The US-based Digital Journal has just published an article on the global unstructured data analytics market in 2023. The article, based on the "Global Unstructured Data Management Market Report" by Infinity Business Insights, analyses the status quo and the most important technologies in the unstructured data analytics market. Bismart Folksonomy has been recognised as one of the leading tools in the unstructured data analytics and artificial intelligence market.
US digital media Digital Journey has just published an article on unstructured data analytics tools based on the latest "Global Unstructured Data Management Market Report" from US consultancy Infinity Business Insights.
Unstructured data management is in the midst of an accelerated transformation, driven by the massive expansion of unstructured data in various industries. This data, which ranges from text and images to video, does not fit into conventional structured databases. For organisations, understanding and using this data has become essential. Unstructured data management solutions play a vital role in enabling companies to effectively capture, organise and analyse this data, thereby unlocking valuable information and facilitating more informed decisions.
The unstructured data management market is booming due to the exponential increase in data generated by organisations. This rapid growth has made unstructured data management a prime area of interest for businesses around the world.
According to the report, the global unstructured data management market is projected to grow at an annual rate of 15.9% from 2023 to 2030, reflecting the growing importance of this technology in the modern business landscape.
What is unstructured data analysis?
Unstructured data analysis refers to the process of examining, interpreting and extracting meaningful insights from data that does not have a predefined format or organised structure. Unlike structured data that is stored in relational databases with clearly defined tables and fields, unstructured data does not follow a specific pattern and can include text, images, videos, emails, social media, audio and more.
Unstructured data analytics involves the use of advanced artificial intelligence techniques, such as folksonomy, natural language processing (NLP) for text, computer vision for images and video, and speech recognition for audio, to turn this data into understandable and useful information. Unstructured data analytics tools help organisations uncover patterns, trends and relationships hidden in large volumes of unstructured data, enabling informed decisions, understanding customer preferences, improving user experience and ultimately gaining competitive advantage in a variety of industries.
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The best tools for analysing unstructured data
According to the report, "Global Unstructured Data Management Market Report", Bismart's solution, Folksonomy Text Analytics, is one of the leading technologies in the global unstructured data analysis market. According to Infinity Business Insights, Bismart Folksonomy leads a market with the presence of companies such as Accenture or Microsoft Azure.
The 20 best unstructured data analytics technologies worldwide are listed below.
Top 20 technologies for unstructured data analysis
Source: Global Unstructured Data Management Market, 2023 - 2030
According to the "Global Unstructured Data Management Market Report 2023", these are the 20 best unstructured data analysis tools on the global market. The technologies are listed in alphabetical order and the order does not correspond to a qualification value:
- Astera Software
- Bismart Folksonomy
- Creme Global
- IBM (Watson)
- IT PRO
- Micro Focus
- Microsoft Azure (Azure Cognitive Services)
- MonkeyLearn Inc.
- Oyster IMS
- Provalis Research (Provalis WordStat)
- SAS (SAS Text Miner)
- Straive (SPi Global)
Bismart is among the leading companies in the industry thanks to the Folksonomy Text Analytics tool. Infinity Business Insights points out: "Bismart is a rapidly growing company that specializes in the development and implementation of innovative data analytics and artificial intelligence (AI) solutions. With a focus on transforming data into actionable insights, Bismart has emerged as a key player in the data analytics and AI market. The company provides a wide range of services and products designed to help organizations harness the power of their data for informed decision-making and enhanced operational efficiency.
One of Bismart's core strengths is its expertise in creating customized data analytics solutions. The company works closely with clients from various industries, including healthcare, finance, and
government, to tailor analytics platforms that meet their specific needs. These solutions often include data integration, visualization, predictive analytics, and machine learning capabilities, enabling organizations to unlock the full potential of their data assets.
In addition to custom solutions, Bismart offers a suite of proprietary software products that address
various aspects of data analytics and AI. These products are designed to streamline data
management, automate processes, and provide actionable insights in real-time. Bismart's
commitment to innovation is evident in its continuous development and enhancement of these software tools to keep pace with evolving industry trends and emerging technologies.
Furthermore, Bismart places a strong emphasis on data privacy and security. The company ensures that its solutions comply with regulatory standards and best practices in data protection, providing clients with peace of mind when handling sensitive information.
The market for data analytics and AI is experiencing rapid growth, driven by the increasing
recognition of the value of data-driven decision-making. Bismart's comprehensive approach to data analytics and AI positions it as a valuable partner for organizations seeking to gain a competitive edge by leveraging their data assets. As the demand for advanced data analytics and AI solutions continues to rise across industries, Bismart is well-positioned to play a pivotal role in shaping the future of datadriven decision-making."
Folksonomy Text Analytics: Unstructured data analysis with AI, PLN and LLM
Folksonomy Text Analytics is an advanced tool that uses machine learning techniques and Large Language Models (LLMs) to analyse large volumes of data written in unstructured natural language. In the clinical setting, this involves examining medical records, medical charts and other similar documents. The magic behind this technology lies in its ability to extract meaningful patterns and data from these complex sources.
The application of machine learning and LLM confers several key advantages. First, these methods offer superior accuracy in data analysis compared to traditional manual approaches. They can identify patterns and trends that would be difficult, if not impossible, for a human to detect due to the vast volume and unstructured nature of clinical data.
In addition, these models have the ability to learn and adapt as more data is fed into them. This means that, over time, their accuracy and ability to analyse data becomes increasingly sophisticated and precise. In other words, the more they are fed with information, the better they become at providing detailed and valuable analysis.
Bismart Folksonomy thus becomes an invaluable tool for clinicians and administrators. It enables them to make informed decisions based on deep and meaningful analysis of medical data. This ability to extract crucial insights from large, unstructured data sets can have a significant impact on medical decision making, thereby improving the quality of patient care and operational efficiency in clinical settings.
Scope and state of the unstructured data market
In its article, Digital Journal mentions that, at present, the market for unstructured data management solutions is large and diverse, spanning a variety of sectors including healthcare, finance, retail, and manufacturing, among others: "Virtually all sectors, including healthcare, finance, retail, manufacturing, and more, generate and rely on unstructured data. In healthcare, clinical notes and medical images are prime examples of unstructured data that require efficient management and analysis. The financial sector benefits from sentiment analysis of unstructured text data for trading and investment decisions. Retail businesses use unstructured data to understand consumer preferences and market trends, while manufacturers leverage it for quality control and predictive maintenance. The market scope is not confined to specific regions or industries, making it adaptable to diverse needs and applications."
In terms of territorial demand for such solutions, Digital Journal says that demand varies by region, with North America and Europe leading the way in terms of adoption: "These regions have experienced a substantial increase in demand due to the presence of numerous technology companies, financial institutions, and healthcare providers. North America, in particular, has witnessed significant growth, with organizations investing heavily in unstructured data management to gain a competitive edge. Europe, with its strong focus on regulatory compliance and data privacy, also exhibits a robust demand for these solutions."
In the dynamic landscape of the Asia-Pacific region, encompassing nations like India and China, there is a burgeoning market that is swiftly expanding. Businesses in this region are increasingly realizing the significance of utilizing unstructured data to inform their decision-making processes and gain valuable customer insights. Simultaneously, in the Middle East and Africa, sectors like oil and gas, as well as healthcare, are demonstrating a growing curiosity in unstructured data management solutions, acknowledging the manifold advantages it offers.
The main challenges of the unstructured data market
The unstructured data management market faces significant challenges and risks, like all data-related markets.
One of the main challenges is the overwhelming volume of unstructured data generated, which can overload organisations and strain their storage and processing capabilities. Security and privacy issues are crucial, as unstructured data often contains sensitive information that needs to be adequately protected.
The constantly changing nature of unstructured data sources, such as social networks and multimedia content, presents difficulties in keeping up with technological developments. In addition, the diversity of formats and sources of unstructured data complicates the development of standardised management solutions to suit all types of data. This dynamism in the nature of data imposes additional challenges on organisations seeking to effectively manage and leverage this diverse and ever-expanding information.
Bismart at the forefront of unstructured data analysis
For Bismart, it is an honour to be acknowledged as one of the world's leading global unstructured data analytics companies. To be recognised by an international body for our commitment to providing our clients with the best results and being at the forefront of innovation validates our efforts.
Bismart specialises in helping other companies carry out the processes necessary to transform data into business-valuable insights for better decision making. Our mission is to help other companies improve their business results through data.
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