Text analytics market is growing fast
The Washington DC based consultancy Alta Plana has recently completed a market study of the software and service text-analytics market showing that 2010 revenues now total $835 million globally.
Growth is steepest for applications that seek business insight in social networks, online media, and surveys. Applications include brand-reputation management, market research, competitive intelligence, and customer service and support. Alta Plana expects the text-analytics market to sustain healthy annual growth, with rates in the 25%-40% range, in each of the coming years.
Given the importance of social and online text data sources, the variety of text analytics solutions and deployment options, and vendor commitment to bringing content analysis to the masses, they expect to report 2011 vendor text-analytics revenues that will easily clear the $1 billion mark.
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