Text analytics involves processing semi-structured and unstructured documents to derive meaningful data for analysis promoting relevant automation and critical business insights. Text analytics solutions make use of machine learning algorithms to perform lexical analysis, categorization, clustering, pattern recognition, information extraction, and visualization for deriving patterns and trends enabling critical actions and insights in relation to the available text data. Making use of speech-to-text technology, optical character recognition (OCR), natural language generation (NLG), and visualization techniques the text analytics pipeline ensures detailed measurement of customer opinions, product reviews and feedback, sentimental analysis, and entity modeling. Text analytics software solutions providers offer analytics through algorithm-based applications for ease of data extraction and storage within data warehouses. This promotes critical use cases including improved customer sentiment analysis and customer feedback processing, identification of probable fraud and ensuring associated legal and compliance adherence, and enhanced real-time market intelligence ensuring enhanced information capture.
Quadrant Knowledge Solutions’ Text Analytics Platforms market research includes a detailed analysis of the global market regarding short-term and long-term growth opportunities, emerging technology trends, market trends, and future market outlook. This research provides strategic information for technology vendors to better understand the existing market and support their growth strategies, and for users to evaluate different vendors’ capabilities, competitive differentiation, and market position.
The research includes detailed competition analysis and vendor evaluation with the proprietary SPARK Matrix analysis. The SPARK Matrix includes ranking and positioning of the leading IDP vendors with a global impact including – Amazon Web Services, Amenity Analytics, Bitext, Cortical.io, EdgeVerve Systems, EPAM, Expert.ai, Google, Hyperscience, IBM, Indico Data, Kingland, Lexalytics, Luminoso, MeaningCloud, Megaputer, Microsoft, OpenText, Qualtrics, RavenPack, and SAS.
According to Madhu Kittur, Analyst at Quadrant Knowledge Solutions, “Text analytics is defined as the process of gathering, analyzing, and extracting valuable insights or information from vast amounts of textual data using machine learning and NLP (natural language processing) techniques. Text analytics leverages automated classification and extraction models to find relevant information within no time and help companies to make smart data-driven decisions. Leading Text Analytics Platform vendors are focusing on offering Advanced semantic search, Train custom extraction models with the no-code interface, support for multiple languages, Natural Language workflow orchestration, offering custom NLP solutions, self-service API access, composite AI, and so on. Additionally, the vendors are also planning to further enhance their proprietary text analytics platform by integrating with Large Language Models, Bridging the gap between AI and rule-based approaches, horizontal and vertical scaling of text analysis solutions, and creating robots to address the business-specific tasks.”
Q2 2023 Text Analytics Platforms SPARK Matrix
Source: Quadrant Knowledge Solutions
Table of Contents
Executive Overview
- Key Research Findings
Market Overview
Competition Landscape and Analysis
- Competitive Overview and Analysis
- Key Competitive Factors and Technology Differentiators
SPARK Matrix™: Text Analytics Platforms, Q2 2023
Vendor Profiles
Research Methodologies
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