Sentiment Analytics Market Overview:
Sentiment analytics is trending in almost every industry vertical as it offers the actionable insights such as understanding of their brand, products and services from customers point of view and take steps in advance to overcome potential crisis. Sentiment analytics helps in rating and mining subjective or opinion related information with the use of algorithms and techniques such as natural language processing (NLP), machine learning, text analytics, statistics and computational linguistic. Sentiment analytics follows the following process: pre-processing & breakdown of speech/ text, identifying subject and object in the text, classifying subjective sentences into positive and negative sentiments and aggregating overall sentiments. Increasing amount of data generated required for analysis is driving the sentiment analytics market. Also, cloud-based sentiment analytics software eliminates infrastructure cost and offers easy integration making it widely adopted by large as well as small and medium enterprises.
Sentiment Analytics Market is majorly used by retail and e-commerce industries for product benchmarking & brand monitoring, market intelligence and advertisement placements. This helps the enterprises to enhance their services and customer experience with continuous monitoring and identifying changes in sentiment and feedbacks to remain competitive. Furthermore, this can also help in identifying new business opportunities such as generating new leads or customer base. Sentiment Analytics helps government & defense organizations in identifying opinion towards government, terrorist sympathizers and forecasting election results by searching texts on Internet websites, blogs, press publications and social media platform.
However, sentiment analytics faces major challenge during analyzing human conversation. The sentences in conversation are complex in nature, sarcastic or have both positive and negative terms in it which might miss lead the meaning.
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Major Key Players:
The prominent players in the Sentiment Analytics market are Angoss Software Corporation (US), Clarabridge (US), IBM Corporation (US), SAS Institute (US), Aylien Ltd. (Ireland), Bottlenose (US), Figure Eight Inc., (US), Brandwatch (UK), Adoreboard (UK) among others are profiled in Market Research Future analysis and are at the forefront of competition in the Sentiment Analytics market.
Industry News:
January 30, 2018 SAS releases new platform SAS Viya with additional analytics capabilities.
SAS Institute, Inc., added visual text analytics capabilities and enhancements in visual data mining and machine learning to SAS Viya. The visual text analytics capabilities include sentiment analysis, text mining, contextual extraction and characterization. The software help in quick analysis of large enterprise data volume for assessing risk & fraud, managing & interpreting notes and analyzing customer reviews to forecast problems.
May, 2018 Clarabridge Inc., rolled out new updates to its customer intelligence platform.
Clarabridge Inc., a customer experience management solutions provider added additional capabilities to its customer intelligent platform. The new capabilities include understanding digital images and emoticons, NLP and machine learning techniques which enables easy customer understanding with the root causes analysis. The platform also has interactive dashboards to explore real-time customer data and business insights.
Sentiment Analytics Market Segmentation:
Segmentation by Deployment: On-Cloud and On-Premise.
Segmentation by Organization Size: Small & Medium Enterprises and Large Enterprises.
Segmentation by Vertical: Retail, BFSI, Healthcare & Life science, Education, Media & Entertainment, Transportation & Logistics and Others.
Segmentation by Region: North America, Europe, Asia-Pacific and Rest of the world.
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Sentiment Analytics Market Regional Analysis:
The regional analysis of sentiment analytics market is studied for North America, Europe, Asia-Pacific and Rest of the World. North America is leading the sentiment analytics market as most key players offering sentiment analytics solutions are this region. Also, economies such as the US, Canada and Mexico have well established infrastructure to research on advanced technologies such as text analytics, machine learning and natural language processing.
The Asia-Pacific region also contributes towards the growth of sentiment analytics market and is expected to grow at a faster rate during the forecast period due to increasing adoption of advanced analytical tools by the enterprises to obtain the business insights and improve their operational efficiency.
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