The text analytics market is gradually growing owing to increased social media awareness and the need to create insights from large unstructured data. The text analytics market is estimated to garner USD 3.97 Billion in 2017 and expected to reach USD 8.79 Billion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 17.2%.
Various vendors operating in the text analytics market include SAP SE (Germany), IBM Corporation (US), SAS Institute, Inc. (US), OpenText Corporation (Canada), Clarabridge, Inc. (US), Megaputer Intelligence, Inc. (US), Luminoso Technologies, Inc. (US), MeaningCloud LLC (US), KNIME.com AG (Switzerland), Infegy, Inc. (US), Lexalytics, Inc. (US), Averbis (Germany), and Bitext Innovations S.L. (Spain). The players in this industry have adopted various strategies to expand their worldwide presence and enhance market shares. Partnerships, collaborations, new product launches, and acquisitions are some of the significant strategies adopted by the players in the recent years. Players such as SAS Institute, Inc., IBM Corporation, OpenText Corporation, and Clarabridge, Inc. have adopted these strategies to expand their product portfolios.
OpenText Corporation, a leading US-based market player, has adopted product developments and acquisitions as its major development strategy to take a leading edge in the market. The company offers diverse text analytics software and associated services. As a part of its organic strategy, in April 2016, OpenText launched “OpenText Release 16” which is an integrated digital information platform that manages and analyzes the entire flow of information, while addressing key areas of user experience, Machine-to-Machine (M2M) integration, automation, and other aspects of managing unstructured data in any organization. In July 2016, OpenText acquired Recommind, Inc., a provider of eDiscovery and information analytics. Through the acquisition, OpenText customers benefited from Recommind’s analytics solutions for eDiscovery, investigations, contract analysis, and information governance which include Decisiv Search, Perceptiv, and Axcelerate.
Clarabridge, Inc. (US) is another major provider of text analytics solutions. Clarabridge uses its exclusive technique of text analytics and applies linguistic and statistical algorithms to text-based data that are obtained from data sources, such as social media, online chats, call-center recordings, online surveys, and reviews. The company has strong product differentiations and associated services offerings, enabling it to generate healthy financials each year. The company has adopted the ingenious approach of new product launch and acquisition to increase its foothold in the market. Recently, in January 2017, the company launched a full-service solution package for retail banking firms. This solution makes use of sentiment and text analytics to enable automatic collection, categorization, and reporting of structured and unstructured data. In April 2014, Clarabridge, Inc. announced the acquisition of Market Metrix, a leading Enterprise Feedback Management (EFM) platform for the leisure and hospitality industry. Market Metrix complemented and extended Clarabridge’s analytics and measurement-focused Customer Experience Management (CEM) offerings.
Text Analytics Market by Component (Software, Services), Application (Customer Experience Management, Marketing Management, Governance, Risk and Compliance Management), Deployment Model, Organization Size, Industry Vertical, Region - Global Forecast to 2022
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