Current Market Dynamics and Text Analytics Growth Predictions

Text Analytics Market

Text Analytics Market

In 2018, the market for software goods and services for text analytics will grow to US$ 1.1 billion, predicts a recent study by Persistence Market Research. (PMR). According to the survey, the market for text analytics will expand by 16% yearly in 2019. The rising use of text analytics software solutions and services to support corporate intelligence, risk and fraud management, and social media monitoring can be blamed for this large growth over the previous year.

Research predicts that the market for text analytics will increase from 2018 to 2019 by about 16%. The rapid use of text analytics software solutions and services to support corporate intelligence, risk and fraud management, and social media monitoring may be responsible for this encouraging year-over-year growth.

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According to the research report, there has been a noteworthy increase in the variety and volume of unstructured textual data over the last few years. This unstructured data includes textual feedback from potential customers, existing customers, and employees, among others. High demand for insight extraction from this unstructured textual data is propelling the adoption of text analytics software solutions and services, on a global scale.

Lucrative Opportunities Expected in Japanese and Eastern European Text Analytics Marketplaces

Globally, the text analytics market is estimated to record a strong CAGR of ~18%, during the forecast period. The text analytics market in Japan is estimated to register the highest CAGR among all the regional markets. This growth may be attributed to the accelerated adoption of text analytics software solutions and services for the purpose of marketing and sales enhancement. The text analytics market in Eastern Europe is expected to register the second highest CAGR owing to the high demand for efficient sentiment analysis tools and social media monitoring in

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