The research study covers the present scenario and growth prospects of the global search and content analytics market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of search and content analytics solutions.
The search and content analytics market will have significant growth during the forecast period because enterprises have realized the importance of deriving useful information from unstructured data. The process of comprehending unstructured data and gaining valuable insights is a multifaceted challenge. The exponential growth in volume of big data is a challenge for the market, which needs to be addressed effectively.
Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global search and content analytics market:
- Increase in adoption of search and content analytics in industries
- Increasing volume of data
- Use of social media data for content analysis
Increase in adoption of search and content analytics in industries
Search and content analytics supports decision-making in various areas of work. The integration of content analytics applications with IT systems within an organization helps in communicating with people and other computer systems in real time. It also aids in recollecting previous interactions that assist in drawing conclusions independently while processing large quantities of data from diverse sources. For instance, a content analytics system such as IBM Watson can read millions of text documents in few seconds. The system trails the process of understanding, learning, and evaluating.
Amrita Choudhury, a lead IT security research analyst at Technavio, says, “Search and content analytics systems provide insights and help in the interpretation of large volumes of complex data. They significantly reduce the time taken for research while offering the required speed and agility. Content analytics systems provide a complete view of the data from all business processes and enable efficient operations by providing better forecasts. Depending on the inferences of content computing, some processes may be refined, few may be reinvented, and others may be built from scratch.”
Increasing volume of data
The growing volume of data generated by organizations is a major factor driving the growth of the global search and content analytics market. Organizational data is generated from sources that include enterprise applications, web-based searches, social networks, and cloud-based applications. An organization produces structured as well as unstructured data. Structured data is derived from traditional applications like enterprise resource planning and CRM tools. Unstructured data is derived from web-based searches, social networks, and cloud-based applications.
“Organizations are adopting data analytics to maximize their profits, increase revenue, and save costs. Content analytics helps to eliminate the major work involved in understanding customers and the data tracking process. It helps to attract new customers and also analyzes existing data patterns to offer better services to existing customers and to retain them. Content analytics software provides the best ways to data processing, helps in making better business decisions, and increases an organization's performance,” adds Amrita.
Use of social media data for content analysis
Social media platforms and social networking sites are generating large volumes of data, and it will continue to have steady grow during the forecast period. The growth of social media has raised customer expectations. To meet customer expectations, companies should derive key insights about customer demands and feedback. Social media analytics has failed to provide customer-centric service and cannot tell the user how to serve their customers. It is mainly because the people who post and participate on social media may or may not be the actual representatives of the customers.
Social media analytics is crucial to identify recurring customer issues. However, to enhance customer service and to understand the social media audience and customers, organizations should contextualize the data that is collected from social media. It is necessary to validate or reassess the social media analytics output. Search and content analytics systems help interpret data by recognizing patterns and connections. The system uses a frame of reference for a particular topic or specialized stream and develops a data repository. This marks a significant departure from other technical systems. Content analytics has revolutionized the way varied industries operate through new uses of IT.
• Google My Business
• Google Analytics
• HPE IDOL
• Haven OnDemand APIs
• IBM ECM
• IBM Watson Analytics
• Bing autosuggest APIs
• Bing image search APIs
• Bing news search APIs
• Bing video search APIs
• Bing web search APIs
• SAS 9.4
• SAS Analytics Pro
• SAS Enterprise Miner
• SAS Marketing Optimization
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