Global text analytics market revenue stood at US$2.82 bn in 2015 and is expected to reach US$12.16 bn by 2024, at a CAGR of 17.6% from 2016 to 2024

Albany, NY -- (SBWire) -- 06/24/2016 --According to a recent market research report published by Transparency Market Research, the global text analytics market is anticipated to robustly expand at a CAGR of 17.6% during the period between 2016 and 2024. The report, titled "Text Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024," projects the global text analytics market to reach a valuation of US$12.16 bn by 2024. The overall market was worth US$2.82 bn in 2015.

Text analytics offers measurable benefits to organizations across both private and public sectors. In the commercial sector, text analytics help to improve customer relationship management by interpreting data on real time basis. This leads to effective marketing, and improved brand value and customer loyalty. Furthermore, text analytics accelerates the cycle times during development of products and detects product related issues. In the public sector, text analytics is implemented to detect fraudulent activities and cyber threats.

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The generation of a huge amount of textual data has made it difficult for organizations across various sectors to summarize and interpret the data to take effective business decisions. Text analytics solutions utilize different techniques such as statistical, linguistic, and machine learning to retrieve relevant information from unstructured data. The introduction of cloud-based text analytics has further propelled the growth of the global text analytics market. During the forecast period, the cloud-based text analytics market is anticipated to expand at a CAGR of 20.2%.

In terms of end users, the report segments the global text analytics market into banking, financial services, and insurance, military and defense, manufacturing, healthcare, retail, IT and telecom, entertainment and media, and others including transportation, hospitality, and automation. In 2015, the military and defense sector dominated the overall market. However, during the forecast period, the IT and telecom sector is expected to emerge as the fastest growing end-use segment, expanding at a CAGR of 18.5%. The growing requirement to improve visibility in internal process and core operations will lead to increased adoption of text analytics across the IT and telecom sector.

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The report studies the global text analytics market across five key regions: Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. The developed economies in North America and Europe have been significantly contributing towards the growth of the market. In fact, North America has dominated the overall market owing to technological advancements and increased demand for data analysis. During the forecast horizon, Asia Pacific, Latin America, and the Middle East and Africa are anticipated to generate huge demand for text analytics.

Describing the competitive landscape, the report profiles some of the key players in the global text analytics market such as Microsoft Corporation, IBM Corporation, Lexalytics Inc., SAS Institute Inc., RapidMiner Inc., SAP SE, Predixion Software, Attensity Group Inc., and Angoss Software Corporation. The report provides insightful information about the market vendors including their company overview, financial overview, revenue, product portfolio, and recent developments.

Global text analytics market has been segmented as:

Text Analytics Market: By Deployment Type

On-Premise
Cloud-Based

Text Analytics Market: By Applications

Data Analysis & Forecasting
Fraud/Spam Detection
Intelligence & Law Enforcement
Customer Relationship Management (CRM)

Text Analytics Market: By End-User

Military and Defense
Manufacturing
BFSI
Retail
Healthcare
IT and Telecom
Entertainment and Media
Others (Automotive and Transportation and Hospitality)

Text Analytics Market: By Region

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

About Transparency Market Research
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.