Sentiment Analysis Software Global Market Report 2024

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 observed during the historic period can be attributed to several factors including supportive government policies, an increase in disposable income among consumers, growing awareness of the benefits of products, a rise in web applications, and an increasing 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 anticipated growth in the forecast period is driven by several factors, notably the increasing expectations of customers, the rising demand for customer experience management (CEM) solutions, a growing need for customer feedback management tools, heightened popularity in the contemporary business landscape, population growth, and increased consumption. Key trends expected during this period include advancements and innovations in technology, the widespread adoption of machine learning (ML) and natural language processing (NLP) techniques, the uptake of sentiment analysis software, the adoption of cloud-based sentiment analysis solutions, and increased utilization of social media platforms.

The surge in demand for social media platforms is poised to drive the growth of the sentiment analysis software market in the foreseeable future. Social media platforms, online services or websites enabling users to create, share content, engage in social networking, and communicate, are witnessing increased adoption attributed to cultural influence, mobile accessibility, information dissemination, and brand promotion. Sentiment analysis software plays a crucial role by automatically detecting and flagging content containing negative sentiments, hate speech, or inappropriate language, facilitating swift removal or concealment of harmful content to maintain a safe and positive online environment. For instance, reports from Avacado Social, a UK-based social media firm, revealed a projected increase of 424 million users on social media platforms in 2021, marking a 10% rise compared to the previous year, highlighting the driving force behind the sentiment analysis software market's growth.

Key players in the sentiment analysis software market are strategically leveraging partnerships to innovate AI-based solutions, particularly AI-powered speech analytics solutions, to enhance accuracy, scalability, and real-time analysis of customer sentiments for actionable insights. These solutions harness machine learning algorithms to analyze and interpret vast amounts of textual data, offering 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 aimed at transforming customer service. Leveraging NVIDIA's Triton Inference Server and the NVIDIANeMo conversational AI toolkit, this technology enables Airtel to accurately interpret language and implement operational improvements for better agent-customer interactions, ultimately enhancing the overall customer experience.

In January 2023, Sprout Social Inc., a US-based provider of social media management software, acquired Repustate, bolstering its social listening, messaging, and customer care capabilities. This acquisition enhances sentiment analysis, natural language processing (NLP), and artificial intelligence (AI) functionalities, amplifying their effectiveness, scope, and automation. Repustate, a Canada-based company specializing in AI-driven sentiment analysis API and emotion mining tools, strengthens Sprout Social's offerings, further empowering businesses to derive actionable insights from social media conversations and enhance customer engagement strategies.

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.

North America was the largest region in the sentiment analysis software market in 2023. The regions covered in the sentiment analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the sentiment analysis software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Sentiment analysis software utilizes natural language processing (NLP), machine learning, and computational linguistics techniques to decipher and interpret sentiments or emotions conveyed in textual data. This technology plays a crucial role in deciphering customer sentiments towards products, services, or brands, thereby enabling organizations to glean valuable insights from customer feedback, monitor brand reputation, and make informed business decisions.

Two primary types of sentiment analysis software are prevalent such as on-premises sentiment analysis software and web-based sentiment analysis software. On-premises sentiment analysis software operates within a company's internal infrastructure, analyzing textual data to discern sentiment without relying on external servers or cloud services. This analytical tool encompasses functionalities such as text analytics, social media monitoring, voice analytics, and natural language processing (NLP), catering to a wide array of enterprises including large corporations and small to medium-sized businesses across various sectors such as banking, financial services, and insurance (BFSI), media and telecommunications, government, healthcare, manufacturing, retail, among others.

The sentiment analysis software research report is one of a series of new reports that provides sentiment analysis software market statistics, including the sentiment analysis software industry's global market size, regional shares, competitors with a sentiment analysis software market share, detailed sentiment analysis software market segments, market trends and opportunities, and any further data you may need to thrive in the sentiment analysis software industry. This sentiment analysis software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The sentiment analysis software market consists of revenues earned by entities by providing services such as sentiment monitoring, brand reputation management, customer feedback analysis, social media listening, and competitor analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The sentiment analysis software market also includes sales of natural language processing (NLP), text preprocessing, deep learning, and sentiment analysis APIs. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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