popularity of soa among end-users is driving the Text Analytics Market
Technavio analyzes that the Text Analytics Market is expected to grow at a CAGR of 22.58% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 18080.6 million.There are various factors that contribute to the growth of the market. The Service-Oriented Architecture (SOA) model has gained significant traction in the text analytics market due to its flexibility and scalability. SOA enables organizations to develop and deploy modular applications that can be easily integrated and reused, making it an ideal choice for text analytics solutions. By allowing for seamless data exchange between systems, SOA facilitates real-time analysis and improved decision-making. Its ability to handle large volumes of data and support various data sources makes it a popular choice among end-users.
The Text Analytics market is projected to expand significantly over the forecast period, driven by the rising adoption of cloud platforms by businesses. Vendors such as Microsoft, SAP SE, SAS Institute, International Business Machines, Lexalytics, and Open Text provide text analytics software and services via the Software-as-a-Service (SaaS) model. The advantages of cloud-based solutions, including lower costs and ease of access, have led to their increasing preference over on-premise software. These cloud-based text analytics tools, including Duet AI and Gmail integrations, are maintained at the vendor's data center and can be accessed by users on a subscription basis, eliminating the need for hardware and software installation at the end-user's premises. This model is particularly beneficial for e-commerce businesses, online merchants, and social media platforms seeking to analyze customer behavior and sentiment data from sources like emails, social media interactions, and customer reviews.
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Text Analytics Market Segmentation
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The Text Analytics Market encompasses cloud-based applications, offering solutions in predictive analytics, fraud management, and risk mitigation. It caters to various sectors, including banking, insurance, finance, and legal services. Unstructured data from social media and other sources is analyzed for patterns, aiding business decisions. Tools provide fraud detection, workforce management, and compliance monitoring. Structured and unstructured text data are processed to derive customer sentiment and insights. The market consists of software and services components.
The Text Analytics market is a segment of the larger IT application software industry, focusing on the development and implementation of software solutions for processing and deriving meaningful insights from textual data. This market encompasses cloud-based applications, predictive analytics, fraud management, risk management, business intelligence, and cybercrime prevention systems. Data sources may include both structured and unstructured forms, requiring advanced algorithms to extract valuable information. Technavio's market analysis calculates the Text Analytics market size based on the consolidated revenue of companies providing these solutions, including those offering cloud-based text analytics software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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