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Text Analytics Market - Predictive analytics in real-time with improved visualized graphics for representation
From a considerable amount of time, text analytics has been of prime importance to many industries and organizations. Text analytics software is equipped to handle any size and form of data with complex algorithms. This analytics has evolved from being theoretical to a more tactical approach. It helps organizations extract actionable insights from raw data which can then be used for better decision making.
Many organizations are not equipped and capable enough to analyze one’s data for obtaining benefits from the data sources. Text analytics provides improved efficiency and, increased visibility into highly sophisticated data of practically any format. It also enables real-time analysis, better decision making, and security solutions for financial firms. Present day text analytics vendors provide sentiment analysis along with multilingual support to identify useful insights from data in any language. Predictive analytics in real-time is supported with improved visualized graphics for representation.
Text analytics is very critical and crucial to any organization decision making strategy. This is because it analyzes organization data in order to discover valuable insights. Apart from this, it also helps organizations to adopt a customer centric approach through survey analysis.
The driving factors for text analytics market are the growing social media analysis for brand building, multilingual text analytics to break the language barrier in surveys, unexplored potential of big data, and increasing fraud detection in the banking, financial services and insurance (BFSI) sector.
However, there are few restraints in this market such as lack of end user awareness and deployment costs along with its compliance issues in present IT infrastructure. The global text analytics market is expected to grow from $x.xx billion in 2014 to $x.xx billion in 2019 at a CAGR of xx.x% during the forecast period 2014-2019.
Text Analytics Market by Applications (Enterprise, Web-based and Software, Data Analysis, Search-based, Others), Users (SMBs, Enterprises) & Deployment Model (Cloud, On-premise) - Market Forecasts and Analysis (2014-2019)
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