Global Sentiment Analysis Software Market 2017-2021
About Sentiment Analysis Software
Sentiment analysis software is an application that informs business intelligence (BI) processes regarding the meaning of each slang used and multiplicity of the references regarding the product and services. Sentiment analytics when used with social media offers an ability to create structured data from unstructured data and is combined with proprietary on-premises data for understanding the overview of customers, products, and services. It is useful when sentiment analytics is linked to big data as most of the organizations are marketing themselves on social media platform.
Technavio’s analysts forecast the global sentiment analysis software market to grow at a CAGR of 16.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global sentiment analysis software market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Sentiment Analysis Software Market 2017-2021
Technavio recognizes the following companies as the key players in the global sentiment analysis software market: Angoss Software Corporation, Clarabridge, IBM, and SAS Institute.
Other Prominent Vendors in the market are: Bitext, Brandwatch, General Sentiment, Lexalytics, Meltwater, NetOwl, OdinText, OpenText, QuestionPro Survey Software, Social Smart Software, and Trackur.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is rising adoption of big data analytics. Vendors in the market are providing sentiment analysis software consisting of real-time data mining and analytics features. Big data analytics solutions help users to generate key performance indicators that can help in decision-making processes. Most of the vendors in the market are partnering with firms that are specialized in analytical tools designed for data analysis of online surveys. For instance, Angoss Software announced its partnership with Datawatch Corporation.”
According to the report, one driver in market is increased need for digital transformation. Digital transformation in organizations is one of the key enablers for the increasing adoption of sentiment analysis software. Digital transformation among targeted consumers, such as SMB, creates opportunities for IT companies to market their products and services. Sentiment analysis is gaining popularity to analyze the market potential of IT solutions and services used for digital transformations. The sentiment analysis software for enterprises is widely being deployed to survey and obtain opinions from customers, industry experts, IT executives, and other stakeholders engaged in the implementation of digital transformation in enterprises. Digital transformation is observed across different end-users such as retail, BFSI, healthcare, education, and telecom. These end-users have benefited both in terms of branding as well as profits. This has encouraged the other sectors to incorporate digital transformation in their process, which is expected to boost the sentiment analysis software market.
Further, the report states that one challenges in market is threat from open-source software. The rising popularity of sentiment analysis software among enterprises has created a high demand for software that can provide quick opinion mining. The rising popularity of sentiment analysis software has also increased the availability of free and open-source software. There are many free versions of the open-source software available, which can be used to analyze customer opinions and comments. Vendors in the market have to compete with the provider of free and open-source sentiment analysis software. Vendors need to differentiate in their sentiment analysis software solutions to remain competitive in the marketplace. In addition, vendors should also implement effective marketing and communication strategies to increase their number of users for sentiment analysis software. Vendors offering open-source sentiment analysis software are RapidMiner, NLTK and TheySay. Such open source and free software affects the sales of sentiment analysis market negatively.
Angoss Software Corporation, Clarabridge, IBM, SAS Institute, Bitext, Brandwatch, General Sentiment, Lexalytics, Meltwater, NetOwl, OdinText, OpenText, QuestionPro Survey Software, Social Smart Software, and Trackur.
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