1. A method for analyzing items using lexical analysis and filtering process comprising of: storing a plurality of items in a data storage unit, wherein said plurality of items are represented by source data and said source data is one of structured data and unstructured data; processing said plurality of items to extract data from each item of said plurality of items, wherein said extracted data is associated with an item of said plurality of items; displaying a first group of said items based on said extracted data of said items on an electronic display presented in at least one of a tabular view and a geospatial view, wherein said electronic display is electrically connected to at least one processor in electronic communication with said source data, wherein said first group of said items represents items having at least one common characteristic of said extracted data; mapping each of said plurality of items with at least one lexicon term, wherein said extracted data is analyzed to identify a match between said plurality of items and lexicon terms, wherein said lexicon terms are represented as a network of a plurality of nodes and each node of said plurality of nodes represents a lexicon term, which is subordinate to at least one of a parent node and a child node; and displaying a second group of said items, wherein said second group of items represent said items mapped to a first matching lexicon term of said plurality of lexicon terms on said electronic display presented in at least one of said tabular view and said geospatial view, wherein said electronic display is electrically connected to at least one processor in electronic communication with said source data.