Text analytics is a process that transforms unstructured and structured text into meaningful business insights. Text analytics software identifies and extracts real-time information from data, such as patterns, keywords, and other attributes. Natural language processing (NLP), machine learning (ML), deep learning technologies, and statistical and linguistic techniques are often used by the platform, allowing data leaders to derive insights from unmodeled content that was previously reserved for data professionals. The primary factor that pushed enterprises to use text analytics platforms was the COVID-19 pandemic, which enabled many industries to leverage text-based data and optimize their operations. It helps organizations automate their business processes and improve overall operational efficiency and productivity. As enterprises transform into digital businesses, text analytics platforms are extensively used across multiple domains and industries.
As part of the research “SPARK Matrix™: Text Analytics Platforms, 2022” Quadrant Knowledge Solutions conducted an in-depth analysis of major industrial Text Analytics platform vendors by evaluating their products, market presence, and customer value proposition. Based on the analysis, the study provides competition analysis and ranking of the leading vendors in the form of SPARK Matrix. The evaluation is based on the primary research with expert interviews, analysis of use cases, and Quadrant’s internal analysis of the overall Text Analytics platforms market. The SPARK Matrix evaluation examined Luminoso and twenty other vendors including Amenity Analytics, AntWorks, AWS, Bitext, Cortical.io, EPAM, Expert.ai, Google, IBM, Indico Data, Kingland, Lexalytics, MeaningCloud, Megaputer, Micro Focus, Microsoft, OpenText, Qualtrics, RavenPack, and SAS.
Quadrant Knowledge Solutions research analyzes market dynamics, growth opportunities, emerging technology trends, and the vendor ecosystem of the global market. This research provides strategic information for technology vendors to better understand the market supporting their growth strategies and for users to evaluate different vendor capability, competitive differentiation, and market position.
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