Text Analytics Market Top Key Players are IBM, SAP, Microsoft, HP, Luminoso, Opentext, Bitext, Brandwatch, Lithium, Clarabridge, NetBase Solutions, SAS Institute, Confirmit

Text Analytics Market size is influenced by increasing adoption of social media platforms for analytics, need to combine multiple data sources to extract meaningful insights, and recent advancements in predictive analytics along with emergence of industry-specific analytics applications. Text analytics involves deriving meaningful patterns from unstructured textual data followed by its evaluation and interpretation.

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Text analytics transforms information stored or hidden in unstructured text into useful data which can play a vital role in business decision making. It determines key words, semantics, topics, tags and categories from huge volumes of textual data stored in different files and formats. These solutions provide extraction and analysis tools to convert such scattered data into patterns of relevant and meaningful information. The resulting output is usually stored in relational or other data warehousing applications for analysis by predictive analytics or business intelligence tools.

Text analytics market solutions have critical applications in areas such as competitive intelligence, sentiment analysis, social media monitoring, enterprise data mining and intelligence, automated ad placement, workforce management, document workflow management, governance and compliance management. By unearthing patterns and relationships from structured and unstructured text, text analytics along with data mining and Big Data analytics can enable enterprises to create predictive intelligence. For sentiment analysis, text analytics APIs return numeric scores depicting positive and negative sentiments. In key phrase extraction applications, APIs return distinct strings representing key talking points in input text. In language detection applications, the API returns numeric scores determining whether the identified language is true.

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Some of the key players operating in the text analytics market are IBM, SAP, Microsoft, HP, Luminoso, Opentext, Bitext, Brandwatch, Lithium, Clarabridge, NetBase Solutions, SAS Institute, Confirmit, Unmetric and Lexalytics. These players emphasize on incorporating advanced processing capabilities in their solutions and differentiating them from existing products in the text analytics market.

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