Global Sentiment Analysis Software Market 2017-2021

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