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 application to gain a competitive advantage by knowing exactly what is being said about them, over what channel, when, and by whom.
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 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 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.