Sentiment Analysis: nearly everything you need to know MonkeyLearn

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Sentiment analysis is the automated process of understanding an opinion about a given subject from written or spoken language. In a world where we generate 2.5 quintillion bytes of data every day, sentiment analysis has become a key tool for making sense of that data. This has allowed companies to get key insights and automate all kind of processes. But… How does it work? What are the different approaches? What are its caveats and limitations? How can you use sentiment analysis in your business? Below, you'll find the answers to these questions and everything you need to know about sentiment analysis. No matter if you are an experienced data scientist a coder, a marketer, a product analyst, or if you're just getting started, this comprehensive guide is for you. How Does Sentiment Analysis Work? Sentiment Analysis also known as Opinion Mining is a field within Natural Language Processing (NLP) that builds systems that try to identify and extract opinions within text. Currently, sentiment analysis is a topic of great interest and development since it has many practical applications. Since publicly and privately available information over Internet is constantly growing, a large number of texts expressing opinions are available in review sites, forums, blogs, and social media. With the help of sentiment analysis systems, this unstructured information could be automatically transformed into structured data of public opinions about products, services, brands, politics, or any topic that people can express opinions about. This data can be very useful for commercial applications like marketing analysis, public relations, product reviews, net promoter scoring, product feedback, and customer service. Before going into further details, let's first give a definition of opinion. Text information can be broadly categorized into two main types: facts and opinions. Facts are objective expressions about something. Opinions are usually subjective expressions that describe people's sentiments, appraisals, and feelings toward a subject or topic. In an opinion, the entity the text talks about can be an object, its components, its aspects, its attributes, or its features.