How to know if text-based analytics makes sense for your company

Text-based analytics, also known as text data mining, turns unstructured text into structured data that can be used in a multitude of ways by any business. Indian research firm MarketsandMarkets projects that the worldwide text-based analytics market will grow to 8.79 billion dollars by 2023, driven by major vendors like IBM and SAP. MarketsandMarkets continues that text analytics solutions empower users to perform quick data extraction and categorization with real-time insights from stored data and that the growing importance of insights generated from social media content to build effective marketing campaigns and enhance customer experience drives the market's growth. But while many companies are including text-based analytics to their roadmaps, the technology remains in the early stages of adoption. One reason for this is because companies are still struggling to master social media.