Sentiment Analytics Market Share, Size, Trends, Industry Analysis Report, By Components, By Organization Size (Small & Medium Enterprises, Large Enterprises), By Deployment (Cloud, On-Premise), By Vertical, By Region; Segment Forecast, 2022 - 2030
- Published Date:Mar-2022
- Pages: 118
- Format: PDF
- Report ID: PM2317
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global sentiment analytics market was valued at USD 3.15 billion in 2021 and is expected to grow at a CAGR of 14.4% during the forecast period. Sentiment analytics uses NLP (Natural Language Processing), computational linguistics, biometrics, and text analysis to systematically identify, quantify, extract, and study subjective information and affective states. sentiment analytics is primarily applied to customer views such as reviews & survey responses, marketing and customer service bots, among others.
Know more about this report: request for sample pages
These solutions help data analysts across enterprises to understand public opinion, monitor brand reputation, enhance customer experience, and conduct research. The use of sentiment analytics helps deliver insights of the customers to companies. The growth of the global industry can be attributed to the benefits offered by sentiment analytics solutions.
During the COVID-19 outbreak, the sentiment analytics industry continued to show a progressive growth rate. The Covid-19 outbreak followed by the lockdown restrictions imposed by governments globally has negatively impacted the capital investments across various verticals, hindering the industry's growth. However, the increasing use of social media platforms and online shopping during the virus spread is anticipated to present huge sentiment analytics industry growth opportunities.
Additionally, the growing use of Chatbots to provide necessary information regarding COVID-19 to the population is estimated to boost the industry's growth. For instance, in April 2020, WHO launched ChatBot for their Health Alert platform. Furthermore, the increasing use of these to analyze the posts & tweets regarding COVID-19 is anticipated to boost the industry's growth. Following the global crisis, the industry has seen progressive growth on the back of augmented digital transformation. On the positive side, due to the spread of the virus, businesses globally are embracing innovative technologies such as cloud computing, AI, NLP, and others. This is anticipated to offer lucrative sentiment analytics industry growth opportunities.
Know more about this report: request for sample pages
Report Segmentation
The market is primarily segmented on the basis of component, organization size, deployment, vertical, and region.
|
By Component |
By Organization Size |
By Deployment |
By Vertical |
By Region |
|
|
|
|
|
Know more about this report: request for sample pages
Insight by Vertical
Retail segment is garnered the largest revenue share in 2021. The huge share of the segment can be attributed to the growing use of these solutions to understand the feeling of consumers and identify their target audience. Furthermore, the rapid growth of the retail sector will also favor the segment's growth.
Healthcare segment is projected to witness the highest growth rate in the forecasting years. The increasing healthcare investments by government bodies across nations and the growing deployment of analytics tools in the sector are anticipated to drive the segment's growth.
Healthcare professionals can derive various information from platforms through which patients contact healthcare professionals. Various pharmaceutical companies analyze the data created by users to communicate with probable patients and spread awareness about diseases and drugs. This is estimated to boost the growth of the segment.
Industry Dynamics
Growth Drivers
The increasing demand for AI Chatbots across various verticals such as BFSI, retail, healthcare, and others is anticipated to drive the demand for these analytics as sentiment analytics enables the chatbot to understand customers' feelings and reply accordingly. According to Salesforce, over 69% of their consumers prefer to use AI Chatbots for the speed they can communicate. Furthermore, the rising adoption of innovative technologies growing need for real-time insights to make strategic decisions and simplify business processes is anticipated to propel the growth of the global market.
Moreover, the growing demand for sentiment analytics from various verticals such as retail, BFSI, and healthcare, among others, is estimated to offer huge market growth opportunities to understand consumer preference, brand reputation, and others. Additionally, the growing use of social media platforms such as Twitter, Facebook, and Instagram, among others, is anticipated to drive the market's growth.
For instance, sentiment analytics is helpful to differentiate between fake and genuine critiques about the company's products across social media platforms. The increasing number of recent development by major market players is further projected to drive the market's growth. For instance, in February 2021, Brandwatch, one of the leading online consumer & social media listening platforms, was acquired by Cision, a leading media monitoring company, for a value of USD 450 million.
Geographic Overview
Geographically, North America accounted for the largest revenue share in 2021. The rapid technological advancements in North America coupled with the high adoption of technologies such as cloud computing, AI, and others are anticipated to drive the market. Furthermore, the presence of significant solution/service providers in the region, such as IBM Corporation and SAS Institute, along with the increasing demand for better customer experience, is anticipated to propel the market's growth. These companies are focusing on introducing new features in order to widen their offerings.
Moreover, the Asia Pacific market is anticipated to exhibit the highest CAGR over the forecasting years. The fast growth of the segment can be attributed to the increasing prevalence of social media platforms. The rapidly growing digitalization coupled with the presence of many SMEs in the region that require sentiment analytics to improve their consumer retention is anticipated to drive the growth of the market in the Asia Pacific.
The increasing urbanization and the changing preference of the consumers to shop online are expected to present huge market growth opportunities. Additionally, the presence of a significant number of startups offering media monitoring tools is anticipated to present huge sentiment analytics market growth opportunities.
Competitive Insight
Some of the major players operating in the global market include Adoreboard, Affectiva, Angoss Sentiment Corporation, Aylien, Beyond Verbal, Bottlenose.com, Brandwatch, Clarabridge, Cogito Corp., Crowdflower, Eyeris, IBM Corporation, Kairos AR, Inc., Lexalytics Inc., LIGHTSPEED LLC, MeaningCloud LLC, Microsoft, Noldus Information Technology bv, NVISO SA, Repustate Inc., SAS Institute, Sensum Co., Sentiance, Tobii AB, and Twizoo.
Sentiment Analytics Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 3.15 billion |
|
Revenue forecast in 2030 |
USD 9.80 billion |
|
CAGR |
14.4% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD million and CAGR from 2022 to 2030 |
|
Segments covered |
By Component, By Organization, By Deployment, By Vertical, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key Companies |
Adoreboard, Affectiva, Angoss Sentiment Corporation, Aylien, Beyond Verbal, Bottlenose.com, Brandwatch, Clarabridge, Cogito Corp., Crowdflower, Eyeris, IBM Corporation, Kairos AR, Inc., Lexalytics Inc., LIGHTSPEED LLC, MeaningCloud LLC, Microsoft, Noldus Information Technology bv, NVISO SA, Repustate Inc., SAS Institute, Sensum Co., Sentiance, Tobii AB, and Twizoo. |
