LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global sentiment analysis software market is expected to reach USD 2,137 million by 2021, growing at a CAGR of more than 16%.
This research report titled ‘Global Sentiment Analysis Software Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Organizations deal with a large amount of information data to understand opinions and experiences across various channels. However, analyzing these data on a regular basis can be very tedious and time-consuming, therefore, advanced models for storage, visualization, statistical modeling, and business intelligence (BI) are continuously evolving to provide better insights for improved data-driven decision-making. One such technology is the sentiment analysis applications that helps organizations to overcome the limitations of human intervention and allows them to understand and process big data in real time.
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Technavio’s ICT research analysts categorize the global sentiment analysis software market into four major segments by end-user. They are:
- Retail
- BFSI
- Healthcare
- Others
The top three end-user segments for the global sentiment analysis software market are discussed below:
Retail
The retail industry witnessed significant changes in terms of operational process, marketing and communication strategy, online transaction, and auditing process. For competitive benchmarking and customer satisfaction index, data collection from retailers and their customers have become a vital component. Retailers are using the sentiment analysis software to collect data from their customers for CRM. With the emergence of online retailers, the customer feedback has become an important component to retain loyal customers and provide enhanced online shopping experiences.
According to Amit Sharma, a lead enterprise application research analyst from Technavio, “Retail organizations are adopting sentiment analysis software solutions to draw useful conclusions related to their customers, products, operations, and competitors. For instance, IBM introduced an analytics solution called IBM Social Media Insight for Retail which gathered structured and unstructured data from sources such as Twitter, Facebook, call centers, customer surveys, and product reviews to measure, monitor, analyze, and understand categories, products, and stores.”
BFSI
In the BFSI sector, the sentimental analysis software is used to make respective models of trading, fund management, and risk control. With digital transformation in financial services, organizations have created the need to evaluate the implication of technology and customer response to smoothen the financial services operations. This will increase the demand for the sentiment analysis software tool during the forecast period.
“Sentiment analysis plays a significant role in the BFSI sector since it forms the backbone of the customer feedback analysis. It helps to understand and measure the overall customer satisfaction and identify different aspects of a product or service deemed important by customers. For instance, if many customers express negative reviews about a program, it is an indication for the bank to relook into it,” says Amit.
Healthcare
The healthcare sector has adopted the sentiment analysis software to gain insights in remarketing, cost reduction, and to improve brand reputation. There is a large amount of unstructured, free-text information about the quality of healthcare available on the Internet, like on blogs, social networks, and on physician rating websites, that are not captured in a systematic way. Sentiment analysis software allows healthcare firms to understand and use this information more effectively to improve the quality of healthcare.
These days people are sharing their health issues online and taking advice from several sources like blogs, forums, and social media websites. Health-related blogs and forums for people help to share experiences related to the healthcare centers visited in terms of availability, service, environment, satisfaction, and comfort. This information is also very important to the healthcare centers to identify patient's concerns and address them.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Angoss Software Corporation
- Clarabridge
- IBM
- SAS Institute
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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