Deepa, try this out.
Create a formula numeric field for say [PWO Only Count] and set it equal to this formula:
If(IsNull(ToNumber(ToText([Combined Text Field]))),0,
(Length(ToText([Combined Text Field]))-Length(SearchAndReplace(ToText([Combined Text Field]),"PWO Only","")))/8)
The idea is that the formula measures the total length of the string, then subtracts the total length of the string minus any entries of "PWO Only", then divide that number by the length of the text string that was subbed out (in this case eight characters). This should yield the total number of times that particular substring appeared in the combined text field. If the string being searched for did not appear in the overall string, no characters would be substituted, the total lengths would be the same and the result would be 0/8 which is zero.
You could make dedicated formula fields to search for and count each specific string you are looking for, or you could build it out to be a nested if formula.
I got this idea from a post by Pushpakumar Gnanadurai (PushpakumarGna1).
