Text analytics is the process of using computational methods to extract insights and meaningful information from large collections of unstructured textual data, such as emails, social media posts, customer reviews, or news articles. It involves various techniques, including natural language processing (NLP), machine learning, and statistical analysis, to transform text data into structured and actionable information. The main applications of text analytics include sentiment analysis, topic modeling, entity recognition, text classification, and information extraction, among others .Text analytics companies are businesses that specialize in providing solutions and services for analyzing large volumes of unstructured text data such as emails, social media posts, customer feedback, and other forms of text-based communication.
Text analytics is used by a wide range of companies across various industries. Here are a few examples:
Marketing and advertising companies: Text analytics is used to analyze customer feedback, social media posts, and other forms of unstructured data to understand customer sentiment, preferences, and behavior. This information can help marketing and advertising companies create targeted campaigns and improve customer engagement.
Healthcare companies: Text analytics is used to analyze medical records, patient feedback, and social media data to identify patterns and trends related to diseases, treatments, and patient experiences. This information can help healthcare companies improve patient care, develop new treatments, and monitor drug safety.
Financial services companies: Text analytics is used to analyze financial news, reports, and social media data to identify trends and insights related to market conditions, customer behavior, and fraud detection.
Customer service companies: Text analytics is used to analyze customer feedback, emails, and social media data to identify common issues, sentiments, and preferences. This information can help companies improve their customer service and overall customer experience.
Government agencies: Text analytics is used by government agencies to monitor social media data, news reports, and other forms of unstructured data to identify potential threats, public sentiment, and emerging issues. This information can help governments make informed decisions and improve public safety.
Some of the companies that use text analytics include Amazon, IBM, Microsoft, Google, SAS, and many others.
There are several top text analytics companies in the market that offer cutting-edge solutions and services to their clients. Here are some of the best text analytics companies:
IBM Watson: IBM Watson offers a range of text analytics solutions, including sentiment analysis, natural language processing, and entity recognition. Their solutions are used by businesses across various industries, including healthcare, finance, and customer service.
Google Cloud Natural Language: Google Cloud Natural Language provides advanced text analytics solutions that use machine learning to analyze and extract insights from unstructured text data. Their solutions include sentiment analysis, entity recognition, and syntax analysis.
Amazon Comprehend: Amazon Comprehend is a natural language processing service that offers text analytics solutions for businesses of all sizes. Their solutions include sentiment analysis, entity recognition, and topic modeling.
SAS Text Analytics: SAS Text Analytics offers a comprehensive suite of text analytics solutions, including sentiment analysis, entity recognition, and topic modeling. Their solutions are used by businesses across various industries, including healthcare, finance, and marketing.
RapidMiner: RapidMiner offers a range of text analytics solutions that use machine learning algorithms to analyze and extract insights from unstructured text data. Their solutions include sentiment analysis, topic modeling, and entity recognition.
Other notable text analytics companies include Microsoft Azure Text Analytics, Aylien, Linguamatics, and Lexalytics. The best text analytics company for a particular business depends on its specific needs, budget, and industry.
Text analytics provides several valuable services for businesses and organizations that need to analyze large volumes of unstructured text data. Here are some of the key services that text analytics provides:
Sentiment analysis: Text analytics can be used to analyze the sentiment of text data, such as social media posts, customer feedback, and reviews. This can help businesses understand customer sentiment and make informed decisions about their products, services, and marketing strategies.
Topic modeling: Text analytics can be used to identify common topics and themes within large volumes of text data. This can help businesses understand trends and patterns within their data and make informed decisions about their products and services.
Entity recognition: Text analytics can be used to identify and extract named entities such as people, places, and organizations from text data. This can help businesses gain insights into customer behavior and preferences.
Text classification: Text analytics can be used to classify text data into predefined categories. This can help businesses organize and analyze their data more efficiently.
Language translation: Text analytics can be used to translate text data from one language to another. This can help businesses communicate with customers and stakeholders in different countries and regions.
Key phrase extraction: Text analytics can be used to extract key phrases and terms from text data. This can help businesses understand the most important topics and themes within their data and make informed decisions based on these insights.
Text analytics provides businesses and organizations with valuable insights and information from large volumes of unstructured text data. These insights can be used to improve customer experiences, develop new products and services, and gain a competitive edge in the marketplace.
The charges of text analytics services can vary depending on several factors, such as the size of the data set, the complexity of the analysis, and the specific services required. Here are some of the main factors that can influence the cost of text analytics services:
Data volume: The cost of text analytics services can increase as the volume of data to be analyzed increases. Text analytics companies may charge based on the number of documents, the number of words, or the number of data sources to be analyzed.
Analysis complexity: The cost of text analytics services can also depend on the complexity of the analysis required. For example, sentiment analysis may be less expensive than entity recognition or topic modeling.
Customization: If a business requires a customized text analytics solution tailored to their specific needs, the cost may be higher than using a standard off-the-shelf solution.
Service provider: The cost of text analytics services can also vary depending on the provider. Some providers may charge a flat fee, while others may charge by the hour or project.
Contract length: The cost of text analytics services can also depend on the length of the contract. Longer-term contracts may offer more favorable pricing than shorter-term contracts.
The cost of text analytics services can range from a few thousand dollars to tens of thousands of dollars or more, depending on the specific services required and the size and complexity of the data set. It’s important to get quotes from multiple text analytics companies and compare their pricing and services to find the best fit for your business needs and budget.