Once the purview of cutting edge tech enthusiasts, texting is now everywhere. According to Bloomberg, a whopping 8 trillion texts are sent every year. Those texts, in turn, create a massive amount of data, which can be harnessed by organizations to help determine business strategies. Industry analysts are predicting that the text analytics market could grow to $6.5 billion by 2020, representing over 25% Compound Annual Growth Rate (CAGR) between 2014-2020.
Industries employing customer relationship management applications, such as retailers, are just one of the forward-thinking industries that have started benefiting from the insights offered by text analytics. Walmart, for example, collected 2.5 petabytes of customer data, which has been used by the discount retail giant to help predict customer demand.
Many retailers are cashing in on data with use cases that include:
Not limited to the retail industry, use of this type of predictive analysis is growing in many verticals including the healthcare and financial services industries.
The analyst reports also show regions with higher adoption of big data analytics are leading the text analytics market. For example, North America holds about 40% of the global market. Expectedly, a great amount of data is generated daily is the U.S., Canada, and Mexico. Indeed, through 2012 the continent generated some 2.5 exabytes of data per day; that number is expected to double every 3 ½ years.
Access to this significant amount of data is invaluable to those companies that understand the importance of both historical and near real-time data, as well as how to best collect, manage, and analyze that data. This information can be used to forecast market trends and help companies positively react to the changes they discover.
You can learn more about the text analytics market here.