The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

As per The Business Research Company’s Sentiment Analysis Software Global Market Report 2024, the sentiment analysis software market is expected to show significant growth in the forecast period.

 

Market Growth Overview

The sentiment analysis software market has experienced significant growth in recent years, with expectations for continued expansion:

• 2023: Valued at $2.15 billion.
• 2024: Projected to grow to $2.53 billion, at a compound annual growth rate (CAGR) of 17.8%.
• 2028: Expected to reach $4.94 billion, at a CAGR of 18.2%.

 

Drivers of Historical Growth

Several key factors have contributed to the market’s rapid growth:

• Supportive Government Policies: Encouraging innovation and tech adoption.
• Rising Disposable Income: Enabling more businesses to invest in advanced software.
• Growing Awareness: Increasing understanding of sentiment analysis benefits.
• Web Applications: Proliferation of web-based tools.
• Predictive Analytics Demand: Rising need for insights derived from data.

 

Future Growth Prospects

The market is set to continue its rapid growth due to various emerging factors:

• Customer Expectations: Increasing demand for improved customer experiences.
• Customer Experience Management (CEM) Solutions: Higher demand for comprehensive CEM tools.
• Customer Feedback Management: Rising importance of customer feedback.
• Business Adoption: Growing popularity in the modern business landscape.
• Population Growth and Consumption: Increasing market base and product use.

 

View More On The Sentiment Analysis Software Market Report 2024 – https://www.thebusinessresearchcompany.com/report/sentiment-analysis-software-global-market-report

 

Major Trends

Key trends expected to drive the market include:

• Technological Advancements: Continuous innovation in sentiment analysis tools.
• Machine Learning (ML) and Natural Language Processing (NLP): Adoption of advanced techniques.
• Cloud-Based Solutions: Increasing shift to cloud platforms.
• Social Media Integration: Greater use of social media data.

 

Impact of Social Media Adoption

Rising Social Media Use

The increasing adoption of social media platforms significantly boosts the sentiment analysis software market:

• User Engagement: Platforms facilitate user interaction and content sharing.
• Cultural Influence: Social media’s impact on modern communication.
• Mobile Accessibility: Widespread use of mobile devices for social media.
• Information and News Consumption: Platforms as primary news sources.
• Brand Promotion: Social media’s role in marketing strategies.

 

Market Contribution

Sentiment analysis software helps manage and analyze social media data:

• Content Monitoring: Identifying negative or abusive content.
• Maintaining Safety: Ensuring a positive online environment.
• Rapid Response: Enabling quick action on harmful content.
• User Growth: Increase in social media users driving demand.
  • Example: In 2021, social media users increased by 424 million, a 10% rise.

 

Key Players in the Market

Prominent companies shaping the sentiment analysis software market include:

• 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.

 

Strategic Partnerships and Innovations

AI-Powered Solutions

Companies are forming strategic partnerships to develop innovative AI-based solutions:

• AI-Powered Speech Analytics: Enhancing accuracy and real-time analysis.
• Collaborations: Example: Bharti Airtel’s partnership with NVIDIA in February 2024.
  • Objective: To improve customer service through AI-powered speech analytics.
  • Technology: Utilizes NVIDIA’s Triton Inference Server and NeMo conversational AI toolkit.

 

Acquisitions

Strategic acquisitions are also driving innovation and market growth:

• Sprout Social’s Acquisition of Repustate: January 2023 acquisition to enhance sentiment analysis capabilities.
  • Benefits: Improved social listening, messaging, and customer care.
  • Technological Enhancement: Integration of AI-driven sentiment analysis and NLP.

 

Market Segmentation

The sentiment analysis software market is segmented by:

1. Type:
   • On-Premises Sentiment Analysis Software
   • Web-Based Sentiment Analysis Software
2. Analytical Tool:
   • Text Analytics
   • Social Media Monitoring
   • Voice Analytics
   • Natural Language Processing (NLP)
3. Enterprise Size:
   • Small and Medium-Sized Enterprises
   • Large Enterprises
4. End-User:
   • Banking, Financial Services, and Insurance (BFSI)
   • Media and Telecom
   • Government
   • Healthcare
   • Manufacturing
   • Retail
   • Other End-Users

 

Regional Insights

Largest Market

• North America: Held the largest market share in 2023.

 

Conclusion

The sentiment analysis software market is witnessing rapid growth, driven by technological advancements, increased social media adoption, and the growing need for customer experience management. With strategic partnerships and continuous innovation, the market is poised for significant expansion in the coming years, offering advanced solutions for analyzing and leveraging customer sentiment data.

 

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The Sentiment Analysis Software Global Market Report 2024  provides an in-depth analysis on the sentiment analysis software market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the sentiment analysis software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

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