Among the best semantic analysis tools, natural language processing and text mining applications play a key role in today enterprise world. Driven by an increasing need to effectively manage big data, business documents that contain unstructured information as well as social media interactions etc., the market of this kind of semantic analysis tools remains strong (for example, estimates show the NLP market growing from $7.63 billion in 2016 to $16.07 billion by 2021, at a Compound Annual Growth Rate of 16.1%)
A large portion of strategic knowledge is trapped in text in the form of natural language—this means reports, customer call records, clinical trial notes, case law, email and any documents or applications containing human created text content. Being able to access and unlock the business value of this information is a critical challenge that requires tools that can understand and process text in the most effective way.
Semantic analysis tools: some curiosities about Natural Language Processing and Text Mining
In the enterprise data world, natural language processing and text mining have been developing to manage unstructured information (essentially the text formats we listed above.) But while natural language processing processes language to help machines automatically “read text”, the main objective of text mining (or text analytics) is discovering knowledge by transforming unstructured text into structured data. Once analyzed and structured, enterprise data can be shared throughout the organization or with partners for further analysis in the realm of business intelligence projects, customer support activities, social media monitoring, knowledge management requirements, etc.
Cognitive computing for semantic analysis tools
With the growing importance of text-heavy volumes of enterprise data, the business interest in semantic analysis tools is rising along with the demand for more intelligent technologies such as cognitive computing based on semantic technology. Transforming unstructured text into actionable knowledge requires the capability for reading and understanding language, combined with the power of mining entities, topics, concepts and connections in the most precise and comprehensive way.
Visit our products page to learn how our cognitive solutions integrate natural language processing and text analytics, empowering your ability to use all of your unstructured information for strategic insight and decision making.