Text Analytics Market
Growing demand from enterprises to measure consumer behavior is a major factor driving the growth of the text analytics market. Businesses can use the text mining systems to verify the authenticity of misrepresented facts and fake claims. This not only facilitates in reducing the risk of fraud but also reduces the financial burden of insurance firms. Earlier in March 2017, even the United Services Automobile Association entered a partnership with IBM Global Services to enhance customer experience and services and cut the cases of fake claims. Increasing instances of frauds and the rising demand for appropriate solutions to combat the same will thus drive text analytics market share.
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Analytics is slated to the potential to revolutionize the way organizations commence their businesses. With efficient analytics, companies can examine enormous amounts of data to uncover correlations, hidden patterns, and other business insights. Given to the growing need to streamline unstructured data, the text analytics market is projected to gain immense traction in the coming years.
Company profiled in text analytics market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Amazon Web Services (AWS), Basis Technology, Bitext Innovations, S.L., Brandwatch, Clarabridge, HP, IBM, Interactions, Jive Software (Aurea, Inc.), Medallia, Megaputer Intelligence, Microsoft, SAP, SAS Institute, Unimetric, and Verint System
Enterprises worldwide are using text analytics to mitigate the risk of fraud. Text mining can help detect similar patterns misrepresent facts and fake claims which reduces risk and financial burden on insurance firms. Organizations are analyzing documents from unrelated claimants to uncover similarities in claim patterns and verify the authenticity of the claims.
Citing March 2017 instance, the United Service Automobile Association (USSA) collaborates with IBM Global Services to detect fake insurance claims using text analytics. With this technology, the could reduce fake claims cases and enhance customer experience by fueling the process of claim settlement.
Governments across the world are transitioning from conventional public services to e-governance online services. These services require advanced analytics solutions to formulate new policies. Text analytics solutions help federal agencies to extract and evaluate information and attain key insights.
Policymakers are leveraging text mining systems to compare and establish new policies under the existing framework. Moreover, government organizations are using text analytics to enhance policy analysis, analyze pubic feedback, and improve regulatory compliance for better decision making.
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Latin America text analytics market will witness substantial growth through 2026 owing to escalating investments in NLP technologies and the rising demand for accurate social media analytics. Prominent Latin American companies are observed partnering with key players operating in the text analytics market to enhance customer experience and services in the region.
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