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What Do You Know About the $1B Global Text Analytics Market?

SethGrimes201201.jpgIf you're reading CMSWire, you're either a text analytics user or you should be. So that means you can help with a study I'm conducting.

Text analytics involves extracting business value from written words – from texts, tweets and blogs to things like customer contact center notes and corporate document archives.

The Value of Words

The term is roughly synonymous with text mining and closely aligned with its more sophisticated cousins, content analytics and semantic analysis. All of that data is big, unstructured and messy, and generally relies on Natural Language Processing (NLP) technologies to extract the information. 

By using NLP technologies, we can transform target documents into collections of concepts, which are described using terms discovered within the texts.

Back in 2011, I estimated the value of the global text analytics market at more than $1 billion. It’s even bigger now, based on its rapid growth.

But that simple number barely reflects the value text analytics delivers to a spectrum of industries, including life sciences and healthcare, marketing, market research and customer experience, government and security, and media and publishing.

You may not know it, but odds are you're part of the text analytics world. If you use or support beyond-keyword search and navigation, publish annotated or enriched content, support e-discovery and compliance efforts, or include automated text analysis in your research toolbox, then you're in. And if so, I can use your help.

How You Can Help 

I'm conducting a text analytics user survey.

  • If you're a current or prospective text analytics user — whether through a data-analysis workbench, a business application or within a publishing, search, e-discovery or similar solution — I invite you to take a brief survey.
  • If you're not a direct text-analytics user — but your customer experience, survey analysis, social media analytics or other solution relies on text analysis, you are also welcome to take the survey, as are consultants and researchers.

I'm investigating several things: how organizations apply text analytics, what information they're analyzing, what they look for when selecting solutions and that all important return on investment (ROI). I'll be releasing the findings in a free report that will benchmark text-analytics usage and report perceptions about the technology and solutions.

It's a follow-up to a similar study I conducted in 2011. CMSWire was one of the media sponsors then and has agreed to be a sponsor again this year.

The survey has 22 questions and should only take 5 to 10 minutes to complete. Your responses are anonymous, unless you opt to provide contact information.

What's left to say? Nothing other than "thank you" in advance — and look for my report this spring.

In the mean time, here are the results of the 2011 survey:

About the Author

Seth Grimes specializes in strategic IT analysis, architecture and planning with a focus on business intelligence (BI) and text analytics systems. He consults via the Washington, DC-based Alta Plana Corp., organizes the Sentiment Analysis Symposium, and writes for several publications.

 
 
 
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