Lexalytics, Inc., a software and services company specializing in text and sentiment analysis, today unveiled predictions for the text analytics and sentiment analysis market for 2011. According to Lexalytics CEO Jeffrey Catlin, the market will continue to see strong growth—upwards of 40 percent—in 2011. Primary predictions for the year ahead include:
- Legal eDiscovery and pharmaceuticals will be among the leading verticals to increase adoption of text Analytics.
- Social media monitoring and “voice of the customer” will continue to drive many of the sales in this market.
- The major text analytics vendors will continue to separate and dominate the newer players. Smaller players seem to be vanishing and only open source seems to be gaining traction.
- The complexity and breadth of features are important, and new markets will demand significant new features.
“These predictions paint a picture of a very healthy market yet one undergoing consolidation. Lexalytics will likely be the only true OEM or reseller option other than open source within 12 months,” said Lexalytics CEO Jeff Catlin. “Other major text analytics vendors appear to be pushing towards vertical market applications.” According to several industry analysts, 2010 has been a good year for most of the major text analytics vendors with approximately 50 per cent growth for all. Primary drivers for growth include:
- Wide scale adoption of sentiment scored content
- Integration of text analytics into enterprise search
- Uptick in social media monitoring / “voice of the customer”
- Monetization of Twitter many companies like bit.ly, Tweetmeme.
With Lexalytics’ text analytics and sentiment solutions, companies are able to monitor and react in real-time by making sense of the vast repositories of information from sources as diverse as Twitter, blogs, RSS feeds, web sites and in-house content. Lexalytics solutions include entity extraction, theme discovery, and sentiment analysis at the entity-level. About Lexalytics Lexalytics, Inc. is a software and services company specializing in text and sentiment analysis for social media monitoring, reputation management and entity-level text and sentiment analysis. By enabling organizations to make sense of the vast content repositories on sources like Twitter, blogs, forums, web sites and in-house documents, Lexalytics provides the context necessary for informed critical business decisions. Serving a range of Fortune 500 companies in the financial, search and media industries, among others, Lexalytics partners with industry leaders such as FAST, Endeca, ThomsonReuters, and BurrellesLuce to deliver the most effective sentiment analysis solutions in the industry. For more information, visithttps://www.lexalytics.com. Lexalytics also provides expert commentary on text and sentiment analysis on its blog and Twitter via @Lexalytics.