Overview of the global sentiment analysis software market

As per the Technavio’s market research report, the global sentiment analysis software market is expected to grow at a steady rate and post a CAGR of more than 16% during the forecast period. The increasing need for sentiment analysis in social media will drive the growth prospects for the global sentiment analysis software market during the projected period. Social media analytics tools are used to identify recurring customer issues and reflect enthusiasts in social media platforms and social networking sites but do not reflect actual customers. Consequently, it becomes difficult to understand the social media audience and customers as it fails to include the actual social media audience. However, if the data obtained from social media is contextualized by validating or reassessing the social media analytics output, organizations can easily understand the social media audience and customers. Since sentiment analysis system helps to interpret data by recognizing patterns and connections, the adoption of this software will further increase among organizations. Moreover, the software also develops a data repository to help these organizations to store historical data for future use, which, in turn, will boost the sentiment analysis software market growth.

The growing demand for predictive analytics in sentiment analysis is one of the key trends that will gain traction in the sentiment analysis software market. Since predictive analytics software supports sentiment analysis software to develop accurate and efficient solutions, improve the overall efficiency of production, reduce cost, and determine trends and patterns across unstructured content, the efficiency of sentiment analysis software will further increase., which will consequently drive the demand for the software.

Competitive landscape and key vendors

The sentiment analysis software market comprises of several large and small players and as a result, appears to be highly fragmented. These vendors highly depend on business expertise, data management expertise, and technology maturation to sustain the market competition. The shortage of skilled workforce, intense competition, rapid changes in the technology, and industry barriers are some of the factors that pose a major challenge to the growth of the vendors. To survive and succeed in this competitive environment, the vendors also focus on providing value-added services such as consultancy, integration of solutions, support and maintenance, and end-user training.

Key vendors in this market are -

• Angoss Software
• Clarabridge
• IBM
• SAS Institute

Other prominent vendors in the market include Bitext, Brandwatch, General Sentiment, Lexalytics, Meltwater, NetOwl, OdinText, OpenText, QuestionPro Survey Software, Social Smart Software, and Trackur.

Segmentation by end-user and analysis of the sentiment analysis software market

• Retail
• BFSI
• Healthcare

During 2016, the retail industry accounted for the majority market shares and dominated the sentiment analysis software market size. The online retail sector incorporates sentiment analysis software for collecting data from their customers to retain loyal customers and provide them with enhanced online shopping experiences based on their feedback. Additionally, the sentiment analysis software also helps in the analysis of competitive benchmarking and customer satisfaction index by collecting necessary data from retailers and their customers.

Segmentation by geography and analysis of the sentiment analysis software market

• Americas
• APAC
• EMEA

During 2016, the Americas was the leading contributor to the market and the region is expected to continue its market dominance during the forecast period as well. The region is witnessing a high adoption rate of sentiment analysis software in various industry verticals such as retail, BFSI, and healthcare to improve marketing abilities, risk management systems, and customer experience. Furthermore, factors such as substantial investments for expansion by retail giants such as eBay, Amazon, Yahoo, and Google and the high penetration of the Internet, will also boost the adoption of sentiment software in this region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global sentiment analysis software market?
• What are the key market trends impacting the growth of the global sentiment analysis software market?
• What are the challenges to market growth?
• Who are the key vendors in the global sentiment analysis software market?
• What are the market opportunities and threats faced by the vendors in the global sentiment analysis software market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global sentiment analysis software market?

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