The pool will include text documents, video and audio gathered from a regularly updated collection of sources of information about terror groups.
The agencies will analyse the information looking for trends, key individuals or recurring phrases that signify code words or concealed messages.
British firm Autonomy is providing the technology to sift through the data looking for clues.
Code clause
The US Department of Homeland Security is behind the project to unify the intelligence databases of the 21 agencies, which includes the CIA and FBI, and will try to ensure that anti-terror work becomes closely co-ordinated.
It hopes that by strengthening links between the intelligence databases of all the agencies involved in the fight against terror it will get a better idea of if, when and where future attacks might come.
Autonomy's software will be used to analyse text, video and audio sources looking for common concepts, phrases or individuals to produce a consolidated watch-list.
Analysis of freshly gathered intelligence will also help the agencies keep abreast of the plans of suspected terror groups.
The sophisticated analysis could also make it easier for anti-terror agencies to pick out the common code words or phrases used by groups to co-ordinate their activities.
More than 200,000 employees across the anti-terror agencies will be using the software.
Before now US anti-terror groups have struggled to find out how attacks are co-ordinated.
Widespread rumours that Al Qaeda is hiding passwords and plans inside pornographic images on the internet have not been substantiated, even after millions of images have been scanned.
The Department of Homeland Security was created after 11 September 2001 with the aim of preventing future terror attacks on US soil.