The text analytics market may surpass USD 15 billion by 2026. Analytics is slated to the potential to revolutionize the way organizations commence their businesses. With efficient analytics, companies can examine enormous amounts of data to uncover correlations, hidden patterns, and other business insights. Given to the growing need to streamline unstructured data, the text analytics market is projected to gain immense traction in the coming years.
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.
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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.
Text mining can detect multiple similar patterns in fake claims and misrepresented facts, reducing the financial burden on insurance firms and mitigating the risk of fraud. Enterprises can analyze several documents from unrelated claimants to reveal similarities in claim patterns and verify the authenticity of the claims.
The rising adoption of social media analytics in Latin American countries, such as Brazil and Mexico, is supporting market growth. Businesses are utilizing text analytics solutions to understand customer preferences based on social media behavior. Enterprises are using text analytics to plan strategies and target-specific customer base based on demography, gender, and region. Furthermore, significant investments in NLP technologies are supporting market growth in the region. The companies operating in the Latin American region are partnering with text analytics solution providers to improve customer experience in their platform.
Latin American companies are also seen partnering with text analytics market 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 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.
Table of Contents (ToC) of the report:
Chapter 5 Text Analytics Market, By Component
5.1 Key trends, by component
5.2.1 Software market size, 2015 – 2026
5.2.2 Customer intelligence
126.96.36.199 Customer intelligence market size, 2015 – 2026
5.2.3 Customer Relationship Management (CRM)
188.8.131.52 CRM market size, 2015 – 2026
5.2.4 Governance, Risk, and Compliance (GRC) management
184.108.40.206 GRC management market size, 2015 – 2026
5.2.5 Fraud detection
220.127.116.11 Fraud detection market size, 2015 – 2026
18.104.22.168 Others market size, 2015 – 2026
5.3.1 Service market size, 2015 – 2026
5.3.2 Professional Services
22.214.171.124 Professional services market size, 2015 – 2026
5.3.3 Managed Services
126.96.36.199 Managed services market size, 2015 – 2026
Chapter 6 Text Analytics Market, By Deployment Model
6.1 Key trends, by deployment model
6.2.1 On premise market size, 2015 – 2026
6.3.1 Cloud market size, 2015 – 2026
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