Growing demand from enterprises to measure consumer behavior is a major factor driving the growth of the text analytics market

Ocean View, DE -- (SBWire) -- 05/19/2020 --Growing demand from enterprises to measure consumer behavior is a major factor driving the growth of the text analytics market. Businesses can use the text mining systems to verify the authenticity of misrepresented facts and fake claims. This not only facilitates in reducing the risk of fraud but also reduces the financial burden of insurance firms. Earlier in March 2017, even the United Services Automobile Association entered a partnership with IBM Global Services to enhance customer experience and services and cut the cases of fake claims. Increasing instances of frauds and the rising demand for appropriate solutions to combat the same will thus drive text analytics market share.

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Key Companies: - Amazon Web Services (AWS), Altair Engineering, Inc. (Angoss Software Corporation), Basis Technology, Bitext Innovations, S.L., Brandwatch, Clarabridge, HP Enterprise, IBM Corporation, Interactions LLC, Jive Software (Aurea, Inc.), Khoros, LLC, Lexalytics, Inc., Luminoso Technologies, Inc., Medallia, Inc., Megaputer Intelligence, Inc., Microsoft Corporation, Netbase Solutions, OpenText Corporation, RapidMiner Inc., SAP SE , SAS Institute Inc., Unimetric, and Verint System

Governments across the world are transitioning from conventional public services to e-governance online services. These services require advanced analytics solutions to formulate new policies. Text analytics solutions help federal agencies to extract and evaluate information and attain key insights.

Policymakers are leveraging text mining systems to compare and establish new policies under the existing framework. Moreover, government organizations are using text analytics to enhance policy analysis, analyze pubic feedback, and improve regulatory compliance for better decision making.

Latin American countries including Brazil and Mexico are actively adopting social media analytics. Organizations are leveraging text analytics solutions to understand customer preferences based on their social media behavior. They are utilizing text analytics to plan strategies and target-appropriate customer base depending on parameters like region, gender, and demography. In addition to this, significant investments in Neuro-Linguistic Programming (NLP) are supporting the regional text analytics market growth over recent years.

Latin American companies are also seen partnering with text analytics solutions providers to enhance their customer experience. In 2019, online media company, Universo Online (UOL) collaborated with Utopia Analytics for leveraging their AI-based moderation service to pre-moderate all the comments on its platform in real-time. This partnership would help UOL automate comment moderation on its platform to increase customer experience.

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Companies operating in the text analytics market are focusing on initiating strategic alliances with other market players, primarily to be at the forefront of this lucrative industry. New entrants in this market are commencing R&D activities to develop advanced services attain a significant text analytics market share.

In 2018, Unmetric, Inc. introduced custom content tagging that enable marketers to understand and identify the most engaging content categories across social media handles and modify their social media strategies.

Some Points From Table Of Content: -
Chapter 6 Text Analytics Market, By Deployment Model
6.1 Key trends, Text analytics market by deployment model
6.2 On-premise
6.2.1 On premise market size, 2015 - 2026
6.3 Cloud
6.3.1 Cloud market size, 2015 - 2026

Chapter 7 Text Analytics Market, By Application
7.1 Key trends, Text analytics market by application
7.2 BFSI
7.2.1 BFSI market size, 2015 - 2026
7.3 Retail
7.3.1 Retail market size, 2015 - 2026
7.4 Government
7.4.1 Government market size, 2015 - 2026
7.5 Healthcare
7.5.1 Healthcare market size, 2015 - 2026
7.6 Media & advertising
7.6.1 Media & advertising market size, 2015 - 2026
7.7 IT & Telecom
7.7.1 IT & telecom market size, 2015 - 2026
7.8 Travel & Hospitality
7.8.1 Travel & hospitality market size, 2015 - 2026
7.9 Others
7.9.1 Others market size, 2015 - 2026
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