Overview and Scope
Sentiment analytics systems refers to the technological solutions designed to analyze and interpret sentiments expressed in text data. These systems employ advanced algorithms, natural language processing (NLP), and machine learning techniques to extract insights from sources such as social media, customer feedback, and online reviews.
Sizing and Forecast
The sentiment analytics systems market size has grown exponentially in recent years. It will grow from $2.48 billion in 2023 to $3.26 billion in 2024 at a compound annual growth rate (CAGR) of 31.4%. The growth in the historic period can be attributed to high utilization in healthcare for patient feedback analysis, adoption in government agencies for citizen sentiment monitoring, the development of sentiment analysis platforms for enterprise solutions, the rise in sentiment analysis applications for sentiment-aware advertising, and adoption in government agencies for citizen sentiment monitoring.
The sentiment analytics systems market size is expected to see exponential growth in the next few years. It will grow to $9.73 billion in 2028 at a compound annual growth rate (CAGR) of 31.5%. The growth in the forecast period can be attributed to increasing demand for real-time sentiment analysis, growing adoption in social media monitoring, advancements in natural language processing (NLP), usage in political campaigns for voter sentiment tracking. Major trends in the forecast period include integration into customer relationship management (CRM) systems, technological advancements, expansion in sentiment analysis APIs, expansion in sentiment analysis for employee sentiment analysis, and adoption of sentiment analysis tools in financial markets.
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Segmentation & Regional Insights
The sentiment analytics systems market covered in this report is segmented –
1) By Type: Cloud-Based, On-Premise
2) By Deployment Model: Private, Public, Hybrid
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Banking, Financial Services, And Insurance (BFSI), Healthcare And Life Sciences, Education, Media And Entertainment, Retail, Government, Transportation And Logistics, Other Applications
North America was the largest region in the sentiment analytics systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sentiment analytics systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing adoption of social media monitoring is expected to propel the growth of sentiment analytics systems markets going forward. Social media monitoring refers to tracking, analyzing, and responding to conversations and mentions about a brand, product, or topic across various social media platforms. The adoption of social media monitoring is growing due to its ability to provide real-time insights into consumer behavior, market trends, and brand sentiment, enabling companies to make data-driven decisions and enhance their online presence. The sentiment analytics systems allow businesses to effectively analyze and leverage public sentiment, improving their social media monitoring strategies. For instance, in February 2024, according to Backlinko, a US-based internationally recognized SEO expert, Facebook’s daily active user growth rate increased by 5.1% YoY from 4.4% in 2022. Therefore, adopting social media monitoring is driving the growth of the sentiment analytics systems market.
Key Industry Players
Major companies operating in the sentiment analytics systems market report are Amazon Web Services Inc.; Google LLC; Microsoft Corporation; International Business Machines Corporation; Oracle Corporation; Salesforce Inc; Adobe Inc.; Twilio Inc.; Splunk Inc. ; SAS Institute Inc.; SAP SE; NICE Ltd.; Qualtrics; Nuance Communications Inc.; Medallia Inc.; Verint Systems Inc.; Sprinklr Inc.; Cision Ltd.; Zoho Corporation Pvt. Ltd.; Sprout Social Inc.; Emplifi Inc.; Quid; Meltwater; Lexalytics Inc.; MonkeyLearn Inc.
The sentiment analytics systems market report table of contents includes:
1. Executive Summary
2. Sentiment Analytics Systems Market Characteristics
3. Sentiment Analytics Systems Market Trends And Strategies
4. Sentiment Analytics Systems Market – Macro Economic Scenario
5. Global Sentiment Analytics Systems Market Size and Growth
…..
32. Global Sentiment Analytics Systems Market Competitive Benchmarking
33. Global Sentiment Analytics Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Sentiment Analytics Systems Market
35. Sentiment Analytics Systems Market Future Outlook and Potential Analysis
36. Appendix
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