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The sentiment analytics market is going through a critical change, driven by the developing scene of buyer inclinations, mechanical headways, and the developing significance of understanding sentiment in dynamic cycles. Sentiment analytics, a part of computerized reasoning, includes the examination of printed information to check the sentiment and conclusions communicated by people or gatherings. This market has picked up significant speed as of late, as organizations across different businesses perceive the benefit of taking advantage of the aggregate sentiment of their interest group.
One major market facilitator is the impending increase via entertainment platforms in terms of their use for communication and sharing information. The extent of the unstructured data which has been generated on these platforms proves to be both a challenge and an opportunity. Optimization to this regard sees organizations utilizing sentiment analytics to sift through this data and disentangle significant improvements into consumer views, preferences as well as trend. This enables organizations to make decisions based on knowledge, customize their marketing strategy and increase customer satisfaction. Since virtual entertainment is the epicenter of communication, the preference for sentiment analysis tool for online content will continue to rise.
Mechanical gains, in specific general-language processing and artificial intelligence suppose a critical position in creating the market drivers. Such developments have stimulated sentiment analytics tools to investigate sentiments but also settle the location and subtle groups of words. For this has established efficacy and reliability of sentiment analysis, it is now a valuable tool for organizations in search of deeper insights about customer sentiments. It has the capacity to act so since more than enveloping acquisitions with other driving innovations, for example, enormous information Data Science Discovery and prediction analytics just improve its capacities and extend its suitability within business.
In addition, the global market for sentiment analytics is witnessing generous adoption among financial services, healthcare, retail industry and other fields. In monetary field, sentiment analysis is usedfor identifying market trends, predicting stock movement and measuring mood of investors. Sentiment analytic is used by medical care associations to understand quieted feedback, improve service delivery and identify areas in need of operational attention In the retail sector, organizations present sentiment analysis to track loyalty, product ratings and make required changes about their offerings based on customer preferences.
However, challenges persist as ethical considerations of morality and information security issues, the need in order to remain relevant with emerging morphological angst is ever changing. The development of sentiment analytics technologies, and the creation on them is getting more advanced; Therefore, it is paramount to ensure proper and ethical use of such inventions. Data-driven independent direction and respecting resident security reflection is a challenge that industry shuttles should chase after to preserve trustworthiness.
Sentiment Analytics Market Highlights:
Sentiment Analytics Market Overview
The Sentiment Analytics Market is projected to grow from USD 4.13 billion in 2024 to USD 10.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.63% during the forecast period (2024 - 2032). Additionally, the market size for sentiment analytics was valued at USD 3.6 billion in 2023.
The expansion of predictive analysis methods and the intensifying commercial competitiveness, are the key market drivers enhancing the market growth.
Figure 1: Sentiment Analytics Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sentiment Analytics Market Trends
The rising predictive analysis techniques is driving the market growth
The primary drivers of the sentiment analytics market growth are the development of predictive analysis techniques and increased company competition. The vertical segment retail sector is expected to earn the biggest market share throughout the projected period, according to the Sentiment Analytics Market research. As a result, there are more prospects in the marketing industry nowadays due to the rising demand for the goods and services in many different places.
Globally, the prominence of social media platforms and the rising quantity of technology developments are important variables that could boost market demand. Additionally, there are expected to be significant potential for industry growth due to expanding internet usage and rising awareness of sentiment analysis. Furthermore, it is anticipated that the sector will increase in the future years as a result of the soaring demand for sentiment analytics from a variety of industries, including BFSI, healthcare, retail, and others.
The demand for these analytics is projected to be driven by the rising popularity of AI chatbots in a variety of industries, including BFSI, retail, healthcare, and others. Sentiment analytics allow chatbots to comprehend the emotions of their users and respond appropriately. Salesforce reports that more than 69% of its customers prefer to use AI chatbots due to how quickly they can communicate. Additionally, it is projected that the growing demand for real-time information to make strategic decisions and streamline company processes will fuel the expansion of the market. This is due to the increased use of novel technologies.
In addition, it is anticipated that the increased demand for sentiment analytics from a variety of industries, including retail, BFSI, and healthcare, would provide enormous market growth potential to analyse consumer preference, brand reputation, and other factors. Additionally, it is projected that the industry would rise as a result of people using social networking sites like Twitter, Facebook, and Instagram more frequently. Sentiment analytics, for instance, can be used to tell the difference between fraudulent and real product reviews posted on various social media sites. The industry's growth is also anticipated to be fueled by an increase in recent developments by key market competitors. For instance, Cision, a top media monitoring business, paid USD 450 million to purchase Brandwatch, one of the top online consumer & social media listening platforms, in February 2021. Thus, driving the Sentiment Analytics market revenue.
Sentiment Analytics Market Segment Insights
Sentiment Analytics Component Insights
The Sentiment Analytics market segmentation, based on component, includes service, professional services, sentiment, and support and maintenance services. Professional service segment dominated the market in 2022. All of these elements improve the quality and capabilities of diverse organizations, which raises the demand for sentiment analytics.
Sentiment Analytics Organization Size Insights
The Sentiment Analytics market segmentation, based on organization size, includes small & medium enterprises (SMEs) and large enterprises. The large enterprises segment dominated the market in 2022. This is a result of their extensive clientele in numerous areas.
Sentiment Analytics Deployment Insights
The Sentiment Analytics market segmentation, based on deployment, includes cloud and on-premise. Cloud segment dominated the sentiment analytics market in 2022. The category growth is ascribed to elements like cloud deployment benefits like no capital investment, great scalability, flexibility, and reduced requirements on IT skills.
Sentiment Analytics Vertical Insights
The Sentiment Analytics market segmentation, based on vertical, includes BFSI, retail, transportation & logistics, education, media & entertainment, healthcare & life sciences, and others. The retail segment dominated the sentiment analytics market in 2022. The significant market share can be ascribed to the increasing use of these solutions to comprehend consumer sentiment and pinpoint their target market. Additionally, the sector's growth will be aided by the retail industry's rapid expansion. In the forecasted years, the healthcare category is expected to develop at the fastest rate. Government agencies around the world are expected to increase their investments in healthcare, and the industry will likely see an increase in the use of analytics technologies.
Figure 2: Sentiment Analytics Market, by Vertical, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sentiment Analytics Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Sentiment Analytics market dominated this market in 2022 (43.60%). The biggest sector share can be attributable to social media platforms' rising popularity. The Asia Pacific market is expected to rise as a result of the region's fast expanding digitalization and the existence of numerous SMEs that need sentiment analytics to increase customer retention. Moreover, China’s Sentiment Analytics market held the largest market share and the Indian Sentiment Analytics market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: SENTIMENT ANALYTICS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The North America Sentiment Analytics Market is expected to register significant growth from 2023 to 2032. It is projected that the market would be driven by North America's quick technological breakthroughs and increasing adoption of technologies like cloud computing, AI, and others. Additionally, it is projected that the presence of major solution/service providers in the area, like IBM Corporation and SAS Institute, as well as the rising desire for enhanced customer experiences, will fuel the market's expansion. To increase the scope of their offerings, many businesses are concentrating on delivering new features. Further, the U.S. Sentiment Analytics market held the largest market share, and the Canada Sentiment Analytics market was the fastest growing market in the North America region.
Europe Sentiment Analytics market accounted for the healthy market share in 2022. Urbanisation is likely to continue to rise, and customers' preferences for online shopping are predicted to change. Furthermore, there are numerous startups that provide media monitoring solutions, which is expected to create enormous growth prospects for the sentiment analytics market. Further, the German Sentiment Analytics market held the largest market share, and the U.K Sentiment Analytics market was the fastest growing market in the European region.
Sentiment Analytics Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Sentiment Analytics market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Sentiment Analytics industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Sentiment Analytics industry to benefit clients and increase the market sector. In recent years, the Sentiment Analytics industry has offered some of the most significant advantages to medicine. Major players in the Sentiment Analytics market, including Adoreboard, IBM, SAS Institute, Crowdflower, Brandwatch, Twizoo, Angoss Sentiment Corporation, Clarabridge, and Aylien, are attempting to increase market demand by investing in research and development Components.
Tata Consultancy Services Ltd (TCS), a subsidiary of Tata Sons Pvt Ltd, provides IT services. Services in the areas of engineering, industry, business analytics, BPO, consultancy, the cloud, QA, blockchain, enterprise solutions, and IoT are offered. The company serves a wide variety of industries with its business solutions. These industries include banking, finance, communication, media, technology, insurance, life sciences, healthcare, retail, consumer goods distribution, manufacturing, information services, high technology, education, energy and utilities, healthcare, travel and hospitality, and more. In terms of software, TCS provides solutions such BaNCS, Ignio, TAP, iON, TwinX, Optumera, OmniStore, ADD, HOBS, Quartz, Jile, and TCS MasterCraft. Across Africa, the Middle East, Europe, the Asia-Pacific, Latin America, and North America, the company runs successful operations. TCS is headquartered in Mumbai, Maharashtra, India. In May of 2021, TCS and Microfocus's Vertica, a unified analytics platform, came to an agreement to speed up the modernization of company data warehouses for a wide range of data-driven businesses.
Software development, licencing, and support are all services provided by Microsoft Corp. (Microsoft). The company provides a wide variety of operating systems, server applications, cross-device productivity tools, business solution tools, desktop and server administration tools, video games, and training and certification services. Additionally, it creates, produces, and markets hardware items like PCs, tablets, game consoles, and other sophisticated gadgets. The company offers a wide range of services, such as consultancy, cloud-based solutions, and solution support. Through original equipment manufacturers, distributors, resellers, online marketplaces, Microsoft stores, and other partner channels, Microsoft promotes, distributes, and sells its products. The company has operations throughout the Middle East, Africa, the Americas, Europe, and Asia-Pacific. Microsoft's main office is in Redmond, Washington, in the United States. Microsoft Corporation announced in July 2020 that its Azure Cognitive Services offering will now include text analytics functionality. The company claims that text analytics for health applications can handle a variety of data kinds and processing activities, including the extraction of more than 100 different types of personally identifiable data (such as protected health information) from unstructured texts.
Key Companies in the Sentiment Analytics market include
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Adoreboard
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SAS Institute
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Crowdflower
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Brandwatch
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Twizoo
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Angoss Sentiment Corporation
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Clarabridge
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Aylien
Sentiment Analytics Industry Developments
CoRover.ai and Google Cloud have partnered in February 2024 to introduce BharatGPT, an Indian market conversational bot propelled by generative AI. This collaboration signifies an advancement in cloud computing in India, with an emphasis on the linguistic diversity of the nation. The chatbot was previously introduced in March, accompanied by details regarding its roadmap and the quantity of languages it would support. Bharat GPT provides a payment gateway, a custom knowledge base, integration with ERP/CRM systems, Aadhar-based know-your-customer (KYC) authentication, dialogue management, sentiment analysis, and word embedding techniques, among other capabilities. In a world dominated by the cloud, BharatGPT aims to create a platform that reflects the cultural heritage of India, surpassing mere technological objectives. Developed utilizing Google Cloud, this solution aims to position itself as a reliable AI platform. Addressing the linguistic requirements of India, it facilitates video, audio, and text interactions in more than fourteen Indian languages. The Bangalore-based company seeks to penetrate the Indian market by leveraging the artificial intelligence capabilities offered by Google Cloud. The organization's objective is to deliver dependable and effective AI solutions that are consistent with the cultural legacy of India.
Amazon Connect Contact Lens now offers businesses in the Asia Pacific (Singapore) region real-time conversational analytics for voice in August 2023. This enables organizations to receive transcription, sentiment analysis, supervisor alerts, and additional functionalities while handling live customer calls. Presently, enterprises employ the conversational analytics provided by Contact Lens to identify primary contact drivers, obfuscate sensitive information, and natively classify their contacts within Amazon Connect. These functionalities assist organizations in enhancing the consumer, agent, and supervisor experiences within their Amazon Connect contact centers.
March 2021: Vertica, a unified analytics platform from Microfocus, declared that it is now compatible with Dell EMC Elastic Cloud Storage (ECS). This gives cloud innovation for analytics in a hybrid deployment, data resides, and on-premises data centre use more leverage and freedom.
Sentiment Analytics Market Segmentation
Sentiment Analytics Component Outlook
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Service
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Professional Services
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Sentiment
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Support and Maintenance Services
Sentiment Analytics Organization Size Outlook
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Small & Medium Enterprises (SMEs)
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Large Enterprises
Sentiment Analytics Deployment Outlook
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Cloud
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On-Premise
Sentiment Analytics Vertical Outlook
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BFSI
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Retail
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Transportation & Logistics
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Education
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Media & Entertainment
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Healthcare & Life sciences
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Others
Sentiment Analytics Regional Outlook
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North America
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U.S.
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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