Text analytics is a tool which applies sets of statistical, linguistic, and machine learning techniques to analyze the text data gathered from social and enterprise sources. Text analytics software solutions have an increased demand among business groups in order to automate the identification of entities, topics, events, concepts, and personal attributes, and streamline the decision-making and business optimization processes. Nowadays, text analytics has been finding the greatest use in Customer Experience Management (CEM), marketing management, governance, risk and compliance management, document management applications.
The vendors are placed into 4 categories based on their performance in each criterion: “Vanguards,” “Innovators,” “Emerging,” and “Dynamic.” We have evaluated the top 25 vendors that include ai-one Inc., Ascribe, Averbis, Bitext, Clarabridge, Inc., EPAM Systems, Inc., Etuma Ltd., Expert System S.p.A., Fair Isaac Corporation (FICO), Fractal Analytics Inc., IBM Corporation, Infegy, Inc., KNIME.com AG, Knowliah, Lexalytics, Inc., Luminoso Technologies, Inc., MaritzCX Research LLC, MeaningCloud LLC, Megaputer Intelligence, Inc., OpenText Corp., RapidMiner, Inc., SAP SE, SAS Institute Inc., SpazioDati, and Squirro. The analysis has been carried out based on specific parameters and scores have been assigned accordingly.
Vendors who fall into this category receive high scores for most of the evaluation criterion. The vendors in this MicroQuadrant have a strong and established product portfolio and a very strong market presence. They provide mature and reputable text analytics software and services that cater to a wide range of verticals globally. They also have strong business strategies.
Innovators in the MicroQuadrant are vendors that have demonstrated substantial product innovations as compared to their competitors. They have very focused product portfolio. However, they do not have very strong growth strategies for their overall business.
They are established vendors with very strong business strategies. However, they are low in product portfolio. They generally focus on a specific type of technology related to the product. The vendors included in this MicroQuadrant have a good customer base and are providers of software and services catering to other technologies as well.
They are vendors with niche product offerings, who are starting to gain recognition in the market. They do not have very strong business strategies as compared to other established vendors. They might be new entrants in the market and require some more time before getting significant traction.
The text analytics software market is segmented on the basis of various application areas, such as CEM; marketing management; governance, risk, and compliance management; document management; and workforce management. Text analytics is being widely adopted by organizations across various industry verticals to manage their enterprise content better, improvise marketing efforts and brand reputation, and enhance the customer experience. Text analytics software aims at providing actionable insights from the unstructured data and is becoming an important part of the current predictive analytics landscape.
CUSTOMER EXPERIENCE MANAGEMENT
In recent years, understanding the customer experience has been determined as the most efficient way of retaining customers and improving businesses by acting on the gathered insights. Organizations are focusing on exceeding customer demands so that they are bound to interpret and act on the customer’s feedback. With the advent of big data and methods to analyze collected data, text analytics has emerged as a promising technique for extracting insights from the customer’s data, shelling enterprises through survey questing, social media, and reviews. Additionally, companies prefer to utilize structured data, as it is easier to collect, measure, and analyze text analytics solutions that have addressed the challenges of collection and identification from numerous data sources. The application of text analytics solutions in CEM involves improvising marketing efforts and augmenting the overall customer experience. Moreover, the organizations are using sentiment analysis and NLP, which are also contributing to the growth of the text analytics market.
Analyzing the text is not new to the industry, but with the development of technologies, substantial improvements have been observed in the ability to mine the text, such as content on the internet; this improved ability is used by the organizations, so as to understand the market trends and further assist these organizations in modifying their businesses with the help of the collected information. The text analytics software solutions enable organizations across the industries in improving the feedback mechanism, market research, social media analytics, voice of customer analysis, brand reputation monitoring, advertising performance measurement, and churn analysis. Furthermore, organizations nowadays have a plethora of unstructured data generated through emails, messages, claims, contracts, patents, call center notes, operational notes, trial records, and survey responses, along with various other text-based data sources, and this data can be used to improve the marketing strategies.
GOVERNANCE, RISK, AND COMPLIANCE MANAGEMENT
Companies today are looking forward to dealing not only with well-understood challenges, such as market competition, stringent regulations, and sustained volatility but also upholding the profitability and progress in an era defined by the dynamically evolving technologies. The importance of next-generation governance, risk, and compliance management are accelerating the growth of the text analytics market by transforming the business value, while integrating technologies, such as risk modeling and governance, with business intelligence and text analytics, thus offering organizations the potential for increased profitability and competitive advantages over competitors. Additionally, the changing regulatory environment across industries is enforcing organizations to adapt text analytics, to mitigate the impact of risk and compliance over businesses.
Organizations gather huge amounts of unstructured data from various sources, namely, through emails and other documents, which contain vital information about business opportunities, risks, and challenges. Text analytics enables organizations with a variety of benefits, such as entity extraction, information retrieval, records retention, document clustering/categorization, document summary, and concept extraction. The document clustering and classification play an important role in document management. Text analytics for document management has been recognized as one of the secure methods to classify and sort the information in an organization. It helps organizations in controlling the risk, managing compliance issues, monitoring and protecting the intellectual property, and assisting in elevating the overall business operations, thus enhancing the customer experience.
The proliferation of big data has necessitated the usage of analytics in effective decision-making and organizations are looking for real-time data analysis for workforce-related business decisions. The goal of text analytics software is to deliver organizations with insights to manage employees so that the organization can reach their business goals. Text analytics in workforce management helps improve recruitment methods, which are the necessity of every organization. With the evolving customer expectations, organizations are changing their methods in delivering services to meet these expectations. Through proper customer interactions with customers across various textual communications channels, such as emails, webchats, social media, online surveys, and customer forums, organizations can discover insights. Text analytics helps organizations in reducing the cost through efficient workforce optimization and managing extensive customer interactions for accurate insights.
Frequently Asked Questions
Breadth and Depth of Product Offerings
Services OfferedManaged services | Support and maintainance | Consulting | Other Services |
Applications CateredCustomer experience management | Marketing management | Governance,risk and compliance management | Document management | Workforce management | Others (fraud detection, supply chain management) |
Product Features and Functionality
Features OfferedDocument Classification | Legal | Competitive market intelligence | Risk management and fraud detection | Semantic search | Sentiment analysis | Social media monitoring | Voice of customer and employee | Other Features |
Analysis TypeSupervised and/or unsupervised techniques | Linguistic rules and/or statistics based engine | Others, please specify |
End UsersBFSI | retail & Ecommerce | Government & Defense | Healthcare & Lifesience | Manufacturing | Telecommunication and IT | Energy & Utilities | Media & Entertainment | Transportation and Logistics | Others (Education, Travel & Hospitality, Research and Outsourcing) |
Delivery Mode for Client LocationFull Time Equivalent | Subscription / Licensing | Per User / Device Basis |
Channel of DeliveryDirectly | Through Partners / Third-Party Vendors |
Deployment ModelOn-Premise | Enterprise | Cloud |
Support and Services
Pre Sales SupportSoftware Requirement Specification (SRS) | Product Demos | Proof of Concept | Dedicated Account Manager (DAM) |
Channel for Delivery of Support ServicesOn-Site Support | Remote Support |
Add-on FeaturesBlog | Whitepapers |
Channel Partners - North America
Channel Partners - Europe
Channel Partners - Asia-Pacific
Channel Partners - Middle East and Africa
Channel Partners - Latin America
Direct Presence - North America
Direct Presence - Europe
Direct Presence - Middle East and Africa
Direct Presence - Asia-Pacific
Sales Office - North America
Direct Presence - Latin America
Sales Office - Europe
Sales Office - Asia-Pacific
Sales Office - Middle East and Africa
Sales Office - Latin America
Breadth of Applications Served
Business Expansion Strategy
% Revenue from Industry VerticalsRevenue - BFSI | Revenue - Retail and eCommerce | Revenue - Governmnet and Defense | Revenue - Manufacturing | Revenue - Healthcare and Life Sciences | Revenue - IT and Telecom | Revenue - Energy and Utilities | Revenue - Transportation and Logistics | Revenue - Media and Entertainment | Revenue - Other Industry Verticals |
Industry VerticalTransportation and Logistics | BFSI | Retail and eCommerce | Governmnet and Defense | Manufacturing | Healthcare and Life Sciences | IT and Telecom | Energy and Utilities | Media and Entertainment | Other Industry Verticals |
Channel Strategy and Fit
Business Expansion Strategy
Partner EcosystemDistributors | Value Added Resellers (VAR) | System Integrators | Others (Education, Travel & Hospitality, Research and Outsourcing) | Consultants |
New Customers Acquired (Last 1 year)
Mergers and Acquisitions Strategy
Partnership and Collaborations
Total Funding Amount