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North America Sentiment Analytics Market Size was valued at USD 1.7 Billion in 2022. The North America Sentiment Analytics Market industry is projected to grow from USD 2.2 Billion in 2023 to USD 4.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.90% during the forecast period (2023 - 2032). The development of predictive analysis techniques and the escalating level of market competition, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The advancement of predictive analytical methods and heightened business competitiveness are the main factors driving the growth of the North American sentiment analytics market. The North America Sentiment Analytics Market research predicts that the vertical segment retail sector would hold the most market share throughout the forecasted period. As a result of the growing demand for goods and services in several locations, there are more opportunities in the marketing sector today.
Specifically, the popularity of social media platforms and the growing number of technological advancements are significant factors that could increase market demand. As internet usage grows and sentiment analysis becomes more widely known, there is also anticipated to be significant industry growth. The industry is also expected to grow in the next years due to the surge in demand for sentiment analytics from a number of sectors, including BFSI, healthcare, retail, and others.
The growing acceptance of AI chatbots across a range of sectors, including BFSI, retail, healthcare, and others, is anticipated to fuel demand for these analytics. Chatbots can understand the feelings of their users and reply properly thanks to sentiment analytics. Due to how quickly they can communicate, Salesforce reports that more than 69% of its clients prefer to employ AI chatbots. Additionally, it is anticipated that the market would expand due to the rising need for real-time information in order to make strategic decisions and streamline corporate procedures. The rising use of cutting-edge technologies is to blame for this.
Additionally, it is predicted that the rising demand for sentiment analytics from a number of sectors, such as retail, BFSI, and healthcare, would offer tremendous market growth potential for analyzing customer preference, brand reputation, and other aspects. Furthermore, it is anticipated that as more people use social networking sites like Twitter, Facebook, and Instagram, the sector will grow. For example, sentiment analytics can be used to distinguish between genuine and fake product reviews submitted on various social media platforms. It is also projected that an increase in recent advances by significant market competitors will fuel industry expansion. For instance, in February 2021, Brandwatch, one of the biggest online consumer & social media listening platforms, was purchased by Cision, a leading media monitoring company, for USD 450 million. Thus, driving the North America Sentiment Analytics Market revenue.
The North America Sentiment Analytics Market segmentation, based on Component, includes service, professional services, sentiment, and support and maintenance services. Professional service segment dominated the market in 2022. The quality and capacities of many organizations are all improved by all of these factors, which increases the demand for sentiment analytics.
The North America Sentiment Analytics Market segmentation, based on Organization Size, includes small & medium enterprises (SMEs) and large enterprises. The large enterprises segment dominated the market in 2022. This is due to their big clientele in different locations.
The North America Sentiment Analytics Market segmentation, based on Deployment, includes cloud and on-premise. Cloud segment dominated the North America Sentiment Analytics Market in 2022. The expansion of the category is attributed to factors including the advantages of cloud deployment, such as the lack of a capital investment, tremendous scalability, flexibility, and lower demands on IT expertise.
The North America Sentiment Analytics Market segmentation, based on Vertical, includes BFSI, retail, transportation & logistics, education, media & entertainment, healthcare & life sciences, and others. The retail segment dominated the North America Sentiment Analytics Market in 2022. Due to the growing use of these solutions to understand customer mood and identify their target market, a large market share can be attributed to them. The sector's growth will also benefit from the retail sector's quick development. The healthcare category is anticipated to grow at the fastest rate in the years to come. The usage of analytics technologies in the healthcare sector is projected to rise as governments around the world boost their spending in the sector.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America North America Sentiment Analytics Market is expected to register significant growth from 2023 to 2032. The market is expected to be driven by North America's rapid technological advancements and rising usage of technologies like cloud computing, artificial intelligence, and others. The presence of significant solution/service providers in the region, such as IBM Corporation and SAS Institute, as well as the growing demand for improved customer experiences are also anticipated to boost the market's growth. Many organizations are focussing on supplying new features in order to broaden the scope of their offers. Further, In the North American area, the U.S. Sentiment Analytics market had the biggest market share, while the Canada Sentiment Analytics market had the quickest rate of expansion.
U.S. North America Sentiment Analytics Market held the largest market share. The United States has been at the forefront of big data and advanced analytics adoption across various industries. With a vast amount of data generated from social media, customer reviews, call center interactions, and other sources, companies are turning to sentiment analytics to extract valuable insights. This drives the demand for sentiment analytics solutions and services in the US market.
The Canada North America Sentiment Analytics Market was the fastest growing market in the North America region. Canadian businesses emphasize delivering exceptional customer experiences. By utilizing sentiment analytics, organizations in Canada can gain deep insights into customer sentiment, needs, and expectations. This enables them to enhance their products, services, and overall customer interactions, leading to increased customer satisfaction and loyalty.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Sentiment Analytics market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Sentiment Analytics sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Sentiment Analytics industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Sentiment Analytics sector. Major players in the North America Sentiment Analytics Market, including Adoreboard, IBM, SAS Institute, Crowdflower, Brandwatch, Twizoo, Angoss Sentiment Corporation, Clarabridge, and Aylien, are attempting to increase market demand by investing in research and development Components.
IT services are offered by Tata Consultancy Services Ltd (TCS), a division of Tata Sons Pvt Ltd. Services are provided in the fields of engineering, business analytics, industry, BPO, consultancy, the cloud, quality assurance, blockchain, enterprise solutions, and IoT. The organization provides business solutions to a wide range of sectors. These sectors include banking, finance, media, communication, technology, insurance, life sciences, healthcare, retail, distribution of consumer goods, manufacturing, information services, high technology, education, energy and utilities, healthcare, travel and hospitality, and more. Software solutions offered by TCS include BaNCS, Ignio, TAP, iON, TwinX, Optumera, OmniStore, ADD, HOBS, Quartz, Jile, and TCS MasterCraft. The business has prosperous operations throughout Africa, the Middle East, Europe, Asia-Pacific, Latin America, and North America. Mumbai, Maharashtra, India serves as the home base for TCS. TCS and Vertica, a unified analytics platform from Microfocus, reached a deal in May 2021 to hasten the modernisation of corporate data warehouses for a variety of data-driven industries.
Microsoft Corp. (Microsoft) offers a variety of software-related services, including development, licensing, and support. The company offers a wide range of server applications, desktop and server administration tools, video games, cross-device productivity tools, business solution tools, and operating systems. It also offers training and certification services. It also develops, manufactures, and sells hardware products like PCs, tablets, game consoles, and other cutting-edge technology. Among the many services the business provides are consulting, cloud-based solutions, and solution support. Microsoft markets, distributes, and sells its goods through original equipment manufacturers, distributors, resellers, online marketplaces, Microsoft stores, and other partner channels. The business has operations in the Americas, Europe, Asia-Pacific, Middle East, and Africa. The headquarters of Microsoft are located in Redmond, Washington, in the United States. The addition of text analytics feature to Microsoft Corporation's Azure Cognitive Services product was announced in July 2020. According to the company, text analytics can extract more than 100 distinct kinds of personally identifiable information (such as protected health information) from unstructured texts. This is only one of the many data types and processing tasks that text analytics for health applications is capable of handling.
· Adoreboard
· IBM
· SAS Institute
· Crowdflower
· Brandwatch
· Twizoo
· Angoss Sentiment Corporation
· Clarabridge
· Aylien
March 2021: Dell EMC Elastic Cloud Storage (ECS) is now compatible with Vertica, a unified analytics platform from Microfocus. This increases the use and freedom of cloud innovation for analytics in a hybrid deployment, data resides, and on-premises data center use.
· Service
· Professional Services
· Sentiment
· Support and Maintenance Services
· Small & Medium Enterprises (SMEs)
· Large Enterprises
· Cloud
· On-Premise
· BFSI
· Retail
· Transportation & Logistics
· Education
· Media & Entertainment
· Healthcare & Life sciences
· Others
· North America
- U.S.
- Canada
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 1.7 Billion |
|
Market Size 2023 |
USD 2.2 Billion |
|
Market Size 2032 |
USD 4.7 Billion |
|
Compound Annual Growth Rate (CAGR) |
14.90% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Component, Organization Size, Deployment, Vertical, and Region |
|
Geographies Covered |
North America |
|
Countries Covered |
The U.S., Canada |
|
Key Companies Profiled |
Adoreboard, IBM, SAS Institute, Crowdflower, Brandwatch, Twizoo, Angoss Sentiment Corporation, Clarabridge, and Aylien |
|
Key Market Opportunities |
The increasing adoption of cloud-based solutions |
|
Key Market Dynamics |
The rising predictive analysis techniques and rising competition between businesses |
The North America Sentiment Analytics Market size was valued at USD 1.7 Billion in 2022 and is expected to reach USD 4.7 billion in 2032
The market is projected to grow at a CAGR of 14.90% during the forecast period, 2023-2032.
US had the largest share in the market
The key players in the market are Adoreboard, IBM, SAS Institute, Crowdflower, Brandwatch, Twizoo, Angoss Sentiment Corporation, Clarabridge, and Aylien
The Professional Services Component dominated the market in 2022.
The Large Enterprises Organization Size had the largest share in the market
Report Code :
RL65230
Published on :
Sep 2023
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