Text mining, also called text data mining, is almost similar to text analytics. It means obtaining superior data from text. This kind of data is normally obtained via development of patterns and trends.
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The text analytics market is anticipated to witness exponential growth over the coming years. It is likely to attain approximately USD 5 billion by 2019. This is due to increasing consumer industries, including BFSI, telecom, healthcare and FMCG. Text analytics helps companies to retain their customers by understanding their demands and purchasing patterns.
Increasing brand building through social networking, rising financial frauds and real-time language processing are likely to drive the text analytics market over the forecast period. Lack of consumer awareness and inability to handle software are the major restraints for the market and are likely to hamper demand.
The text analytics market can be fragmented into consumers, deployment models, verticals, applications and geographies. The consumers market includes enterprises and small & medium businesses. On the basis of deployment models, the market is divided into on-premise and cloud deployment.
The verticals text analytics market can be segregated into healthcare & pharmaceuticals, BFSI, manufacturing, retail & hospitality, telecommunications and consumer packaged goods. The applications market consists of search based applications, web based applications, enterprise applications, software applications and data analysis applications.
Globally, North America was the highest revenue generating region of the world. Europe, Asia Pacific and ROW (rest of the world) followed it. Asia Pacific is the fastest growing text analytics market due to growing FMCG, healthcare and telecom sectors in China and India.
Information Source: Grand View Research