Abstract: 2010 - 2011 Text Analytics Product and Market Report
More communications, interactions and discussions are happening via email, blogs, text/short message service (SMS), Facebook, Twitter and in Web chat than ever before. Enterprises are realizing that it is crucial to stay abreast of what is being said about their brand, and their products and services, in order to manage perception and address customer satisfaction. Many have attempted to manually monitor the unstructured data that is the Internet, but to do so correctly, the right technology platform is essential.
Text analytics has been a recognized IT sector for more than 15 years, yet it remains one of technology’s best-kept secrets. With an estimated 3,500 text analytics implementations globally, there is a huge opportunity for vendors to better educate the market on the practical application of this technology in the marketing and business worlds. And end users have a real chance to utilize this “secret sauce” application to gain a competitive advantage by knowing exactly what is being said about them, over what channel, when, and by whom.
Long utilized in the publishing, research and scientific communities to structure and extract meaning from both long- and short-form communications, text analytics is capturing the attention of enterprises and contact centers. Although the market is fragmented, the prevalence of social media is driving increased interest in the need to extract relevant, actionable information and sentiment in real or near-real time from the vast untapped body of social media conversations, blogs, text messages and Web chats.
The result is the emergence of new applications for text analytics, including: reputation management, sentiment analysis, product management, customer experience, and “voice of the customer” insights. Search vendors are embedding text analytics within their solutions to improve the precision of search results, and speech analytics vendors are adding text analytics to their applications to deliver multi-channel analytics solutions.
Adoption of text analytics technology and applications has begun in earnest, and is expected to be rapid over the next few years, as both vendors and enterprises invest in addressing a variety of business opportunities. DMG expects the text analytics market to see a 26.2% compounded annual growth rate (CAGR) between 2010 and 2014, with revenue growing from ~$80 million to ~$254 million during that time.
The 2010-2011 Text Analytics Product and Market Report defines the market in understandable terms for marketing, business and IT users, debunks the myths of the market, and explores use cases for text analytics by business challenge and by vertical application. DMG’s first Report on this market is designed to help decision-makers understand the benefits of text analytics capabilities, and identify, assess and select the right solution for their operating environment. This 250-page Report, a comprehensive guide to the market, reviews two primary categories of vendors: text analytics application providers and text analytics toolkits.
The 2010-2011 Text Analytics Product and Market Report is the most comprehensive, fact-based and timely analysis of this technology sector. The Report covers ten vendors; six at an in-depth level and four at a relatively high level via company critiques. The six vendors covered at an in-depth level are: Attensity, Basis Technology, Clarabridge, Lexalytics, SAS and Temis. The four vendors covered at a high level are: CallMiner, NICE Systems, Sysomos and Verint Systems.
- Social media is driving the adoption of text analytics and sentiment analysis: Enterprises and contact centers need to monitor conversations relevant to their brands across social platforms, blogs, email, text messages and Web chat, and are looking to text analytics as the solution.
- As one of technology’s best-kept secrets, text analytics provides opportunities for vendors and end users: With an estimated 3,500 text analytics implementations globally, there is a huge opportunity for vendors to better educate the market on how this technology can be used in the marketing and business worlds, and end users can utilize this “secret sauce” to gain a competitive advantage.
- Adoption of text analytics will continue over the next four years: As text analytics vendors continue to respond to market and customer needs by refining their solutions, and as business users become more aware of the benefits of text analytics in the enterprise, growth for this sector will be strong over the next four years, with a projected CAGR of 26.2% through 2014.
- Text analytics uses and applications in the enterprise are growing: The expanded range of uses is known to include enterprise search & retrieval, multi-channel analytics, document tagging and publishing, market research, threat detection and reputation management, with more uses emerging as companies invest in text analytics to structure their social media communications.
- R&D investments in text analytics are yielding the next generation of applications: Vendors are making substantial investments to enhance their applications, addressing ease of set-up and use, support for additional data channels, real-time or near-real-time processing capabilities, support for additional languages, improved “starter kits” for information extraction, integration with structured data, addition of event detection, predictive capabilities, and more. The investments are intended to make the solutions easier to use for marketing and business professionals, and to deliver faster quantifiable benefits.
Key Reasons to Buy This Report
- Competitive overview and analysis: High-level review of the text analytics competitive landscape along with detailed product reviews including functional and technical comparisons of the six leading and four emerging text analytics solutions.
- Overview of the text analytics market: Exploration of the market, its growing importance and enterprise benefits, value proposition and return on investment (ROI), market activity, adoption, four-year projections, and trends and challenges for the industry.
- Product comparisons: Company reports examining all aspects of text analytics solutions, including differentiators, challenges, future R&D plans, and a look at innovation anticipated for the next 12 months.
- Technology assessment and use cases: An in-depth analysis of core text analytics applications and underlying technology components, as well as use cases for text analytics in the enterprise and the contact center by vertical and business challenge.
- Multi-channel analytics: Discussion of the relationship between text and speech analytics and why multi-channel analytics is essential for companies that want to understand the voice of the customer.
- Key definitions: Definitions of text analytics and related terms, designed to help business and IT users better understand and articulate their needs in this market.
- Pricing for text analytics solutions and toolkits
- Complete text analytics Vendor Directory
Table of Contents
To order a copy of this Report contact Deborah Navarra at email@example.com or 516-628-1098. You may also purchase the report online.
Additional Formats for this Abstract
The Abstract and Table of Contents are also available in PDF format.