Textual analytics is at an estimated market value of $3 billion and is only expected to grow, possibly even double in the next two years. But what exactly is this industry and why has it become so popular?
Text analytics software takes structured data and determines algorithms or patterns to figure out information such as customer opinions and product reviews in order to make better decisions based on the facts at hand. This kind of software is usually used by customer service oriented corporations, but it can also be used by government agencies to look at unique patterns of similar identities, dates, places, people, and other information that may seem random but can hold deeper information.
This analytic software can also look for information on emotions through sentiment analysis. This type of information in particular is where an emotion AI can come in handy. That is to say, a machine that can understand and process people’s emotions.