What is Text Mining -?
Text mining or text data mining is the use of linguistic, statistical, and machine learning techniques to identify and gather meaningful information and new insights from various types of text data. Growing preference towards searching information about the products or services on the internet or company websites before making purchase decisions increased the adoption of text mining tools to analyze customer behavior, brand value, and improve customer experience. Text analysis plays an important role in document analysis to analyze documents and extract meaningful information. Further, the growing need for analyzing texts available on websites, social media, emails, documents, etc. in multiple languages other than English has created significant opportunities for the natural language processing technology as it helps machines to read and understand natural languages like Spanish, German, Chinese, etc. by simulating the human ability.
The market study is broken down by Type (Basic Text Summaries and Analysis and High-level Text Analysis), by Application (Sentiment Analysis, Data Analysis & Forecasting, Fraud/Spam Detection, Intelligence & Law Enforcement and Customer Relationship Management) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Text Mining - market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), Microsoft (United States), OpenText Corporation (Canada), TIBCO Software (United States), RapidMiner (United States), SAS Institute (United States), SAP (Germany), Lexalitics (United States), MeaningCloud (United States), Quanovo Limited (United Kingdom), Confirmit (Norway) and SmartMunk GmbH (Germany) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Text Mining - market by Type, Application and Region.
On the basis of geography, the market of Text Mining - has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Software will boost the Text Mining - market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vertical, the sub-segment i.e. Retail & E-commerce will boost the Text Mining - market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud will boost the Text Mining - market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
In 2020, Microsoft added Hindi to its text analytics service to strengthen customer sentiment analysis support for businesses. Text analytics services use the latest AI models with NLP technology to analyze Hindi content for text mining or text analysis. IT also provides sentiment labels based on the highest confidence score that helps businesses to gain insights about their brands and products or service offerings.
- Increased Use of NLP Technology Due to Growing Need for Multilingual Text Analytics
- Surging Demand for Text Mining to Extract Valuable Information and Improve Customer Experience
- Digital Transformation of Businesses and Rapidly Growing Retail & E-commerce Sector Will Boost the Demand
- High Application of Text Mining in Healthcare & Lifesciences to Understand Complex Medical Terms and Provide Effective Medical Treatment
- Increased Privacy and Security Concerns Due to Increasing Number of Cyberattacks
- Same Meaning of Multiple Words or Multiple Meaning of Same Words May Lead to the Ambiguity
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Text Mining Solutions & Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-User Industries and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.