Frequently Asked Questions
What are the current trends that are driving the text analytics market?The current and on going trends in text analytics are growing awareness, surge in data and increasing demand for real time analytics
In which vertical most of the industrial companies are deploying text analytics solutions?Text analytics is segmented on the basis of verticals. The industry verticals include BFSI, telecommunication & IT, retail and ecommerce, healthcare and life sciences, manufacturing, government and defense, energy and utilities, media and entertainment, travel and hospitality, and others (education, research, construction & outsourcing). The healthcare and life sciences segment is the fastest growing segment in the text analytics market due to the growing demand to tackle big data and deliver valuable insights from it.
Where will all these developments take the industry in the mid- to long-term?The text analytics market is projected to grow from $3.2 billion in 2016 To $8.8 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period.
Who are the top vendors in the market, and what is their competitive analysis?Major vendors in the global text analytics market include SAP SE (Walldorf, Germany), International Business Machines Corporation (New York, U.S.), SAS Institute, Inc. (North Carolina, U.S.), OpenText Corporation (Ontario, Canada), Clarabridge, Inc. (Virginia, U.S.), Megaputer Intelligence, Inc. (Indiana, U.S.), Luminoso Technologies, Inc. (Massachusetts, U.S.), MeaningCloud LLC (New York, U.S.), KNIME.com AG (Zurich, Switzerland), Infegy, Inc. (Missouri, U.S.), Lexalytics, Inc. (Massachusetts, U.S.), and Averbis (Freiburg Germany). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global text analytics market further.
What are the drivers and challenges of the text analytics market?The major growth drivers of the market include the growing need for social media analytics, and increasing need of predictive analytics for businesses. The challenges faced are Lack of awareness, skilled workforce, and other operational challenges.
Dandelion API converts text to actionable data. It extracts meaning from unstructured text and puts it in context with a simple API. Dandelion API controls its underlying Knowledge Graph, without trusting traditional NLP channels. This makes it faster, extra-scalable, easier to customize, and natively language independent.
Text meta-analysis is among the most critical business actions in modern database systems and business information systems. However due to its complex nature, it is not often incorporated. RapidMiner provides creative text analytics solutions that meet all the data needs of businesses where textual descriptions are present and need to be stored or examined.
In the age of data and analytics, each and every organization has its own unique definitions, idioms, and language trends. MaritzCX Text Analytics ensures the capture of all the trends along with specific customizations that integrate words and phrases that apply specifically to products and industries across multiple languages. Users can instantaneously tap into all the investigation, skills, and knowledgeable capital.
Squirro is an AI-based platform which uses machine learning to update users about the data and the next challenge. This platform helps a company to build better relationships with clients, partners, and predict the anomalies in the system and data automatically. This platform makes use of the 99% inactive data to offer insight-driven analytics.
Knowliah provides a software solution that handles amorphous information and data, based on extremely innovative algorithms to clean intelligence and for the automatic enhancement of text through meta-data. Scripts, documents, and e-mails are repeatedly analyzed, augmented, and classified. The automation has helped users by enabling minimal manual intervention.