Text Analytics Market all set to revolutionize the Healthcare Industry

9 Jan
2015

6585 Views

Allied Market Research published a report titled “Global Text Analytics Market- Size, Industry Analysis, Trends, Growth and Forecast, 2014- 2020.” The report expects the global text analytics market to reach 6.5 billion by the year 2020 with a CAGR of 25.2% during the period 2014-2020. Predictive analytics, which offers actionable data on the unstructured text and assists firm to draft effective strategies would be the most popular text analytics application during the study period. The predictive analytics application would grow at a CAGR of 21.3% during the forecast period. The 1/3rd of the overall revenue in the global text analytics market is generated from the retail sector.

Text analytics is helping numerous companies by forecasting and predicting the consumer trend; thereby, making its foot print strong in the market. The major factor driving the growth of the global text analytics market is its characteristic to bring the rationale from the unstructured text and predict the consumer behavior. The increasing usage of social networking website for interactions, rising adoption technologies such as cloud computing and the wide scope of the text analytics technology would also boost the market growth. However, factors such as lack of text analytics awareness and high cost would impede the market growth.

North America dominates the overall text analytics market with around 40% of the market share. This is due to the early adoption of the Big Data technology in the North American region. It generated about 2.5 exabyte every day till the year 2012. Aforementioned amount is expect to double in the next 40 months. For the firms that understand the value of historical data, North America is like an open treasure.

Currently, the on premise deployment model is largely preferred by the small & medium firms and government organizations over the cloud based deployment model due to the latter’s enhanced security levels. However, due the operational cost reduction, cloud based deployment model would overtake the on premise deployment model in the future.

The use of predictive analytics is gaining momentum in Banking Financial Services and Insurance industries. Further, the characteristic of predictive analytics application to recognize the disease and predict its reoccurrence has come as a boon to the healthcare industry.

Key companies listed in the report are:-

IBM
Attensity
Microsoft
Clabridge
SAS
HP
Tibco Software
Oracle
Tableau Software
SAP

Akhilesh Prabhugaonkar

Author's Bio- Akhilesh Prabhugaonkar holds a bachelor’s degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.

Mobile Wallet Market- A Cashless facility making Big Cash!

Asia-Pacific dominates the global E-waste Management market

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

Avenue is an innovative subscription-based online report database.
Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
Request customizations, suggest new reports, and avail analyst support as per your requirements.
Get an access to the library of reports at any time from any device and anywhere.