Text analytics market to reach $6.5bn by 2020

Global Text Analytics Market – Opportunities and Forecast found that predictive analytics could drive the applications within text analytics as it provides insight into unstructured text.

The retail sector is one of the largest text analytics software users, contributing about one third of revenue, with healthcare also increasing its use of the software.

The report points to the main benefits of text analytics being for predicting and forecasting consumer behaviour as the technology increasingly determines trends from the unstructured text.

With the increasing of social networking platforms for conversations, rising adoption of cloud computing technologies and the ability of text analytics to move beyond sentiment analysis, the text analytics industry has flourished.

North American accounts for approximately 40% of global text analytics market. Until 2012, North American generated about 2.5 exabyte ( 2.5 million gigabytes) of data per day and according to the report, this is expected to double every 40 months.