Text Analytics Market in North America

The North America text analytics market is estimated to grow at a CAGR of 22.8% from 2014 to 2019. Although the U.S holds the larger shares in the North Americantext analytics market, the market segment in Canada is expected to grow considerably in the coming years. The growth of the text analytics market in this region is driven by technological advancements and the growing need to extract useful data from the big data available on the Web. Moreover, emerging economies such as the U.S. and Canada are creating growth opportunities for the North American text analytics solutions in this region.However, text analytics is time consuming when it comes to searching for specific information related to a particular keyword, thereby acting as a possible restraint to the growth of the text analytics market in the North American region.

The North Americantext analytics market is segmented and forecast on the basis of submarkets such as data analysis applications, enterprise applications, search-based applications, and Web-based and software applications, among others. The market is further segmented and forecast on the basis of end-users such as enterprises, and Small and Medium Businesses (SMBs). The North Americantext analytics market is also segmented on the basis of the major countries in this region such as the U.S. and Canada. Factors such as increase in the usage of social media to analyze the consumer behavior by the organization, so as to design the strategies accordingly, and the rapid growth in the tech-savvy population are driving the growth of the text analytics market in the North American region.

North America is estimated to command a share of 38.7% of the global text analytics market in 2014. The U.S. is estimated to holda share of 77.2% of the overall North Americantext analytics market by 2014.The North Americantext analytics market is primarily driven by the technological advancements and extensive use of social media in this region.

As of 2014,...