Text analysis is a developing technology that facilitates the companies to know their customers and help them analyse customers purchasing patterns, demands, etc. by evaluating the data received from numerous sources. This technology has gained popularity in various industrial verticals such as banking, financial services & insurance (BFSI), fast moving consumer goods (FMCG), healthcare, telecom, etc. Text analytics depends on processing of natural-language, that is based on machine learning, statistical, or linguistic, methods. But, till now there isn’t any one technical approach that has conquered, and neither any one solution provider who leads the market. There are numerous open source choices and range of API cloud solutions. As significant data is produced through diverse sources, the acceptance of cloud technology authorizes companies to examine the data and forecast profitable results of the same. The capability of text analytics to examine real-time data is influencing its acceptance in myriad businesses; hence, text analysis is attaining importance as advance technology that is capable of redefining business processes.
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The increasing popularity of text analytics is credited to the growing adoption of social media platforms and rising inclination directed towards data storage through cloud technology. The growing propensity among companies to implement cloud technology for better understanding of the intrinsic dynamics of the market. The capability of companies to manage risk, curb fraud, plan marketing campaigns, etc. are major drivers of the global text analytics market. However, deficiency of software handling and consumer awareness are limiting the growth of market. Despite of certain hindrance in growth of the market some emerging economies are providing huge potential to support the expansion of the text analytics market in the...