How Has the Sentiment Analysis Software Market Size Evolved in Recent Years?
The sentiment analysis software market has seen considerable growth due to a variety of factors.
• The market size of sentiment analysis software has been expanding quickly over the recent years. It is set to increase from $2.53 billion in 2024 to $3 billion in 2025, boasting a compound annual growth rate (CAGR) of 18.5%.
Factors contributing to this growth in the past include favorable governmental policies, an increase in disposable income, heightened knowledge about the advantages of the product, an uptick in web applications, and a surge in the demand for predictive analytics in sentiment analysis.
What are the Market Size and Expected Growth Rates for the Sentiment Analysis Software Market?
The sentiment analysis software market is expected to maintain its strong growth trajectory in upcoming years.
• In the approaching years, the sentiment analysis software market is predicted to witness quick expansion, with its size projected to reach $5.83 billion by 2029, at an 18.1% compound annual growth rate (CAGR). This escalating growth anticipated in the forecast period is largely due to heightened customer expectations, a surge in demand for customer experience management (CEM) solutions, a rising need for customer feedback management utilities, its growing favorability in the contemporary business landscape, demographic growth, and augmented intake. Foreseen trends for the forecast period encompass technological progression and innovation, the employment of machine learning (ML) and natural language processing (NLP) methodologies, the assimilation of sentiment analysis software, the use of cloud-based sentiment analysis solutions, and the merging of social media platforms.
Which Key Drivers Are Propelling The Sentiment Analysis Software Market's Growth?
Rising interest in social media is anticipated to stimulate the expansion of the sentiment analysis software industry. Social media platforms, which are online networks or services enabling individuals to create and circulate content, engage in social interaction, and communicate, are seeing a surge in adoption due to cultural impact, mobile accessibility, news consumption, and branding promotion. Sentiment analysis software has the capacity to automatically detect and flag content marked by negative or abusive emotions, hate speech or unsuitable language. This aids social media platforms in sustaining a positive and safe online atmosphere as it allows swift removal or concealment of damaging material. As an illustration, a report by We Are Social Ltd, a UK-based company specializing in social media creativity and data analysis, showed that in January 2024, there was a 5.6 percent increase in social media user identities compared to the previous year, with 266 million individuals joining social media for the first time during 2023. As a result, the growing popularity of social media platforms is propelling the growth of the sentiment analysis software market.
What Are The Key Segments Within 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
Subsegments:
1) By On-Premises Sentiment Analysis Software: Standalone Software, Integrated Software Solutions
2) By Web-Based Sentiment Analysis Software: Cloud-Based Software, SaaS-Based Software
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What New Trends Are Influencing The Sentiment Analysis Software Market?
Major businesses in the sentiment analysis software market, such as Bharti Airtel and NVIDIA, are investing in partnerships to innovate AI-based solutions like AI-powered speech analytics solutions. These advancements aid in accurately, quickly, and efficiently interpreting customer sentiments, allowing for more informed decision-making. Large amounts of textual information can be interpreted using machine learning algorithms provided by AI-powered speech analytics solutions. This offers a more in-depth understanding of consumer views, feelings, and attitudes. For example, in February 2024, US-based telecommunications service provider Bharti Airtel joined forces with US-based software company NVIDIA. Their goal was to propel customer service transformation by creating AI-powered speech analytics solutions. This strategic collaboration aimed to elevate the overall customer experience on all calls directed to Airtel's customer contact center. NVIDIA's Triton Inference Server, a software supporting multiple inference frameworks included in the NVIDIA AI Enterprise software suite, along with the NVIDIANeMo conversational AI toolkit were used to develop this technology. As a result, Airtel was able to interpret language more correctly and make significant operational changes to better serve its employees and customers, thus boosting the overall customer experience.
Who Are the Key Players In The Sentiment Analysis Software Market?
Major companies operating in the sentiment analysis software market are:
• 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.
• QuestionPro Inc.
• Clarabridge Inc.
• Bitext Innovations S.L.
• Aylien Ltd.
• NetOwl LLC
• MonkeyLearn Inc.
• Reputation Refinery LLC
• DatumBox Inc.
• Voci Technologies Inc.
• Keatext Inc.
• Lexalytics Inc.
• Angoss Software Corporation
• MeaningCloud LLC
What Are The Regional Insights Into The Sentiment Analysis Software Market?
North America was the largest region in the sentiment analysis software market in 2024. The regions covered in the sentiment analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
