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What is Text Analytics ?

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.

360Quadrants recognizes the below-listed companies as the best Text Analytics Software -

Top 10 Text Analytics Software in 2020:

  1. SAP SE
  2. IBM CORPORATION
  3. SAS INSTITUTE INC
  4. CLARABRIDGE INC
  5. BITEXT
  6. EPAM SYSTEMS INC
  7. OPENTEXT
  8. FAIR ISAAC CORPORATION (FICO)
  9. LEXALYTICS
  10. SPAZIO

COMPETITIVE LEADERSHIP MAPPING TERMINOLOGY

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.

VISIONARY LEADERS

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


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.

DYNAMIC DIFFERENTIATORS

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.

EMERGING COMPANIES

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.

MARKETING MANAGEMENT

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.

DOCUMENT MANAGEMENT

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.

WORKFORCE MANAGEMENT

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


  • Q: What are the current trends that are driving the text analytics market?
    A:

    The current and on going trends in text analytics are growing awareness, surge in data and increasing demand for real time analytics

  • Q: In which vertical most of the industrial companies are deploying text analytics solutions?
    A:

    Text analytics is segmented on the basis of verticals. The industry verticals include BFSI, telecommunication & IT, retail and ecommerce, healthcare and life sciences, manufacturing, government and defense, energy and utilities, media and entertainment, travel and hospitality, and others (education, research, construction & outsourcing). The healthcare and life sciences segment is the fastest growing segment in the text analytics market due to the growing demand to tackle big data and deliver valuable insights from it.

  • Q: Where will all these developments take the industry in the mid- to long-term?
    A:

    The text analytics market is projected to grow from $3.2 billion in 2016 To $8.8 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period.

  • Q: Who are the top vendors in the market, and what is their competitive analysis?
    A:

    Major vendors in the global text analytics market include SAP SE (Walldorf, Germany), International Business Machines Corporation (New York, U.S.), SAS Institute, Inc. (North Carolina, U.S.), OpenText Corporation (Ontario, Canada), Clarabridge, Inc. (Virginia, U.S.), Megaputer Intelligence, Inc. (Indiana, U.S.), Luminoso Technologies, Inc. (Massachusetts, U.S.), MeaningCloud LLC (New York, U.S.), KNIME.com AG (Zurich, Switzerland), Infegy, Inc. (Missouri, U.S.), Lexalytics, Inc. (Massachusetts, U.S.), and Averbis (Freiburg Germany). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global text analytics market further.

  • Q: What are the drivers and challenges of the text analytics market?
    A:

    The major growth drivers of the market include the growing need for social media analytics, and increasing need of predictive analytics for businesses. The challenges faced are Lack of awareness, skilled workforce, and other operational challenges.

Filters

Best Text Analytics Software in 2020

Comparing 29 vendors in Text Analytics Software across 126 criteria.
  • 360 Score: 3.91

    SAP incorporates text analytics in its SAP HANA platform. SAP HANA platform offers comprehensive functionalities and is a suite comprising of linguistic, statistical, and machine learning capabilities. SAP HANA is helping companies accelerate their business processes by incorporating text analytics into a widely accepted platform. Text analytics provides a vast number of entity types and analysis rules, which help industries analyze text in a more comprehensive and detailed manner by making use of data obtained from text sources in multiple languages. The languages supported in a company’s text analytics software include Arabic, English, Dutch, Farsi, French, German, Italian, Japanese, Korean, Portuguese, Russian, simplified Chinese, Spanish, and traditional Chinese.

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    • Enterprise
    • Weinheim, Germany
    • Founded: 1972
    • $10BN to $50BN
    • 75,001 to 1,00,000
  • 360 Score: 3.72

    The company offers the IBM SPSS Text Analytics for Surveys software, which assists organizations to transform their unstructured survey text into quantitative information and obtain insights through sentiment analysis solutions, thus accelerating business growth. The SPSS text analytics solution uses NLP specifically designed for survey text. SPSS Text Analytics for Surveys classifies responses and integrates results with other survey data for better insights and statistical analysis. It automates the classification process to remove the excess time and expenditure spent on manual coding. It uses linguistics-based technologies to diminish the ambiguities of human language, helping uncover patterns in the attitudes, beliefs, and opinions. SPSS Text Analytics for Surveys is a stand-alone program that works with IBM SPSS Statistics and other IBM SPSS products, which include IBM SPSS Custom Tables and software from the IBM SPSS Data Collection family.

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    • Enterprise
    • New York, USA
    • Founded: 1911
    • $50BN to $100BN
    • 1,00,001 to 5,00,000
  • 360 Score: 3.61

    SAS provides a plethora of solutions related to text analytics with their product SAS text miner. The features that distinguish the SAS text miner from its competitors are as follows: Provisions to evaluate large data sets using high-performance text mining features. A user-friendly and flexible interface which conforms to Windows accessibility standards.

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    • Enterprise
    • North Carolina, USA
    • Founded: 1976
    • $1BN to $5BN
    • 10,001 to 15,000
  • 360 Score: 3.4

    Clarabridge, Inc. delivers customer intelligence platforms. It offers dynamic survey tools to capture data. It connects platforms to various feedback sources through integration, as well as allows clients to use data gathered from social media into the organization’s social intelligence. It also helps in automatic transcription of customer call recordings from call centers, market research calls, and integrating unstructured text with structured data.

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    • SME
    • Virginia, USA
    • Founded: 2006
    • $51MN to $100MN
    • 101 to 500
  • 360 Score: 3.01

    Bitext entered the text analytics market with innovative products, such as CX, API, and Original Equipment Manufacturer (OEM) text analytics platform. CX is a multilingual text analytics SaaS-based platform that can be used by developers who need to integrate text analytics with their current analytics platform. CX extracts insights from comments, which help understand how customers react to particular topics; for instance, it analyzes the customers’ reactions to new movie releases or views about their favorite cricket team. It also analyzes the data with 70% accuracy across various languages.

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    • SME
    • Las Rozas de Madrid, Spain
    • Founded: 2008
  • 360 Score: 2.98

    InfoNgen is EPAM’s text analytics and sentiment analytics solution which is used to provide actionable insights from the big data automatically. The solution is used to search, share, and analyze critical information from both, organized and amorphous data which, in turn, will help teams to focus on strategic decisions which are backed by sufficient statistics. InfoNgen offers customers freedom to uncover patterns, trends, and anomalies hidden deep within data.

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    • Enterprise
    • Newtown, Pennsylvania, US
    • Founded: 1993
    • $1BN to $5BN
    • 20,001 to 25,000
  • 360 Score: 2.92

    OpenText has a range of products which help organizations implement text analytics to reap benefits from data, such as creating machine readable data from unstructured data, connecting individuals with relevant content, and understanding relationships in documents. The information access platform comprises text analytics which offers opportunities to extract meaning, nuance, and context from vast amounts of unstructured content to harness the true business potential. Features such as concept extraction and entity extraction create an environment for organizations where they can identify relevant text in any digital asset and link them to location, people, organizations, trademarks, and product names.

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    • Enterprise
    • Ontario, Canada
    • Founded: 1991
    • $1BN to $5BN
    • 10,001 to 15,000
  • FICO® Data Orchestrator is a cloud or on-premises data recovery and plotting solution that can access, gather, and transform data from unstructured information services, such as credit reference agencies, media talks, etc. Organizations can join and convert multiple sources of data to advance operational intelligence, risk management, and usability.

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    • Enterprise
    • California, USA
    • Founded: 1956
    • $500MN to $1BN
    • 1,001 to 5,000
  • teX.ai is a SaaS product solution from Indium Software. teX.ai helps organizations to solve text data problems by providing faster and scalable solutions to obtain results such as document summarization which leads to saving time, lower the costs by automating text extraction, text classification to reduce search complexity and to enhance the customer experience. teX.ai offers a variety of solutions across six major domains or industries.

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    • SME
    • California, USA
    • Founded: 1999
    • $11MN to $50MN
    • 1,001 to 5,000
  • 360 Score: 2.66

    Lexalytics, Inc. provides text and sentiment analysis software solutions for social media monitoring and brand reputation management. The company offers Salience Engine, a multi-lingual text analysis engine that is integrated into systems for BI. Salience supports text processing, natural language processing, and text analytics technologies, such as sentiment analysis.

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    • SME
    • 501 to 1,000
  • 360 Score: 2.61

    Dandelion API converts text to actionable data. It extracts meaning from unstructured text and puts it in context with a simple API. Dandelion API controls its underlying Knowledge Graph, without trusting traditional NLP channels. This makes it faster, extra-scalable, easier to customize, and natively language independent.

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    • SME
    • 501 to 1,000
  • 360 Score: 2.6

    Cogito Discover provides complete understanding of written text at gauge to guarantee that the insight and knowledge implanted in unstructured information is accessible for tactical and operative analysis and effortlessly usable by process automation robots. Cogito Discover’s Natural Language Understanding engine delivers influential multilingual classification, entity and association mining, and text analytics that detects unseen relevant information in business papers.

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    • Enterprise
    • Rockville, Maryland, US
    • Founded: 1989
    • $10BN to $50BN
    • 101 to 500
  • 360 Score: 2.55

    Text meta-analysis is among the most critical business actions in modern database systems and business information systems. However due to its complex nature, it is not often incorporated. RapidMiner provides creative text analytics solutions that meet all the data needs of businesses where textual descriptions are present and need to be stored or examined.

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    • SME
    • Massachusetts, USA
    • Founded: 2006
    • $11MN to $50MN
    • 51 to 100
  • 360 Score: 2.51

    In the age of data and analytics, each and every organization has its own unique definitions, idioms, and language trends. MaritzCX Text Analytics ensures the capture of all the trends along with specific customizations that integrate words and phrases that apply specifically to products and industries across multiple languages. Users can instantaneously tap into all the investigation, skills, and knowledgeable capital.

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    • SME
    • 501 to 1,000
  • 360 Score: 2.5

    Ascribe comes with a wide range of products for text analytics. Ascribe Coder is used to categorize the verbatim comments faster and efficiently. CX Snapshot is used to disclose insights from Customer Experience (CX) comment. CX Inspector is used to uncover customer insights automatically and efficiently. Lastly, Ascribe illustrator is used to prepare reports and dashboards from the data received through customer comments and feedback.

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    • SME
    • Founded: 1999
    • $11MN to $50MN
    • 101 to 500
  • 360 Score: 2.47

    The text analytics solutions by MeaningCloud provide an entire package of advanced text analytics products, such as sentiment analysis, text classification, language identification, and topics extraction, which help analyze the unstructured data. Furthermore, the company offers add-ons for MS-Excel to facilitate text analytics from spreadsheets. The text analytics solutions offered by MeaningCloud comprise features, such as recognizing the structure of text, text clustering, text categorization, information extraction, and sentiment analysis. Sentiment analysis comprises applications of NLP, text analytics, and computational linguistics, which help identify and extract subjective information from various types of text.

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    • SME
    • 501 to 1,000
  • 360 Score: 2.24

    The Analyst Toolbox is the platform built by analytic experts to derive smarter and better results from unstructured data. The BrainDocs tool can scan through a significant number of documents, databases, and websites to regain the data that directly relates to business. BrainDocs uses AI agents to analyze unstructured data. The agents can classify, organize, filter, and make the data search possible with keyword search, NLP, LSI, or any other statistical tool.

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    • SME
    • Budapest, Hungary
    • Founded: 2003
    • 51 to 100
  • 360 Score: 2.22

    The company is leading in the text analytics space with innovative products, providing next-generation software solutions. Averbis offers Information Discovery, an advanced text analytics and data assessment platform that permits users to get insights from structured and unstructured data, assisting them in exploring information conveniently. Information Discovery collects and analyzes all kind of documents, such as patents, research literature, databases, websites, and other enterprise repositories.

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    • SME
    • 501 to 1,000
  • 360 Score: 2.19

    Etuma text analysis service converts all open-ended client feedback into reliable and actionable data. Etuma has current connectors to dozens of surveys, customer experience management, and contact center platforms. Users can also connect any spontaneous feedback channel such as email or webforms. Etuma has connectors to most common social media sites.

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    • SME
    • 501 to 1,000
  • 360 Score: 2.13

    The company offers 2 products that enables faster detection and analysis of text, which include analytics and compass. Open-ended survey responses, long discussions on forums, journal entries, and detailed comments on photo collages can be used to explore valuable insights embedded in data using Luminoso products. The text analytics products allow users to monitor data into 12 different languages that include English, Spanish, French, German, Italian, Portuguese, Russian, Dutch, Japanese, Chinese, Arabic, and Korean. The software can be deployed on cloud, on-premises, or integrated into an end-to-end client platform using the company’s standard API.

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    • SME
    • Massachusetts, US
    • Founded: 2010
    • Below $10 MN
    • 1 to 50
  • 360 Score: 2.04

    The text analytics solution from Fractal Analytics solves organizational challenges by converting unstructured data into actionable insights with the help of machine learning algorithms and natural language processing.

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    • SME
    • California, USA
    • Founded: 2000
    • $11MN to $50MN
    • 1,001 to 5,000
  • 360 Score: 1.99

    The company offers KNIME Analytics Platform, an open-source powerful analytical solution facilitating datadriven innovations, thus assisting organizations in determining actual potentials in their data. It allows faster deployment, easy scalability, and spontaneous learning. With over 1000 modules, along with readily usable examples, it offers a complete package of integrated tools, with the widest array of advanced algorithms.

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    • SME
    • Zurich, Switzerland
    • Founded: 2008
    • Below $10 MN
    • 1 to 50
  • 360 Score: 1.96

    Infegy delivers products with an approach to address the challenges that organizations are facing. The company’s cloud-based social media intelligence platform, Infegy Atlas, uses an in-house NLP technology and was developed as an SaaS model to deliver real-time insights. Infegy Atlas simplifies the complex Boolean search queries using a predefined query builder, built-in error checking, and advanced filters that eliminate the need for additional operators.

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    • SME
    • 501 to 1,000
  • 360 Score: 1.92

    Squirro is an AI-based platform which uses machine learning to update users about the data and the next challenge. This platform helps a company to build better relationships with clients, partners, and predict the anomalies in the system and data automatically. This platform makes use of the 99% inactive data to offer insight-driven analytics.

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    • SME
    • 501 to 1,000
  • 360 Score: 1.91

    Knowliah provides a software solution that handles amorphous information and data, based on extremely innovative algorithms to clean intelligence and for the automatic enhancement of text through meta-data. Scripts, documents, and e-mails are repeatedly analyzed, augmented, and classified. The automation has helped users by enabling minimal manual intervention.

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    • SME
    • 501 to 1,000
  • The company entered the text analytics market with PolyAnayst, TextAnalyst, and X-SellAnalyst which are being widely accepted by establishments including federal organizations as their tools are powerful and automated, yet very simple to use. PolyAnalyst not only provides the drag and drop functionality for large volumes of structured data but also provides additional functionalities such as categorization, clustering, prediction, link analysis, keyword extraction, pattern discovery, and anomaly detection. TextAnalyst helps generate accurate summarization of text, retrieve semantic information by analyzing natural language queries, and extract relevant sentences from text-based documents.

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    • SME
    • 501 to 1,000
  • 360 Score: 0.0

    Data Cataloging is the solution provided by Alteryx INC to cut the time spent searching the data and making it more meaningful. The powerful data cataloging provided by Alteryx Connect unifies business relationships and meanings, metrics, and information assets for supreme consistency, discoverability, and teamwork.

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    • SME
    • California, USA
    • Founded: 1997
    • $101MN to $500MN
    • 501 to 1,000
  • Angoss Software Corporation (Angoss) and Lexalytics Inc. are in partnership to give advanced capabilities to Angoss’ big data analytics and rallies the accuracy of predictive analytics modelling by growing the types and volume of data that can be analyzed to include unstructured, text-based data.

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    • SME
    • Michigan, USA
    • Founded: 1985
    • $101MN to $500MN
    • 1,001 to 5,000
  • TIBCO Spotfire provides a unique and leading solution of data wrangling which is used to prepare the smart and impressive data from raw data sources such as customer feedbacks and comments about the product. Spotfire generates automagical dataflows that records steps on the data canvas, creating an auditable data lineage for easy editing, reuse, sharing, and scaling of analytics across organization.

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    • Enterprise
    • California, USA
    • Founded: 1997
    • $1BN to $5BN
    • 1,001 to 5,000
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