Market Overview:
The market size for sentiment analytics was estimated at USD 3.1 billion in 2022. A compound annual growth rate (CAGR) of 14.80% is expected for the Sentiment Analytics market industry during the forecast period (2023-2032), rising from USD 3.6 billion in 2023 to USD 10.7 billion by 2032.The primary market factors accelerating market growth are the development of predictive analysis techniques and the escalating level of commercial competition.
The development of predictive analytical methods and greater firm competitiveness are the main factors fueling the growth of the sentiment analytics market. According to Sentiment Analytics Market research, the vertical segment retail sector is anticipated to hold the most market share over the anticipated period.
As a result of the growing demand for goods and services in several locations, there are more opportunities in the marketing sector today. The popularity of social media platforms around the world and the growing number of technological advancements are significant factors that could increase market demand. As internet usage grows and sentiment analysis becomes more widely known, there is also anticipated to be significant industry growth. The industry is also expected to grow in the next years due to the surge in demand for sentiment analytics from a number of sectors, including BFSI, healthcare, retail, and others.
Key Companies in the Sentiment Analytics market include,
Adoreboard
IBM
SAS Institute
Crowdflower
Brandwatch
Twizoo
Angoss Sentiment Corporation
Clarabridge
Aylien
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Segmentation
Service, professional services, sentiment, and support and maintenance services are all included in the component-based market segmentation for sentiment analytics.
Small and medium-sized businesses (SMEs) and large corporations are included in the Sentiment Analytics market segmentation based on organisation size.
Based on deployment, the Sentiment Analytics market is divided into cloud and on-premise segments.
The BFSI, retail, transportation & logistics, education, media & entertainment, healthcare & life sciences, and other verticals are included in the Sentiment Analytics market segmentation.
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, the Asia Pacific Sentiment Analytics market held the majority of the market (43.60%). The growing popularity of social media platforms can be attributed to the largest sector share. Due to the rapidly growing digitalization of the region and the prevalence of several SMEs that use sentiment analytics to boost client retention, the Asia Pacific market is anticipated to grow.
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Additionally, the Asia-Pacific region's Sentiment Analytics market in China had the biggest market share while the Asia-Pacific market in India had the quickest rate of growth.
Leading market players are making significant R&D investments in order to diversify their product offerings, which will drive the Sentiment Analytics market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic initiatives to increase their presence. The sentiment analytics market needs to provide affordable products if it is to grow and thrive in a more cutthroat and competitive environment.
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