Global Crowd Sentiment Analytics Market Size (2023– 2030)

According to our research report, the global crowd sentiment analytics market is estimated to reach a total market valuation of USD 13 billion by 2030. The market is projected to grow with a CAGR of 14% per annum during the period of analysis (2023 - 2030).

Industry Overview

Sentiment analytics systematically identifies, quantifies, extracts, and studies subjective information and emotional states using NLP (Natural Language Processing), computational linguistics, biometrics, and text analysis. Customer perspectives, such as reviews and survey replies, marketing, and customer support bots, are all examples of where sentiment analytics is used. These tools assist data analysts in a variety of industries in gaining a better understanding of public opinion, monitoring brand reputation, improving customer experience, and conducting research. The application of sentiment analytics aids in the delivery of consumer information to businesses. The advantages provided by sentiment analytics technologies are responsible for the worldwide industry's growth.

In its most basic form, analytics is the study or analysis of data. Artificial intelligence, data mining, machine learning, semantic analysis, neural networks, and multivariate statistics are some of the complex approaches and tools used to do this. Analytics allows for better decision-making and increases operational efficiency. As a result, crowd analytics may be characterized as collecting data on crowd behavior in specific venues such as retail stores, airports, restaurants, and so on. The industry is seeing lucrative growth possibilities as spending on crowd analytics research and development increases. The crowd analytics market will continue to rise due to rising security risks and the demand for intelligent video systems. Another aspect is that small and medium-sized businesses are spending more on analytics tools and solutions.

Impact of Covid-19 on the Industry

Throughout the COVID-19 epidemic, the sentiment analytics business continued to expand at a steady pace. The Covid-19 outbreak, followed by government-imposed lockdown restrictions, has had a severe influence on capital investments across several sectors, slowing the industry's growth. During the virus's spread, however, the increased usage of social media platforms and online purchasing is expected to create tremendous development prospects for the sentiment analytics business. Furthermore, the industry's growth is expected to be aided by the increasing usage of Chatbots to deliver critical information on COVID-19 to the general public. WHO, for example, debuted Chatbot for its Health Alert platform in April 2020. Furthermore, the growing usage of these to evaluate COVID-19 postings and tweets is expected to help the industry's growth. Following the global financial crisis, the industry has had steady development as a result of enhanced digital transformation. On the plus side, as a result of the virus's spread, organizations throughout the world are adopting cutting-edge technology such as cloud computing, artificial intelligence, natural language processing, and others. This is expected to provide significant development possibilities for the sentiment analytics business.

Market Drivers

Rising demand for AI chatbots will drive the market growth

The growing need for AI Chatbots across multiple sectors such as BFSI, retail, healthcare, and others is expected to fuel demand for these analytics since sentiment analytics allows the chatbot to comprehend and respond to consumers' sentiments. According to Salesforce, over 69 percent of their customers prefer to connect with AI Chatbots because of the quickness with which they can do so. Furthermore, the worldwide market is expected to increase due to the increasing use of new technologies and the growing requirement for real-time information to make strategic choices and streamline corporate operations.

The growing demand for sentiment analytics will increase the market demand

The increased need for sentiment analytics across multiple sectors such as retail, BFSI, and healthcare, among others, is expected to open up substantial market growth prospects for understanding customer preferences, brand reputation, and other topics. Furthermore, the market's expansion is expected to be fueled by the increasing usage of social media platforms such as Twitter, Facebook, and Instagram, among others.

Market Restraints

The lack of trained professional and skilled workers will act as a market restraint

The scarcity of competent experts or trained individuals will be a key impediment to the market's expansion. Data security and privacy concerns will obstruct the market's expansion even further. The market's growth pace will also be slowed by a large initial investment. This field of technology is still not explored by many people.

The lack of IT infrastructure in many sectors will hamper the market growth

The worldwide crowd analytics sector is hampered by a lack of IT infrastructure in underdeveloped countries. On the other hand, the rising popularity of business intelligence solutions that analyze behavioral patterns of any product or service and help firms plan for long-term success is projected to drive future growth in the crowd analytics market.

GLOBAL CROWD SENTIMENT ANALYTICS MARKET REPORT COVERAGE:

This research report on the global crowd sentiment analytics market has been segmented and sub-segmented based on Vertical, Application, Geography & region.

Global Crowd Sentiment Analytics Market- By Application

• Retail, Banking & Financial Services (BFSI)
• Healthcare & Life Sciences
• Education
• Media & Entertainment
• Transportation & Logistics
• Others

Among the diverse applications of Crowd Sentiments Analytics, the Healthcare & Life Sciences sector stands out as the largest segment. The healthcare industry's reliance on patient feedback and sentiments to enhance medical services, pharmaceutical products, and overall patient experience has driven the adoption of Crowd Sentiments Analytics in this domain.

Conversely, the fastest-growing segment during the forecast period is the Banking & Financial Services (BFSI) industry. The fast-paced nature of financial markets and the increasing importance of understanding customer sentiments have fueled the surge in the adoption of Crowd Sentiments Analytics by banks, financial institutions, and investment firms.

Global Crowd Sentiment Analytics Market- By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

In terms of revenue, North America accounted for the highest proportion in 2021. The market is expected to be driven by significant technological breakthroughs in North America, as well as widespread usage of technologies such as cloud computing, AI, and others. Additionally, the presence of major solution/service providers in the area, such as IBM Corporation and SAS Institute, as well as the growing desire for enhanced customer experience, are expected to boost the market's growth. To broaden their offers, these firms are focused on delivering new features.

Furthermore, the Asia Pacific market is expected to grow at the fastest rate in the coming years. The rising prominence of social media platforms can be ascribed to the segment's rapid growth. The market in the Asia Pacific is expected to develop due to fast increasing digitization and the existence of numerous SMEs in the area that requires sentiment analytics to increase customer retention. Increased urbanization and a shift in customer preferences toward online shopping are likely to create significant market development prospects. Furthermore, the existence of a large number of startups offering media monitoring solutions is expected to create considerable development potential for the sentiment analytics industry.

Global Crowd Sentiment Analytics Market- By Companies

1. Agt International Gmbh
2. Crowd Dynamics International
3. Crowd Vision Limited
4. Geodon Next
5. Mira
6. NEC Corporation
7. Nokia Corporation
8. Savannah Simulations Ag
9. Spigit
10. Walk Base

NOTABLE HAPPENINGS IN THE GLOBAL CROWD SENTIMENT ANALYTICS MARKET IN THE RECENT PAST.

• Merger & Acquisition: - In February 2021, Cision, a renowned media monitoring business, paid USD 450 million for Brand watch, one of the biggest online consumer and social media listening platforms.
• Merger & Acquisition: - In July 2021, Qualtrics agreed to acquire Clara bridge for USD 1.1 billion.