end users, such as banking, financial services & insurance (BFSI), government, retail, healthcare, telecommunication, fast moving consumer goods (FMCG) and others. The market is also segmented on the basis of its technology and deployment. Technology segment includes descriptive data analysis, text clustering, web mining and predictive analysis. Whereas, the deployment segment includes cloud-based and on-premise deployment.

The key companies operating in the global text analytics market are;

• SAS Institute
• SAP SE
• International Business Machines Corporation (IBM)
• OpenText Corporation
• Lexalytics Inc.
• Bitext Innovations SL
• others

Company profiles of the prominent market players are discussed in detail. Most of the companies look for strategies such as merger & acquisition, partnership, contracts, agreements, and new product launch, in order to gain a competitive edge over other companies. Merger & Acquisition emerged as a primary strategy in the Global Text Analytics market. For instance, in August 2018, Clarabridge Inc. became an official solution provider for WhatsApp Business, in accord to which CX Social, a dedicated social media management product from Clarabridge, can now extend their customer service by communicating with their consumers via WhatsApp messaging. In June 2018, Unmetric, partnered with Noggin, an enterprise resilience software company that provides risk, crisis, emergency, work safety, and incident management solutions. In February 2018, OpenText™ acquired Hightail Inc., formerly known as YouSendIt, a leading cloud service for file sharing  In May 2017, TIBCO Software Inc., which is well known for its analytics, agreed to acquire Statistica, a well-established data science firm.  In April 2017, MeaningCloud released a new extension for RapidMiner that provides users of this leading analytics platform with the highest-quality multilingual text mining.

Key findings of the Global Text Analytics market:

• North America accounts for the largest market share of the overall Text Analytics market.
• China & India are leading the Asia Pacific to dominate the market in coming years.
• Social Media marketing and increased smartphone users augmenting the demand for text analytics applications.
• Market for the Predictive Analysis is expected to be the fastest growing one, as compared to other application of Text Analytics market.
• Inorganic growth is the preferred growth path. Merger & acquisition is the primary strategy in the market to gain a competitive edge over other companies.
• Descriptive Data Analysis is commanding the Text Analytics Market in terms of