Text analytics has become highly essential for the smooth running of businesses. This technology empowers organizations to extract useful insights from vast amounts of data. North American region and the major countries such as the U.S. and Canada are mature markets for text analytics solutions. The text analytics market in this region is primarily driven by technological advancement and rapid adaption of social media analysis for brand building.
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The North American text analytics market is segmented on the basis of verticals, applications, and countries. Verticals of this market include BFSI, healthcare and pharma, consumer packaged goods, manufacturing, high tech, hospitality, and telecom. Among these, the retail and hospitality sector is being seen as the vertical that will register the highest growth rate in coming years. This high growth rate is attributed to the increasing deployment of analytics solutions and growing need to gather and analyze business intelligence data.
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On the basis of countries, the market is segmented into the U.S., Canada, and other countries. The U.S. had the largest market share in 2014 among all countries of this region. Canada and the U.S. both are seen to be the fastest-growth countries for text analytics market in coming years.
