Hurwitz & Associates Announces Results of Its Victory Index for Text Analytics
Report Serves as a Market Research Assessment Tool Featuring Vendor Reviews and Critical Industry Trends
BOSTON, MA– (January, 2013) – Hurwitz & Associates today announced the findings of its Victory Index report for Text Analytics. Designed as a market research assessment tool, the Victory Index highlights both the diverse uses for text analytics technology such as understanding the voice of the customer, risk analysis and identifying fraud, and the vendors who make those applications possible. The Text Analytics study examines the most critical trends for end users to consider and analyzes 10 vendor offerings in the market across four key dimensions: Vision, Viability, Validity and Value.
Unstructured data is everywhere – in emails, call center notes, verbatim survey responses, tweets, blogs, and online news – to name just a few sources. In fact, by most industry estimates, unstructured text accounts for eighty percent of the data available to companies. Text analytics allows organizations to gain insight into this information and use it for a competitive advantage. The Victory Index is intended to focus a spotlight on what the leading vendors are doing to support this important emerging market.
“For this Victory Index report we selected the field of text analytics as it has become more mainstream and important to companies looking to remain competitive“ said report co-author Marcia Kaufman. “The increasing sophistication of text analytics is viewed by companies as a major benefit, enabling the deep analysis of large volumes of unstructured data in real or near real time so that the results can be used in decision making. “
- Hurwitz & Associates named five vendors as Victors in Go to Market Strength: IBM, SAS, OpenText, Clarabridge and Attensity.
- Hurwitz & Associates named four vendors as Victors in Customer Experience Strength: SAS, OpenText, IBM and Clarabridge.
- Two companies received special mention, Provalis Research for its strong score in the Value category and Megaputer Intelligence for its strong showing in the Validity category.
- Other vendors recognized in the Victory Index include Basis Technology, Lexalytics, and Temis.
Key market findings:
- Social media analytics adoption is one of the driving forces behind the adoption of Text Analytics. Many current adopters start analyzing unstructured text for social media and then move beyond this to explore other use cases.
- Marrying structured and unstructured data is becoming more popular in analysis. End users realize that they can gain significant insight from mining unstructured (i.e. text) data, and that this unstructured data, when used in conjunction with structured data, can provide a big lift to predictive models.
- Content Management Systems (CMS) are leveraging text analytics to automate classification of documents. When Hurwitz & Associates performed one of the first studies on text analytics back in 2007, companies wanted to integrate text analytics with their content management systems. More recently, vendors are now providing this feature, especially to help automate the classification of documents, in content management systems.
- The notion of semantic enablers begins to gain momentum. The notion of semantically enabling an application is also gaining steam. Some companies offer “semantic middleware” while others offer “semantic APIs.” The idea is for the end-user to be able to enable semantic analysis where it is needed.
- The cloud is becoming a popular delivery model for text analytics. In fact, a number of the vendors profiled for this report offer various cloud options for text analytics. Many companies that don’t have the required analytics skills in-house are leveraging Software as a Service (SaaS) solutions for help with text analytics.
“At Hurwitz & Associates we take pride in providing a holistic view of the value and benefit of important technologies. We assess not just the technical capability of the technology but its ability to provide tangible value to the business,” said Judith Hurwitz, President of Hurwitz & Associates. “The Victory Index will serve as a critical guide for those looking to adopt technologies that can deliver the competitive edge needed to succeed in today’s dynamic business environment.”
To learn more about the Victory Index please visit www.hurwitz.com.
About Hurwitz & Associates Hurwitz & Associates is a strategy consulting, market research and analyst ﬁrm that focuses on how technology solutions solve real world customer problems. Hurwitz research concentrates on disruptive technologies, such as Cloud Computing, Big Data, Analytics, Service Oriented Architecture and Web 2.0, Service Management, Information Management, and Social and Collaborative Computing. Our experienced team merges deep technical and business expertise to deliver the actionable strategic advice clients demand. To learn more about our services please visit www.hurwitz.com.