Report Details:
15 Companies Covered
100 Pages
Sentiment Analytics Market Synopsis
Sentiment analytics determines the emotional tone behind a series of words and analyses human emotions, sentiments with the help of consumer data (primarily social media feeds), deep learning capabilities and natural language processing (NLP). The global sentiment analytics market is anticipated to grow at a CAGR of 12.63% and reach a valuation of USD 10.7 Billion over the forecast period of 2024 -2032, asserts Market Research Future (MRFR) in a detailed research report.
Growing popularity of social media platforms is one of the preliminary factors spurring the growth of the global sentiment analytics market. Advances made in the field of artificial intelligence (AI) which allows contemplation of human behavior and emotions also drives the market for sentiment analytics.
Sentiment analytics is gaining traction among various industry verticals such as healthcare, FMCG, telecom, retail, media & entertainment, and others. These industries are increasingly using sentiment analytics for opinion mining of consumers to extract personal content about the consumers. Sentiment analytics allows a deep understanding of consumer’s needs, expectations and extending customer base which can aid businesses to plan their business strategies accordingly.
The emergence of big data is a crucial factor in boosting the growth of the global sentiment analytics market. Availability of colossal amounts of data allows enterprises to leverage it to get actionable insights. Growing adoption of cloud computing is also a major factor driving the growth of the global sentiment analytics market.
Other drivers include seamless integration and up gradation, and cost saving on infrastructure. On the other hand, high costs associated with sentiment analytics hinders adoptions, especially from government institutions which limit the growth of the global sentiment analytics market.
Segmentation
The global sentiment analytics market has been segmented based on component, deployment, organization size, and vertical.By component, the global sentiment analytics market has been segmented into sentiment and service. The service segment has been further segmented into professional services and support & maintenance services.By deployment, the global sentiment analytics market has been segmented into cloud and on-premise.By organization size, the global sentiment analytics market has been segmented into small & medium enterprises and large enterprises.By vertical, the global sentiment analytics market has been segmented into retail, BFSI, healthcare & life sciences, Education, media & entertainment, transportation & logistics, and others.
Regional Analytics
The Americas, Europe, Asia Pacific (APAC), and the Rest of the World (RoW) are the key markets for sentiment analytics. The Americas account for the maximum share of the global sentiment analytics market on account of the concentration of major players in the region and high adoption rate of the technology by small and large enterprises. The US and Canada are the key contributors to the Americas market.APAC is slated to emerge as the fastest growing market for sentiment analytics. The region is investing substantially on sentiment analytics to improve business outcomes. The presence of a large number of SMEs in the region can also be credited for the growth of the market in APAC.
Competitive Landscape
Adoreboard (U.K.), Twizoo (U.K.), IBM (U.S.), Aylien (Ireland), SAS Institute (U.S.), Angoss Sentiment Corporation (Canada), Bottlenose.Com (U.S.), Clarabridge (U.S.), Brandwatch (U.K.), and Crowdflower (U.S.) are the remarkable players in the global sentiment analytics market.
Industry Updates
• In November 2018, Zoho CRM Plus, a customer experience platform, added AI and sentiment analytics feature to its CRM suite in a bid to unify its sales, marketing, and customer support apps. The Zoho sentiment analytics has been integrated with a conversational AI assistant, Zia.• September 2018, Vision Critical, customer intelligence software company, announced Text Analytics & Sentiment Analysis and integration with its Sparq customer insight platform which is designed to solicit actionable insights to businesses.