The global text analytics market is estimated to show remarkable growth owing to the growing demand for IT industry all around the world.As per the TMR report, the global text analytics market is anticipated to earn US$12.16 bn by the end of 2024. The market is expected to expand with a healthy CAGR of 17.6% within the forecast period of 2015 to 2024. As per end-user, the military and defense sector is seen to be exceeding all other end-users by 19.7% revenue share and is expected to continue dominating the market in the future years.
Information Technology (IT) to Bring Tremendous Growth in Coming Years
Due to the fact that data analysis provides a better understanding of the overall behavior of consumer and their priorities, the growth of the market has seen immense acceleration as more and more companies are entering the market with complete focus on text analytics enhancement. Data in the form of text overflows from multiple sources like the platforms of social media, e-mails, and reviews of consumers on various web portals of the companies. The market is competitively intense with various align strategies along with high priority to consumer preference, thus making the overall demand for market accelerate in the long run.
The telecom and IT sectors are predicted to soon overpower the world with rising number if text analytics solutions in order to achieve visible improvement is core operations, internal processes, and market trends. IT sector is to initiate core competencies that enables digitalization and will need effective text analytics solutions to function at a faster speed. With the introduction of IT into the business sector, it is more convenient to store valuable information which further helps to analyze their strategies and produce better results for the consumers.
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