Text Analytics market to hit $US6.5B by 2020: report

According to a new market research report, the global text analytics market has a potential to reach $US6.5 billion by 2020, with predictive analytics providing insights on unstructured text as the major driver.

The report entitled Global Text Analytics Market- Size, Industry Analysis, Trends, Growth and Forecast, 2014- 2020 is available via http://www.alliedmarketresearch.com/text-analytics-market

The upsurge in the adoption of social networking platforms for conversations, rising adoption of cloud computing technologies and the ability of text analytics to move beyond sentiment analysis are some major driving factors for text analytics industry. Obstacles to growth include expensive analytic software and lack of awareness among the stakeholders about the advantages of text analytics in some regions.

North America accounts for 40% of global text analytics market amongst all regions with Big Data the driving reason. An example given is retailer, Walmart which collect 2.5 petabytes of data from their customers' transactions.

Predictive analytics is gaining ground in the field of healthcare,  banking & Financial Services and Insurance industries.

In June 2014, Linguamatics launched I2E Semantic Enrichment that uses natural language processing technology for analysis of text, and offer insights at a much faster rate. The report expounds on the strategies of top players such as IBM, Attensity, Microsoft, Clabridge, SAS, HP, Tibco Software, Oracle, Tableau Software and SAP.