In the year of 2007, the company Apple released the first version of the iPhone. Since this date, technology has expanded and developed in ways that many people could not have predicted possible. Now, technology plays a part in everyone’s day to day lives and has changed how people interact with many things in society.
Technology has been updated in a way that has allowed for easier communication. Thanks to the creation of social media, instant messaging, and texting, people can communicate in ways that are much easier and much quicker than ever before. This has now lead to many changes in society as things become ramped up and people can communicate with one another in such a direct manner.
Now that texting is so popular amongst not just people in the United States but people across the globe, there is more texting than ever before. This has lead to the creation of text analytics as well as text mining software. These types of software are changing how people interact with technology and now allow for new forms of direct marketing. Here are some important facts on text mining software.
There are now people who believe that text mining software is the future of keeping society safe so that way terrorism can be averted. People believe that text mining software and text analytics can strength and support security in three major ways. These ways include identifying dangers near borders and at screening time, identifying potential dangers that need follow-up activity, and being able to predict future issues that can happen at the border.
The text analytics market and text mining software market has a current value that is at about $3 billion. Many experts have collected data that leads them to believe that by the year 2020 this value will end up hitting almost $6 billion. This means that experts believe in the next few years the value and importance of text mining software will nearly double.
Right now the International Data Corporation, or IDC, believes that less than 1% of all data is ever analyzed. However, text mining software can help bridge the gap to the other missing 99%. This means that text mining software can help people find missing information to help solve cases and find important information.
Experts that work in the data field have determined that there has been a high amount of content created in the past several years. The digital universe could eventually reach 40 ZB by the year of 2020 with just about 1.7 MB of new information made for a person every second of every day, according to the IDC.
Text mining software can deal with text analytics in social media, text categorization, structured data and structured text, and even unstructured data and unstructured text. There are four important steps that are involved in the process of text mining. These four steps are as follows: information retrieval, natural language processing, information extraction, and finally data mining.
Across the country, there are businesses that would benefit from text mining in three very important ways. These three ways involve providing more accurate insights across a larger range of sources and documents, providing accurate risk, compliance, and also detecting threats more and finally improving customer engagement by the usage of natural language process to help predict what customers are thinking.
In Conclusion
As time moves forward technology is not at all going to go away. As a matter of fact, many experts believe that the exact opposite is going to happen. As society moves forward, technology is only going to become a bigger part of people’s lives and what they do on a day to day basis. If you do not believe this then just think about how your life has changed over the past ten years thanks to technology. Even taking pictures has become dramatically much more easier thanks to technology and most people do not even appreciate this concept.
