News ID

Sentiment Analytics Market - Challenges, Key Vendors, Drivers and Trends by Forecast to 2023

Technology

Market Scenario:

Clarabridge is a US based company and one of the prominent player in sentiment analytics market. It offers numerous analytics services. The company states that sentiment analytics has been used in text analytics form by enterprises from past several years. The company provides solutions that deliver customer insights, associated to product and service features if projected correctly. This detailed, explanatory analysis complements common high-level satisfaction measures. Sentiment analysis can be applied to enterprise feedback and social monitoring and response, sentiment technologies deliver a key voice of the customer asset. IBM Watson through its natural language understanding provides numerous API platform for text analytics that is capable of understanding and analyzing varied charactertics such as sentiment, entity, emotion, keyword, concept tagging, language, and taxonomy.

The regional analysis of sentiment analytics market is being studied for regions such as Asia Pacific, Americas, Europe and Rest of the World. North America region accounts for highest market share in sentiment analytics market owing to presence of major players in the region and adoption of sentiment analytics solution by small and big enterprises. Countries such as US and Canada contributes large amount of revenue in the sentiment analytics market in the region. Asia‐Pacific region is expected to be growing at the highest CAGR. Enterprises in the region are investing huge in sentiment analytical tools to improve business efficiency and productivity and growing sentiment companies in the region is boosting the market in the region.

The key drivers of sentiment analytics market includes rising competition between businesses and predictive analysis techniques is fueling the sentiment analytics market growth. According to the study, by vertical segment retail sector is expected to account for highest market share in sentiment analytics market. By organization size segment, small and medium enterprises accounts for largest market share. Increasing competition creates opportunity for businesses to collect efficient data of related to sentiment development is one of the prime factor boosting sentiment analytics market.

The sentiment analytics market is segmented on the basis of components, deployment, organization size and vertical. It includes text analytics, social media analytics and predictive analytics. Sentiment analytics tools enable organization to gain competitive advantage, as it provides better understanding of the sentiments of customers, enhance companies product and business, provide deep insight of sentiment buying behavior and facilitates market innovation.

The Sentiment Analytics Market is expected to grow at approximately USD 6 Billion by 2023, at 14% of CAGR between 2017 and 2023.

Major Key Players:

• Angoss Sentiment Corporation (Canada)

• Clarabridge (U.S.)

• IBM (U.S.)

• SAS Institute (U.S.)

• Aylien (Ireland)

• Bottlenose.Com (U.S.)

• Crowdflower (U.S.)

• Brandwatch (U.K.)

• Twizoo (U.K.)

• Adoreboard (U.K.)

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Segments:

Sentiment analytics market is segmented on the basis of components, deployment, organization size and vertical.

Sentiment Analytics Market by Components:

• Sentiment

• Service

• Professional Services

• Support and Maintenance Services

Sentiment Analytics Market by Deployment:

• Cloud

• On-Premise

Sentiment Analytics Market by Organization Size:

• Small & Medium Enterprises

• Large Enterprises

Sentiment Analytics Market by Vertical:

• Retail

• BFSI

• Healthcare & Life sciences

• Education

• Media & Entertainment

• Transportation & Logistics

• Others

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Intended Audience

• Investors and consultants

• System Integrators

• Government Organizations

• Research/Consultancy firms

• Technology solution providers

• IT Solution Providers

• Social Media Platforms

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Source: Technology