Sentiment Analysis Software Market Outlook and Growth Trends 2024-2033

The sentiment analysis software market size has grown rapidly in recent years. It will grow from $2.15 billion in 2023 to $2.53 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to supportive government policies, rising disposable income, growing awareness of product benefits, increase in web applications, and rising demand for predictive analytics in sentiment analysis.

The sentiment analysis software market size is expected to see rapid growth in the next few years. It will grow to $4.94 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to increasing customer expectation, demand for customer experience management (CEM) solutions, rising demand for customer feedback management tools, increasing popularity in the modern business world, population growth, and increased consumption. Major trends in the forecast period include technological advancements and innovation, the adoption of machine learning (ML) and natural language processing (NLP) techniques, the adoption of sentiment analysis software, the adoption of cloud-based sentiment analysis solutions, and the adoption of social media platforms.

Market Overview -
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.

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Surging Social Media Adoption Fuels Sentiment Analysis Software Market Growth
The increasing demand for social media is expected to propel the growth of the sentiment analysis software market going forward. Social media platforms are online services or websites that allow users to produce and share content, participate in social networking activities, and communicate with others. The increase in adoption of social media platforms is due to cultural influence, mobile accessibility, information and news consumption, and brand promotion. Sentiment analysis software can automatically identify and flag content that contains negative or abusive sentiments, hate speech, or inappropriate language. This helps social media platforms maintain a safe and positive online environment by enabling them to remove or hide harmful content quickly. For instance, in February 2022, according to reports published by Avacado Social, a UK-based social media firm, the projected total number of social media users increased by 424 million users in 2021, an increase of 10% compared to the previous year. Therefore, the increase in the adoption of social media platforms is driving the growth of the sentiment analysis software market.

Competitive Landscape -
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

Strategic Partnerships Drive Innovation In AI-Powered Sentiment Analysis
Major companies operating in the sentiment analysis software market are focused on strategic partnerships to develop innovative AI-based solutions such as AI-powered speech analytics solutions to enhance accuracy, scalability, and real-time analysis of customer sentiments for actionable insights. AI-powered speech analytics solutions leverages machine learning algorithms to analyze and interpret large volumes of textual data, providing valuable insights into customer opinions, emotions, and attitudes. In February 2024, Bharti Airtel, a US-based telecommunications service provider collaborated with NVIDIA, a US-based software company to develop AI-powered speech analytics solutions for customer service transformation. The collaboration aims to improve the overall customer experience for all inbound calls to Airtel's contact center. The technology was developed using NVIDIA's Triton Inference Server, a multi-framework inference serving software that is supported in the NVIDIA AI Enterprise software suite, and the NVIDIANeMo conversational AI toolkit. This technology helps Airtel to accurately interpret language and make practical changes to its operations to serve agents and customers better, ultimately enhancing the customer experience.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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