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The Asia Pacific Text Analytics Market Size is anticipated to experience a growth rate of 20.2% CAGR during the forecast period (2017 - 2023).
Text Analytics is a process used to convert unstructured text data into meaningful data to conduct analysis, look for customer opinions, track product reviews, gather feedback, provide search facility, analyze sentiments, and entity modeling to add value to and support decision making which is based on facts. The widespread adoption of social media platforms and cloud technology for data storage has led to the popularity of text analytics technology.
Some of the major factors that have led to the popularity of text analytics are its ability to curb fraud, manage risk and plan effective marketing campaigns. With data being generated from various cloud-based sources, companies are able to take advantage of the technology to forecast better business outcomes. The real-time data analysis has given the necessary edge, which makes text analytics a sort after technology.
Emerging economies have tremendous potential for market expansion, and the technology would witness unprecedented growth in the Asia Pacific region. Based on the component types, the Text Analytics market is segmented into Software and Services. The Services market is segmented into Professional and Managed Services. The Applications highlighted in this report include Customer Experience Management, Governance, Risk, & Compliance Management, Marketing Management, Document Management, Workforce Management, and Other Applications. Based on Deployment Types, the market is segmented into On-Demand and On-Premise.
The verticals covered under the report include Retail & E-commerce, Government & Defense, Healthcare, Telecom & IT, Energy & Utilities, BFSI, Media & Entertainment, Transportation & Manufacturing, and Others. Based on Country, Text Analytics market is segmented into China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia Pacific. China remained the dominant Country in the Asia Pacific Text Analytics market in 2016. India and South Korea would witness promising CAGR during the forecast period (2017-2023).
The report covers the analysis of key stakeholders of the Text Analytics market. Key companies profiled in the report include Clarabridge, Inc, Luminoso Technologies, Inc., Meaningcloud LLC, Averbis, International Business Machines Corporation (IBM), SAP SE, SAS Institute, Inc., and Open Text Corporation.