Rising adoption of wearable and smart connected devices in boosting the emotion detection and recognition market growth
The global emotion detection and recognition market size are anticipated to reach over USD 55.86 million by 2028. Besides, it is expected to exhibit a CAGR of over 18.01% during the forecast period 2021-2028. Human emotions are very complex and difficult to comprehend. However, with the emotion detection and recognition software solutions detecting and recognizing human behavior and their patterns has become possible. However, the technology is still in development stages and market players are coming up with new and innovative solutions. Hence, such factors are providing major growth opportunities for the market.
The existing and future emotion detection and recognition market developments are defined to define the attractiveness of the market. Key impacting factors highlight the emotion detection and recognition market opportunities throughout the forecast period. Factors such as the rising adoption of wearable and smart connected devices. Also, the increasing need for speech, voice, and gesture-based biometric systems to enable multifactor authentication is the key factor boosting the global emotion detection and recognition market growth. Besides, the growing technological advancement is also driving the growth of the emotion detection and recognition market. However, the growing data regulation and data privacy concerns are expected to impede the market growth. Furthermore, increasing demand for industry-specific solutions is expected to be opportunistic for the market growth in the next few years.
The report also highlights numerous aspects of the global emotion detection and recognition industry by evaluating the market through value chain analysis. Besides, the emotion detection and recognition market report covers various qualitative aspects of the emotion detection and recognition industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market competitiveness along with company profiling of local as well as global vendors.
The emotion detection and recognition market have strong competition among the pre-established and new emerging players. Also, the emotion detection and recognition industry players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.
Based on the technology segment, the market is divided into natural language processing (NL), machine learning, and feature extraction & 3D modeling. In 2019, the natural language processing segment gathered the highest market revenue and it is anticipated to govern the emotion detection and recognition market throughout the forecast period. The dominance of this segment is mainly attributed to its application across numerous recognition technologies. However, the feature extraction & 3D modeling segment is expected to gather the highest growth rate throughout the forecast period.
The North America region dominated the overall market in 2019 and it is expected to maintain its position throughout the forecast period 2020-2025. The dominance of this region mainly attributed to the increasing adoption of IoT and cloud-based applications across numerous industry verticals. However, the Asia-Pacific region is anticipated to experience the highest growth throughout the forecast period, due to the increasing penetration of internet services in this region.
The major players of the global emotion detection and recognition market are Google, Apple, IBM, Microsoft, NEC Corporation, Affectiva, Sentiance, CrowdEmotion, Beyond Verbal, and Noldus Information Technology. Moreover, the other potential players in the emotion detection and recognition market are Tobii, nViso, SightCorp, Cognitec Systems, and SkyBiometry. The recognized companies are coming up with innovative and new emotion detection and recognition solutions. For instance, in March 2019 Neurodata Lab, an AI-based technology developer partnered with a Russian universal bank, Rosbank. With this partnership, the Neurodata Lab developed emotion recognition technology that will help in analyzing customer’s voices.
Segment Overview of Global Emotion Detection and Recognition Market
Technology Overview, 2018-2025 (USD Billion)
- Natural Language Processing
- Machine Learning
- Feature Extraction & 3D Modeling
Software Overview, 2018-2025 (USD Billion)
- Speech & Voice Recognition
- Facial Recognition
- Gesture Recognition
Application Overview, 2018-2025 (USD Billion)
- Monitoring & Surveillance
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America