Text Analytics 2015 – Technology and Market Overview
A leading analyst and expert on text analytics gives an overview of the past year and looks ahead on text analytics technology and market developments.
Read on for my annual year-past/look-ahead report, on text analytics technology and market developments, 2015 edition.
A refreshed definition:
Text analytics refers to technology and business processes that apply algorithmic approaches to process and extract information from text and generate insights.
Text analytics relies on natural-language processing, based on statistical, linguistic, and/or machine-learning methods. Yet no single technical approach prevails, and no single solution provider dominates the market. There are myriad open source options and an array of via API cloud services. Academic and industry research is thriving, realized in systems that scale up to go big, fast, and deep, and that scale out, going wide — distributed and accommodating source diversity.
Last year, 2014, was a good year for text analytics, and 2015 will be even better, with particular focus on streams, graphs, and cognitive computing and on an already extensive array of applications. As in 2014, these applications will not always be recognized as “text analytics” (or as natural language processing, for that matter). My 2014 observation remains true, “text-analytics technology is increasingly delivered embedded in applications and solutions, for customer experience, market research, investigative analysis, social listening, and many, many other business needs. These solutions do not bear the text-analytics label.”
So in this article:
- Market Perceptions
- Tech Developments
I released a market study, Text Analytics: User Perspectives on Solutions and Providers.
The report is available for free download (registration required) via altaplana.com/TA2014, thanks to its sponsors. The key finding is More (and synonyms): Progressively more organizations are running analyses on more information sources, increasingly moving beyond the major European and Asian languages, seeking to extract more, diverse types of information, applying insights in new ways and for new purposes.
Technical and solution innovation is constant and robust, yet user satisfaction continues to lag, particularly related to accuracy and ease of use. One more chart from my study, below ...
next - Text Technology Developments