Emotion detection and recognition market size is estimated to grow from USD 6.72 Billion to USD 36.07 Billion at a Compound Annual Growth Rate (CAGR) of 39.9%.
According to a new market research report "Emotion Detection and Recognition Market by Technology (Bio-Sensor, NLP, Machine Learning), Software Tool (Facial Expression, Voice Recognition), Service, Application Area, End User, And Region - Global Forecast to 2021" published by MarketsandMarkets™, The Emotion Detection and Recognition Market size is estimated to grow from USD 6.72 Billion in 2016 to USD 36.07 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 39.9%.
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Increased focus on competitive intelligence, growing cognitive services, expanding surveillance market, increasing government deployment, and rising applications in numerous industry sectors are driving the Emotion Detection and Recognition Market.
The bio-sensor technology is expected to grow at the highest CAGR in the Emotion Detection and Recognition Market during the forecast period
The bio-sensor technology incorporates several technologies including ECG, EEG, EMG, fMRI, GSR, eye tracking, and wearable technology. This technology is fast gaining unprecedented interest among the end users and has shown promising developments, especially in the form of wearable technology.
Wearable bio-sensors have become quite popular, especially in applications related to sports, military, and healthcare.
Natural Language Processing (NLP) has created vibrant prospects for marketers and is expected to hold the largest market size during the forecast period
NLP is the backbone of the emotion detection and recognition technology. This is essential for the configuration of emotion detection and recognition, as most of the data available with business organizations is in the form of human language or dark data.
Thus, NLP is widely used for text analysis, sentiment analysis, summarization of data, and social media monitoring.
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Growing demand to optimize and bring radical change in the areas of marketing and advertisement by using emotion detection and recognition technology creates remarkable potential in North America
The North American region contains developed countries that have deep-rooted infrastructures, thus favoring the huge demand in the Emotion Detection and Recognition Market. Top contributing countries to the Emotion Detection and Recognition Market in North America include the U.S.
and Canada. The cause for the dominance of these countries is their well-established economies, which allow investments in new technologies. The Emotion Detection and Recognition Market is expected to rise significantly, due to huge governmental investments in security & surveillance infrastructure, increased public awareness, and emergence of enhanced technologies backed by analytics.
The major vendors in the Emotion Detection and Recognition Market include Affectiva (U.S.), Emotient, an Apple Company (U.S.), Eyeris (U.S.), Kairos Ar. Inc. (U.S.), Noldus (Netherlands), nViso. (Switzerland), and Realeyes (U.K.), among others.
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