December 5, 2023

Text Analytics Market Trends: Data Science Redefining the Landscape

The pervasive influence of data science technology continues to propel groundbreaking advancements in text analytics. In today’s business landscape, understanding qualitative feedback from customers has become paramount for Customer Experience (CX) professionals, especially when dealing with vast volumes of data. Parsing through massive datasets and attending to every customer comment manually has become impractical. Yet, every comment holds the potential to unveil valuable insights and questions that can significantly enhance a company’s CX quotient.

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To address this challenge, text analytics algorithms have emerged as indispensable tools. Leveraging techniques like machine learning and artificial intelligence (AI), data science is at the forefront of innovating text analytics to provide continuous and fine-tuned sentiment analysis. This innovation empowers businesses to extract high-quality insights from open-ended comments.

Developers in this field are increasingly focusing on text analytics solutions that harness the power of text mining and Natural Language Processing (NLP) technology to derive meaningful insights from vast volumes of unstructured data.

Acquiring and Integrating New Skills in Text Analytics Solutions: A Growth Challenge

One of the growth-pulling factors in the text analytics arena is the complexity of acquiring and integrating the necessary skills. Text analytics necessitates a diverse skill set that revolves around analyzing unstructured data to optimize campaigns and achieve favorable results. Furthermore, different industries use unique phrases, attributes, concepts, and entities, making it crucial for text analytics solutions to distinguish between contextual differences. For example, the word “apple” can have distinct meanings in the context of consumer electronics and food service.

This complexity adds to the challenge faced by developers who must not only incorporate broad-level capabilities into their text analytics solutions but also cultivate deep domain expertise in handling unstructured text data.

North America Emerges as Dominant Player in the Global Text Analytics Market

North America, particularly developed economies, is witnessing substantial growth potential in the field of text analytics across industries such as retail, healthcare, and BFSI. The robust economic environment has attracted numerous tech companies to establish a strong presence in the United States. Companies operating in this region’s text analytics space are also prioritizing the integration of multilingual capabilities into their solutions. For example, Microsoft, a leading US-based tech giant, has recently added support for the Hindi language in its text analytics solution to assist organizations with sentiment analysis.

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Academic institutions are also actively contributing to the text analytics initiative. In the United States, the School of Information at the University of California is developing BioText, a program designed to aid researchers in analytics and text mining.

Expanding CX Solutions Drive Demand for Advanced NLP and Text Analytics

As the market for Customer Experience (CX) solutions expands, the need for cutting-edge Natural Language Processing (NLP) and text analytics solutions is on the rise. Basic-level capabilities are no longer sufficient for CX platforms to thrive. To gain a comprehensive understanding of customer needs and preferences, CX platforms must encompass multiple non-English languages, enhanced feature sets, deep vertical expertise, and NLP and text analytics capabilities across various customer touchpoints and channels.

Competition Landscape in the Global Text Analytics Market

Tech companies are actively introducing innovative products and services in the text analytics space. Some are integrating text analytics solutions into their legacy software and services to provide enhanced customer engagement and insights. For example, Calabridge unveiled “Clara,” an intelligent search assistant that interacts with vast customer feedback and data sources, delivering visual results and critical insights in seconds. This solution has been integrated with Oracle Cloud CX platform, enhancing the understanding of customer feedback from diverse sources such as messages, surveys, social media, chats, emails, and calls.

In a similar vein, TCS and Vertica announced a strategic collaboration to accelerate the modernization of data warehouses for organizations. Microsoft also integrated text analytics into its Azure Cognitive Services in 2020, with a primary focus on facilitating data processing in the healthcare domain.

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In conclusion, the global text analytics market is poised for optimistic growth, offering substantial opportunities for companies to harness the potential of technology and witness ongoing innovations in the field.

Key players in the global text analytics market include SAP SE, Calabridge Inc., IBM Corporation, Microsoft Corporation, SAS Institute Inc., Megaputer Intelligence Inc., MeaningCloud LLC, Lexalytics Inc., and OpenText Corporation.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad