Key Market Players in the Text Analytics Market and Its Opportunities for growth

Posted on 2019-11-13 by MarketsandMarkets in Technology // 0 Comments

The Text Analytics Market projected to grow from $3.2 billion in 2016 to $8.8 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period, as per a report by MarketsandMarkets.

Use of text analytics for brand building and developing cross-sell/upsell strategies are expected to drive the market. The growing application of text analytics to confront various challenges across industry verticals, such as risk management and fraud detection for finance and insurance, and workforce management for manufacturing, is another major factor contributing to the growth of the text analytics market.

Why enhancing customer service and competitive intelligence presents an opportunity?

Text analytics assists companies in analyzing customer-centric data generated through customer interactions, feedbacks, and opinions, social media platforms, emails, contact center notes, survey responses, and blog postings. This analyzed customer data lets companies address customer issues related to their products and services, such as improving quality, bringing in needed innovation as per customer’s preferences, and finally managing their brand image and reputation. Companies believe that, with text analytics they carry a more tactical approach to gaining actionable insights from analyzed data. As a result, on implementing text analytics, companies gain the potential to improve customer experience through their Customer Relationship Management (CRM) and closely exercise marketing and branding activities efficiently and effectively. Text analytics, with multilingual support is also the key to removing the language barrier between a customer and company, which would help the company establish and expand globally. As per the analytics giants, such as IBM and SAS, the customer experience data would assist them in creating personalized offerings and campaigns to improve the sales and service further, and have a well-defined customer perception – both conscious and subconscious, for enhanced customer satisfaction, loyalty, and advocacy.

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Key Market Players for Text Analytics Market

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.

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.

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