It’s thrilling to work on the front lines of the machine learning industry, where every month sees new developments and applications pushed to the forefront. But as proud as we are of our work at Lexalytics, it’s always nice to get a little outside validation. That’s why we’re so excited get a direct mention in Transparency Market Research (TMR)’s new report on the meteoric growth of the text analytics industry.
TMR’s report values the North American market at $1.09 billion in 2016, and goes further to predict a North American industry valuation of $4.75 billion by the year 2024. That’s an impressive number, but there’s more to come. The most mind-boggling figure in the report is TMR’s global industry valuation of $2.82 billion in 2015, predicted to rocket to a stratospheric $12.16 billion within the next 8 years.
This astronomical growth is driven by a number of factors, including:
- Rapid advancements in the machine learning and text analytics industries, including the rise of cloud-based analytics solutions (such as Semantria)
- Widespread activity on social media platforms and rising demand for social analytics
- Increasing use of mobile devices and other mobile technologies
The world is witnessing the convergence of major technological breakthroughs with a market that’s ripe for text mining and analytics. While it does contain an inaccuracy by citing Attensity as a leading provider (Attensity was sold to Incontact earlier this year), the article still provides an interesting insight into the growing demand for this technology. Be sure to read the press release and full report from TMR, and stay tuned for even more exciting news from Lexalytics in the year to come.