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In this article, we list some of the most important statistics regarding customer sentiments, sentiment analysis methods, and future predictions to help companies make better and informed decisions.
Adoption
- In 2020, 54% of companies stated that they had adopted the technologies analyzing customers’ sentiment from their reviews or social media, which is expected to exceed 80% in 2023. (Bain&Company)
Figure 1. The percentage of companies currently use tools to understand customers’ sentiment vs. the expected usage in 2023.
- Using tools that help companies to sense their customers’ feelings and understand their opinions (e.g., sentiment analysis, online behavior tracker, or face/voice recognition) shows the strongest correlation with company revenue growth, among other customer insights tools. (Bain&Company)
- Artificial neural networks achieve 85% accuracy in identifying the sentiment, the highest accuracy level among other methods.
Customer sentiment statistics
- 70% of customers feel frustrated when they do not receive a personalized experience.
- A recent report shows a discrepancy between companies’ opinions on customer satisfaction and reality. While more than 50% of businesses believe their customers are satisfied with the service and have a positive sentiment toward their brand, only 15% of customers agree.
- While random recommendation tools achieve 65% customer satisfaction, providing customers with some suggestions based on their sentiments in their previous experiences increases customer satisfaction by 90%.
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Statistics by region
- In the US, there is a drop in consumers’ positive sentiment and confidence towards the companies in 2022 from 44% to 38%, and the most substantial decline is in high-income consumers.
- In Europe, almost 60% of customers feel negative about their country’s economic state, increasing to 69% in the UK. (McKinsey)
- North America has the highest revenue share in the global emotion detection market. (Fortune Business Insights)
For more in-depth knowledge on sentiment analysis, download our comprehensive whitepaper:
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You can also check our data-driven list of sentiment analysis services.
Statistics by sector
- Chatbot services: Customers’ satisfaction with customer service chatbots reaches only 30%, indicating an inability to satisfy customer needs.
Check our article on chatbot sentiment analysis to learn more.
- Social Media: Sentiment analysis can help detect fake reviews by implementing machine learning algorithms that can achieve 85% accuracy.
If you want to learn how to benefit from sentiment analysis in social media, feel free to check our article on social media sentiment analysis.
- Service sector: Adding one star to Yelp reviews increases the restaurant’s revenue by almost 10%.
- Finance: Stock price movements also correlate with public sentiment, and when the forecasts are made considering public sentiment, the accuracy of prediction models increases by 20%.
Check our article on sentiment analysis in the stock market and the best data sources.
- Cryptocurrency: The number of tweets sent regarding cryptocurrency by bot accounts is estimated to be almost 15%, distorting the sentiment analysis results.
Read our article on cryptocurrency sentiment analysis and learn how the change in crypto prices correlates with the sentiment of the public or the investors.
- Healthcare: The accuracy of 86 studies on sentiment analysis in the healthcare sector is around 80%.
Feel free to read our article on sentiment analysis in the healthcare industry and what are the best applications and use cases.
If you have further questions about sentiment analysis, do not hesitate to reach us:
Begüm is an Industry Analyst at AIMultiple. She received her bachelor’s degree from Boğaziçi University in 2021 and is pursuing her master’s degree at Koç University.
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