(PRWEB) June 04, 2014
All successful companies today are keen to know their customer feedback. The feedback is then responded to by integrating the VOC (Voice of Customers) into their business strategies’ for sales, marketing, customer retention, and customer service, using text analysis. Text analysis is a process of extracting relevant information, analyzing unstructured texts, and transforming data into structured information. Text analytics boost the overall effectiveness of analytical initiatives. The market for text analytics is expected to grow from $2,135.3 million in 2014, to $4,895.6 million, at an expected CAGR of 18.1% by 2019.
Browse through the market data tables, figures and detailed ToC on the “Text Analytics Market”.
Asia Pacific Text Analytics Market
In recent years, many companies in the APAC region have realized the importance of text analytics in brand management, and to achieve higher customer satisfaction. The Asia-Pacific text analytics market has been on the rise due to rapidly increasing consumption of Internet services. Organizations use several social media platforms such as Twitter, Facebook and LinkedIn, to enhance public relations and create a huge database for text analytics. The Asia-Pacific text analytics market was valued at $219.1 million in 2013, and is expected to grow to $670.1 million by 2019, at an expected CAGR of 18.5%. The major companies in this market are SAS, Oracle, SAP, IBM and Microsoft.
North America Text Analytics Market
North America has seen massive growth trends in the text analytics market in the last few decades. The use of text analytics with advanced language support helps retrieve important information from the various responses that come in the form of surveys, emails, and other types of feedback through multilingual platforms. The rise of social media, high-end analytical tools, and the increasing customer-centric approach in North America are the major factors driving the growth of the text analytics market. The North America Text analytics market reported revenues of $629.1 million in 2013 that is expected to grow to $1995.8 million by 2018, at an expected CAGR of 19.3%. The major players in the markets are SAP, Oracle, SAS, IBM and Microsoft.
Middle East Text Analytics Market
Text analytics is a technology that uses extracted patterns from text to provide valuable insights using business intelligence software. The rise of social media, high-end analytical tools, and the increasing customer-centric approach are driving the growth of global text analytics in the MEA region. The Middle East and Africa text analytics market reported revenues of $200.2 million in 2013, and trends in the market show that the Middle East and Africa text analytics market is expected to reach $515.2 million by 2019. Moreover, organizations in the region follow vigorous marketing campaigns, which are effective in boosting sales that ultimately push the Middle East and Africa Text analytics market.
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