The report offers crucial data about the pricing, cost, value, and manufacturing and production capacity, along with an analysis of the gross revenue and profit of the market

New York, NY -- (SBWire) -- 02/08/2021 --Text Mining Market

Most organizations mainly use text mining tools to support their business with useful insights from various sources, like client interaction, blogs, emails, tweets, product reviews, and center logs.  Text mining applications involve its ability to find a number of patterns in fake and false claims, thereby decreasing the financial burden on insurance companies with regard to the risk of fraud.

The global text mining industry is expected to grow at a CAGR of 18.1%, from USD 4.75 billion in 2019 to USD 16.85 billion in 2027. Several market-driven factors include an increase in social media analytics, an increase in industry-specific text processing, an increase in the penetration of mobile users across the globe, and the advent of multilingual text analytics to crack the language barrier. The rising number of social media users and the penetration of mobile users around the world have provided a vast volume of data for the study.

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The report further studies the significant trends and demands of the market in each key region of the market and analyzes the strategic steps and initiatives taken by the leading companies of the industry. Some of the major companies operating in the Text Mining market and profiled in the report are:

SAS Institute, Inc., SAP SE, Clarabridge, Inc., Lexalytics, Inc., IBM Corporation, Luminoso Technologies Inc., Averbis, Meaningcloud LLC, Opentext Corporation, and Bitext Innovations S.L., among others

The report further segments the market on the basis of product types and application spectrum offered by the market.

Component Outlook (Revenue, USD Billion; 2017-2027)

Software

Services

Managed services
Professional services

Application Outlook (Revenue, USD Billion; 2017-2027)

Marketing Management
Document Management
Customer Experience Management
Governance, Risk, and Compliance Management
Workforce Management
Others

Deployment Mode Outlook (Revenue, USD Billion; 2017-2027)

Online
Cloud

Organization Size Outlook (Revenue, USD Billion; 2017-2027)

Large Enterprises
Small and Medium Enterprises

Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)

Retail and Ecommerce
Healthcare and Life Sciences
Banking, Financial Services, and Insurance
Government and Defense
Manufacturing
Telecommunications and Information Technology
Media and Entertainment
Energy and Utilities
Travel and Hospitality
Others

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Regional Outlook

North America held the largest market share in 2019, mainly due to the growing trend in social media. About 70% of brands are implementing text mining tools to boost consumer interaction. Prominent business leaders are fast deploying new products for the development of the industry. The region has a high degree of implementation of new technology and, with a high level of sales, companies can implement this software without any financial difficulties.

TOC -
Chapter 1. Market Synopsis

    1.1. Market Definition

    1.2. Research Scope & Premise

    1.3. Methodology

    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2019-2027

Chapter 3. Indicative Metrics

Chapter 4. Text Mining Market Segmentation & Impact Analysis

    4.1. Text Mining Market Material Segmentation Analysis

Continued……….

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The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Text Mining market and its competitive landscape.

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