Social Media Aided Sentiment Analysis in Forecasting

 

User generated contents on web and social media grow rapidly in this emerging information age. Social media provides a platform for people to create contents, share them and bookmark them in a tremendous way. The exponential growth of social media arouses much attention on the use of public opinion to make better decisions about a particular product or person or service. The social media like online forums, Twitter, Facebook, blogs and microblogs are proving to be extremely valuable resources for anticipating, detecting and forecasting significant societal events. It provides a lot of opportunities for users to voice their opinions openly. The analysis of sentiments obtained through social media along with wisdom of crowds can automatically compute the collective intelligence of future performance in many areas like stock trend forecasting, box office sales, hot topic detection, election outcomes and so on. The proposed research aims to perform forecasting based on user sentiments in social media regarding hotspots and stock forecasting.