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According to Global Market Insights, Inc., Text Analytics Market is expected to exceed USD 15 billion by 2026. The growing demand to gain key business insights by analyzing consumer behavior is propelling market growth.
Governments across the globe are transitioning from conventional public services to e-governance, driving the demand for advanced analytics to formulate new policies. Text mining solutions enable federal agencies in information extraction & evaluation to gain new insights. Policymakers can leverage text mining systems to consolidate, compare, and government regulatory documents and establish new policies under the existing framework.
Text mining can detect multiple similar patterns in fake claims and misrepresented facts, reducing the financial burden on insurance firms and mitigating the risk of fraud. Enterprises can analyze several documents from unrelated claimants to reveal similarities in claim patterns and verify the authenticity of the claims. For instance, in March 2017, The United Services Automobile Association, a Fortune 500 financial services company, partnered with IBM Global Services to detect fake insurance claims through text analytics solutions. The technology helped the company reduce cases of fake claims and improve customer experience by accelerating the process of claim settlement.
The rising adoption of social media analytics in Latin American countries, such as Brazil and Mexico, is supporting text analytics market growth. Businesses are utilizing text analytics solutions to understand customer preferences based on social media behavior. Enterprises are using text analytics to plan strategies and target-specific customer base based on demography, gender, and region. Furthermore, significant investments in NLP technologies are supporting market growth in the region.
The companies operating in the Latin American region are partnering with text analytics solution providers to improve customer experience in their platform. For instance, in August 2019, UOL, a leading Brazilian online media, selected Utopia Analytics as its AI-based moderation service provider to pre-moderate all the comments on its platform in real-time. This partnership helped the company to automate comment moderation on its platform, enhancing the customer experience.
Companies are focusing on strategic alliances with other market players to enhance and maintain their offerings & market position. New entrants in this market are focusing on R&D and new product developments to register a significant growth rate in the market. For instance, in September 2018, Unmetric, Inc. launched custom content tagging, an enhancement to its core platform, enabling marketers to identify & understand the most engaging content categories across social media handles and adjust their social media strategies.
Some major findings of the text analytics market report include:
- The demand for social media analytics to enhance customer engagement and experience is proliferating the text analytics market
- Government organizations are using text analytics to analyze public feedback, enhance policy analysis, and improve regulatory compliance
- The highly customer-centric nature of the travel & hospitality industry has surged the importance of customer sentiment analysis and feedback reviews
- Major players operating in the text analytics market are IBM Corporation, Interactions LLC, Jive Software (Aurea, Inc.), Khoros, LLC, Lexalytics, Inc., Luminoso Technologies, Inc., Medallia, Inc., etc.
- Companies are delivering advanced text analytics solutions with AI, machine learning, deep learning, and NLP to gain a competitive edge over rivals
- Text analytics solution providers in North America and Europe are helping private companies to form business strategies based on the analysis of social media information