Sentiment Analysis Software Market
How Are the key drivers contributing to the expansion of the sentiment analysis software market?
The surge in popularity of social media is poised to spur the expansion of the sentiment analysis software market. These online tools or websites enable users to create and disseminate content, partake in social interaction, and converse with others. The rise in the use of these platforms is driven by factors such as cultural impact, ease of mobile access, information and news consumption, as well as brand advertisement. Sentiment analysis programs can autonomously detect and flag content holding abusive or negative sentiments, hate speech, or unsuitable language. This aids social platforms in preserving a pleasant and secure online space, because it allows for the prompt removal or concealment of damaging content. For example, a report published by UK-based social media innovation and analysis firm, We Are Social Ltd, in January 2024 revealed that social media identities increased 5.6 percent over the previous year, with 266 million new users experiencing social media for the first time in 2023. As a result, the burgeoning adoption of social media platforms is fuelling the growth of the sentiment analysis software market.
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What growth opportunities are expected to drive the sentiment analysis software market’s CAGR through 2034?
The market size for sentiment analysis software has seen a drastic upsurge in the past few years. The sector, valued at $2.53 billion in 2024, is anticipated to catapult to $3 billion in 2025, marking an impressive compound annual growth rate (CAGR) of 18.5%. The remarkable growth observed during the historical timeframe can be linked to factors such as favourable government regulations, an increase in disposable income, a widening understanding of the product’s advantages, a rise in web application usage, and a boost in the need for predictive analytics in sentiment analysis.
It is anticipated that the market size for sentiment analysis software will witness a significant surge in the coming years, swelling to $5.83 billion by 2029 with a compound annual growth rate (CAGR) of 18.1%. Several factors will contribute to this growth within the forecast period, such as the rise in customer expectations, the need for customer experience management (CEM) solutions, the increasing demand for tools that manage customer feedback, as well as its growing acceptance in today’s business environment, population expansion, and heightened consumerism. The forecast period will also see trends such as innovations and technological advancements, the employment of machine learning (ML) and natural language processing (NLP) techniques, wide adoption of sentiment analysis software, the shift to cloud-based sentiment analysis solutions, and the prevalent use of social media platforms.
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What are the emerging trends shaping the future of the sentiment analysis software market?
Key players in the sentiment analysis software market, like Bharti Airtel and NVIDIA, are investing resources in cultivating strategic partnerships that allow for the development of innovative artificial intelligence-based tools, significantly AI-operated speech analytics solutions. The goal of these solutions is to improve accuracy and scalability while providing real-time analysis of client sentiments for insightful, actionable data. These AI-operated mechanisms utilize machine learning algorithms to dissect and understand copious amounts of textual data, thus aiding in the understanding of customer perspectives, feelings, and attitudes. An example is the collaboration in February 2024 between Bharti Airtel, an American telecommunication services provider, and NVIDIA, another US-based software firm. They developed a speech analytics solution powered by AI which aimed to overhaul customer service. This joint venture set out to enhance overall customer experience in all calls made to Airtel’s call center. The developed solution utilized NVIDIA’s Triton Inference Server, a software that supports multiple inference frameworks and is included in the NVIDIA AI Enterprise software suite, as well as the NVIDIA NeMo conversational AI toolkit. This advanced technology assists Airtel in better comprehending language and in making necessary operational modifications. This ushers in better service for both agents and customers, ultimately improving overall client satisfaction.
Which growth-oriented segments of the sentiment analysis software market are leading the industry’s development?
The sentiment analysis software market covered in this report is segmented –
1) By Type: On-Premises Sentiment Analysis Software, Web-Based Sentiment Analysis Software
2) By Analytical Tool: Text Analytics, Social Media Monitoring, Voice Analytics, Natural language processing (NLP)
3) By Enterprise Size: Small And Medium Size Enterprise, Large Enterprise
4) By End-User: Banking, Financial Services, And Insurance (BFSI), Media And Telecom, Government, Healthcare, Manufacturing, Retail, Other End-Users
Subsegments:
1) By On-Premises Sentiment Analysis Software: Standalone Software, Integrated Software Solutions
2) By Web-Based Sentiment Analysis Software: Cloud-Based Software, SaaS-Based Software
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North America was the largest region in the sentiment analysis software market in 2024. The regions covered in the sentiment analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the sentiment analysis software market?
Major companies operating in the sentiment analysis software market are International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., OpenText Corporation, SAS Institute Inc., Brandwatch Limited, Talkwalker Inc., Meltwater US Inc., QuestionPro Inc., Clarabridge Inc., Bitext Innovations S.L., Aylien Ltd., NetOwl LLC, MonkeyLearn Inc., Reputation Refinery LLC, DatumBox Inc., Voci Technologies Inc., Keatext Inc., Lexalytics Inc., Angoss Software Corporation, MeaningCloud LLC
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What Is Covered In The Sentiment Analysis Software Global Market Report?
•Market Size Forecast: Examine the sentiment analysis software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the sentiment analysis software market for a structured understanding.
•Key Players Overview: Analyze major players in the sentiment analysis software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the sentiment analysis software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the sentiment analysis software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the sentiment analysis software market.
•Industry Challenges: Identify potential risks and obstacles affecting the sentiment analysis software market.
•Competitive Landscape: Review strategic developments in the sentiment analysis software market, including expansions, agreements, and new product launches.
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