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Sentiment Analytics Market Overview: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 14% and reach a valuation of USD 6 Bn over the forecast period of 2017-2023, 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 Market 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.
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Major Key Players:
The prominent players in the Sentiment Analytics market are Angoss Software Corporation (US), Clarabridge (US), IBM Corporation (US), SAS Institute (US), Aylien Ltd. (Ireland), Bottlenose (US), Figure Eight Inc., (US), Brandwatch (UK), Adoreboard (UK) among others are profiled in Market Research Future analysis and are at the forefront of competition in the Sentiment Analytics market.
Industry News:
January 30, 2018 SAS releases new platform SAS Viya with additional analytics capabilities.
SAS Institute, Inc., added visual text analytics capabilities and enhancements in visual data mining and machine learning to SAS Viya. The visual text analytics capabilities include sentiment analysis, text mining, contextual extraction and characterization. The software help in quick analysis of large enterprise data volume for assessing risk & fraud, managing & interpreting notes and analyzing customer reviews to forecast problems.
May, 2018 Clarabridge Inc., rolled out new updates to its customer intelligence platform.
Clarabridge Inc., a customer experience management solutions provider added additional capabilities to its customer intelligent platform. The new capabilities include understanding digital images and emoticons, NLP and machine learning techniques which enables easy customer understanding with the root causes analysis. The platform also has interactive dashboards to explore real-time customer data and business insights.
Sentiment Analytics Market Segmentation:
Segmentation by Deployment: On-Cloud and On-Premise.
Segmentation by Organization Size: Small & Medium Enterprises and Large Enterprises.
Segmentation by Vertical: Retail, BFSI, Healthcare & Life science, Education, Media & Entertainment, Transportation & Logistics and Others.
Segmentation by Region: North America, Europe, Asia-Pacific and Rest of the world.
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Sentiment Analytics Market Regional Analysis:
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.
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