Text Analytics Market– Major Technology Giants in Buzz Again
Data is said to be the new oil and analytics is going to become the game changer in the future. The Text analytics market has seen an expansion in the recent years and several of the big players in the technology landscape are competing by bringing out and improving their own offerings in the field.
What is text analytics?
Text analytics, also called text data mining refers to the process of obtaining useful information from text data. The useful information could be in the form of patterns or statistical trends that could help in the future data prediction. Text analytics usually involves the structuring of the given text, and then deriving patterns from this structured text and evaluation of the output. It has uses in several fields including applications in the security field, application in the biomedical field, and in the software field,
The latest Report:
A new study report on Global text analytics market was released by HTF Market Intelligence which contains the statistics and data in forms of tables, pie charts, figures and graphs. The report contains the current and future trends predictions, facts, growth factors, facts and industry data. The key giants that are covered in the report include IBM, Microsoft, SAS Institute, SAP SE, RapidMiner, Confirmit, Predixion Software, Lexalytics and Angoss software.
The text analytics market has had an annual average growth rate of 1.33%. The growth has been from $4511 million in 2014 to $4693 million in 2017. It is expected to reach $4822 million by 2022.
The report has all the data of the major companies including that of shipment, revenue, the gross profit and business distribution. This data will help the consumer know the competitors better. The report also has data from all the regions and countries of the world.
The main players:
IBM has the IBM SPSS modeler text analytics which uses advanced linguistic technologies and natural language processing for quick processing of large amount of unstructured text. Microsoft Azure provides a text analytics API – a cloud-based service for natural language processing which contains sentiment analysis, key phrase extraction, language detection and entity linking. SAS text miner is another software in text analytics which lets users easily analyse text data from sources such as comment fields, books, the web and any other text sources. The SAP HANA platform is a platform that provides with search, text analytics and text mining services for gaining insights from unstructured data.
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