Sentiment Analytics Market Overview:
Market Research Future (MRFR), asserts in its recently published research report, that the global sentiment analytics market is thriving and is expected to grow exponentially by the end of the forecast period. MRFR also predicts that the market might reach approximately USD USD 6 Billion by 2023 registering a moderate 14% of CAGR through the forecast period between 2017 and 2023.
The increasing popularity of social media platforms is one of the preliminary factors driving the growth of the global sentiment analytics market. Advances made in the innovative field of artificial intelligence (AI) which enables contemplation of human behavior and emotions also fuels the market for sentiment analytics. Sentiment analytics is gaining massive traction among various industry verticals such as media & entertainment, healthcare, telecom, FMCG, retail, and others. These industries are progressively using sentiment analytics for opinion mining of consumers to obtain personal content about the consumers. Sentiment Analytics Market COVID – 19 Analysis causes a deep understanding of consumer’s needs, expectations and extending customer base which can support businesses to plan their business strategies accordingly.
The emergence of big data is a major factor in boosting the growth of the global sentiment analytics market. Availability of colossal amounts of data enables enterprises to leverage it to get insights. The rising adoption of cloud computing is also a primary factor driving the growth of the global sentiment analytics market over the review period. Other factors include seamless integration and upgradations, along with cost saving on infrastructure.
On the other hand, higher costs associated with sentiment analytics is expected to hamper adoptions, especially from government institutions, which is likely to limit the growth of the global sentiment analytics market over the review period.
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Sentiment Analytics Market Competitive Analysis
The major market players operating in the global market as identified by Angoss Sentiment Corporation (Canada), Clarabridge (U.S.), IBM (U.S.), SAS Institute (U.S.), Aylien (Ireland), Bottlenose.Com (U.S.), Crowdflower (U.S.), Brandwatch (U.K.), Twizoo (U.K.), Adoreboard (U.K.) among others.
Sentiment Analytics Market Segmental Analysis:
The global sentiment analytics market has been segmented on the basis of the component, deployment, organization size, and vertical.
- Based on the component, the global sentiment analytics market has been bifurcated into sentiment and service. The service segment has been further divded into professional services, and support & maintenance services.
- on the basis of the deployment, the global sentiment analytics market has been dvided into cloud and on-premise.
- based on the organization size, the global sentiment analytics market has been bifurcated into small & medium enterprises and large enterprises.
- on the basis of the vertical, the global sentiment analytics market has been segmented into BFSI, retail, transportation & logistics, Education, healthcare & life sciences, media & entertainment, and others.
Sentiment Analytics Market Regional Analysis:
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (LAtin America, the Middle East and Africa)
The Americas account for the largest market share of the global sentiment analytics market on account of the higher 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 developed countries present in the region and are accounts as the key contributors to the Americas market.
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