A just released ReportsnReports study on Text Analytics forecasts the total Text Analytics market size to reach $8.79 Bn by 2022 as compared to $3.97 as of now (2017).
Here are some of the highlights of the report -
The Text Analytics market is expected to see a phenomenal CAGR of 17.2% from 2017 to 2022.
CEM (Customer Experience Management) expectedly has the largest market share considering how text mining is used to improve customer experience.
Once again, North America is a dominating the Text Analytics market, while the highest growth is expected from Asia. The US, according to the report, has many dominant players with high adoption rate, whereas the usage of Text Analytics to make real-time decisions has just started picking up in Asia.
The increasing usage of social media by customers and the advent of cloud following which the availability of metrics and some customized solutions are the main factors propelling the growth.
Massive volumes of data are being collected from various sources and are stored in the cloud, more and more companies are using Text Analytics solutions to analyze this data for actionable insights.
For more info, check this report here – http://www.reportsnreports.com/purchase.aspx?name=280617