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Sentiment Analysis Software Market Size, Share, Growth Trends & Forecast 2024-2033 | Competitive Insights
Sentiment Analysis Software Market Size
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Sentiment Analysis Software Market 2024 Key Insights:
• 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%.
• Surging Social Media Adoption Fuels Sentiment Analysis Software Market Growth
• Strategic Partnerships Drive Innovation In AI-Powered Sentiment Analysis
• North America was the largest region in the sentiment analysis software market in 2023
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