Overall enterprises, business users are understanding the value of their raw text. By mining this information, they can spare operational costs, help with anticipating the future and reveal experiences which were beforehand not accessible. Text analysis is the procedure toward refining data and importance from the text. For instance, this can be analyzing text written in reviews by clients on a retailer’s site or analysing documentation to comprehend its objective. The primary objective of text analytics is to accumulate different forms of data, including structured and unstructured, which is further utilized for the analysis, thereby fueling the organization’s business decisions.
Text analytics tools are being increasingly used by organizations to aid their business-making process by offering actionable insights from various forms of text sources, such as client interaction, emails, blogs, product reviews, tweets, and center logs. The rising demand for machine learning and big data analytics is expected to propel the text analytics market across the globe. COVID-19 is expected to further increase the demand for text analytics as people continue to work from home and are expected to heavily use social media platforms and e-mails for interacting with the brands. The global text analytics market was valued at USD 5.46 billion in 2020 and is expected to reach a value of USD 14.84 billion by 2026 at a CAGR of 17.35% over the forecast period (2021-2026).
AI text analysis is simply the process of extracting information from inside large amounts of text data. Natural Language Processing (NLP) is how a program actually understands this data and makes sense of it. For businesses, Natural Language Processing can help them automate the process of understanding customer comments on a large scale so they can make data driven decisions on how to improve the business.
Group Futurista is proud to present its “Future of Text Analytics” Webinar bringing together industry leading experts to discuss the growing benefits and need of text analytics.
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