Text analytics is being adopted at a rapid rate by organizations to obtain insights into the vast data available and thereby gain a competitive advantage over competitors in the market. The main factors fueling this growth include a better understanding of the technology’s value, the rise of social media as a source of potential insights, and the growing need to analyze the sentiments of the customers.
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Predictive analytics is the most attractive application within text analytics, which provides insights on unstructured text and helps the companies to formulate business strategies accordingly. It also helps enterprises in understanding the preferences of the customers.
In the European region, the U.K. is the largest market for text analytics solutions. The rising use of social media and the use of cloud storage are also among the primary drivers for the growth of the text analytics market in the region. Owing to the aforementioned favorable growth factors in the emerging countries of this region, a number of leading players in text analytics solutions are investing in the European market. For example, Texas A&M University System and IBM entered into a partnership to facilitate computational science research using Big Data Analytics in the sectors of agriculture, geosciences, and engineering.
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Organizations are using various social media such as LinkedIn, Twitter, Facebook, and Google Plus to connect to their customers. These media sources help in the collection of huge amounts of data. A vast amount of this data may be unstructured, thus providing immense growth opportunities for the text analytics market in the European region.
The BFSI and retail industries are the two most promising sectors for text analytics market players. The retail sector has witnessed extensive use of predictive analytics in recent years. Organizations are adopting text analytics mainly to gain a competitive advantage over their competitors in the European market.
Lack in visibility into user interaction with data and application and changes in rules and regulations are among the major factors that may restrain the growth of the European text analytics market in the coming years.
