User adoption of text and content analytics grew 25 percent last year, as it is expected to do for the next several years. For 2010, the growth resulted in an $835 million market, according to a newly available report, "Text/Content Analytics 2011: User Perspectives on Solutions and Providers."
The 62-page report is the result of a study by analyst and consultant Seth Grimes, a recognized expert in text analytics, and is available for free download from his Alta Plana Website. In compiling the report, Grimes relied on results from 224 survey respondents and conversations with numerous vendors and technology users.
The study, sponsored by various analytics vendors, aimed to answer the question, "What do current and prospective text/content-analytics users really think of the technology, solutions, and solution providers?" At this juncture, companies are using text and content analytics mainly for social media analysis and, essentially, for next-generation search.
The need to keep up with social media is a key driver behind the growth in text and content analytics use, with consumer-focused companies and organizations among the technology's primary users.
In fact, the top four categories of content most important to users are all social, online, or both.
These categories are:
- Blogs and social media
- Online news articles
- Online forums
- Online reviews.
The focus of text analytics on "unstructured" data like Web content and email communication is nothing new.
In July, a Webinar with Kent State University Professor Denise Bedford looked at the use of text analytics to make sense of the incredible accumulation of data in all forms, Web included.
Text and content analytics is also an important component of linguistic sentiment analytics, which attempts to analyze words from various kinds of content including social media for indicators of sentiment, opinions, or emotions and then to make predictions based on those findings.
If you're interested in hearing Grimes's perspectives on text and content analytics firsthand, join him here for an All Analytics e-chat next Wednesday, October 12, at 2:00 p.m. ET.