The datatool package provides \DTLinitials. For example:
\documentclass{article}
\usepackage{datatool-base}
\begin{document}
\DTLinitials{This is a test of the Emergency Broadcast System.
This-Test. for sample. This T.}
\end{document}

This automatically inserts a period after each initial, but that can be prevented by redefining \DTLafterinitials, \DTLbetweeninitials and \DTLafterinitialbeforehyphen to do nothing.
\documentclass{article}
\usepackage{datatool-base}
\renewcommand*{\DTLbetweeninitials}{}
\renewcommand*{\DTLafterinitials}{}
\renewcommand*{\DTLafterinitialbeforehyphen}{}
\begin{document}
\DTLinitials{This is a test of the Emergency Broadcast System.
This-Test. for sample. This T.}
\end{document}

If you need the initials in an expandable context, you first need to use \DTLstoreinitials, which will save the initials in the command provided in the second argument:
\DTLstoreinitials{This is a test of the Emergency Broadcast System.
This-Test. for sample. This T.}{\initials}
\initials
Edit: if you also want to remove the hyphen from the initials, just redefine \DTLinitialhyphen to do nothing as well:
\renewcommand*{\DTLinitialhyphen}{}
Edit2: Note that \DTLinitials is designed primarily for names (its original purpose was for use with the abbreviated bibliography style provided by databib) so it assumes its argument is a series of letters separated by spaces or hyphens. Additionally from the manual:
Be careful if the initial letter has an accent. The accented letter
needs to be placed in a group, if you want the initial to also have an
accent, otherwise the accent command will be ignored.
So, as per your comment below:
\DTLinitials{{\"{O}}zg\"{u}r}
Or use XeLaTeX or LuaLaTeX with UTF-8 characters. This is similar to the limitations on \makefirstuc (from mfirstuc)
Also from the datatool manual:
In fact, any command which appears at the start of the name that is
not enclosed in a group will be ignored.
This means that, say
\DTLinitials{\MakeUppercase{m}ary ann}
will produce m.a. not M.a.
\DTLinitials{\"{O}zg\"{u}r}produces output asO.&\DTLinitials{{\"{O}}zg\"{u}r}produces the proper outputÖ... Any advice on this... – Kumaresh PS Jul 09 '16 at 08:59\DTLinitialsis intended primarily for names so it assumes the string is in the form of a name. – Nicola Talbot Jul 09 '16 at 09:33