Global Sentiment Analysis Software Market Size Forecast 2024 - 2033
23 Dec, 2024
How Is The Global Sentiment Analysis Software Market Defined?
Sentiment analysis software refers to a form of technology that uses natural language processing (NLP), machine learning, and computational linguistics approaches to analyze and understand sentiments or emotions represented in textual data. This software is especially useful in recognizing and interpreting customer feelings towards products, services, or brands, allowing organizations to obtain insights into customer feedback, monitor brand reputation, and make informed business decisions.
Sentiment Analysis Software Global Market Report 2024 provides data on the global sentiment analysis software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The sentiment analysis software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Sentiment Analysis Software Market Size Expected To Change, And What Are The Growth Rate Projections?
The sentiment analysis software market has expanded rapidly, growing from $2.15 billion in 2023 to $2.53 billion in 2024 at a CAGR of 17.8%. This growth is attributed to supportive government policies, rising disposable incomes, increased awareness of software benefits, growing web applications, and rising demand for predictive analytics. The market is expected to reach $4.94 billion in 2028 at a CAGR of 18.2%, driven by rising customer expectations, demand for customer experience management solutions, and the adoption of customer feedback tools. Key trends include advancements in machine learning (ML) and natural language processing (NLP), the adoption of cloud-based solutions, and the growing use of sentiment analysis software in social media platforms.
Which Drivers Are Accelerating Growth In The Sentiment Analysis Software Market?
The increasing use of social media is expected to fuel the growth of the sentiment analysis software market. Social media platforms allow users to produce and share content, interact with others, and participate in online networking. The adoption of social media is growing due to its cultural influence, mobile accessibility, and its role in information consumption and brand promotion. Sentiment analysis software helps social media platforms automatically detect and flag harmful content such as negative sentiments, hate speech, or inappropriate language. This enables platforms to maintain a safe and positive environment by quickly removing or hiding harmful content. According to Avocado Social, the total number of social media users increased by 424 million in 2021, a 10% rise from the previous year. Therefore, the growing use of social media platforms is propelling the growth of the sentiment analysis software market.
Get Your Free Sample of the Global Sentiment Analysis Software Market ReportWhat Are The Core Segments Of The Global Sentiment Analysis Software Market?
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
Which Emerging Trends Are Reshaping The Sentiment Analysis Software Market?
In the sentiment analysis software market, leading companies are forming strategic partnerships to develop AI-based solutions, such as AI-powered speech analytics, to improve accuracy and scalability. In February 2024, Bharti Airtel collaborated with NVIDIA to develop AI-powered speech analytics for enhancing customer service operations. This partnership utilizes NVIDIA's Triton Inference Server and conversational AI toolkit to interpret customer interactions more accurately, allowing Airtel to improve its service offerings and customer experience.
What Is The Largest Region In The Sentiment Analysis Software Market?
North America was the largest region in the sentiment analysis software market in 2023. The regions covered in the sentiment analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.