Factors such as the rising need for socially intelligent artificial agents, increasing demand for speech-based biometric systems to enable multifactor authentication, technological advancements across the globe, and growing need for high operational excellence are expected to work in favour of the market in the near future.
According to a new market research report "Emotion Detection and Recognition Market by Technology (Feature Extraction & 3D Modeling, NLP, ML), Software Tool (Facial Expression Recognition, Speech & Voice Recognition), Application Area, End User, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Emotion Detection and Recognition Market size projected to grow from USD 21.6 billion in 2019 to USD 56.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period.
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Based on technology, the biosensors technology segment to lead the market in 2019
The biosensors technology is a critical component for emotion detection and recognition, providing essential information on the emotional state of humans. The use of this technology could prove to be useful in capturing hidden physiological or emotional states of an individual, thus, overcoming the limitations of facial or gesture recognition systems used to capture emotions.
This technology is also extremely useful to monitor emotions, such as stress, anxiety, anger, and depression that have enormous applications in the medical and defense sectors. The rapid adoption of these devices has been witnessed as they are capable of providing real-time information on the emotional state of humans and monitoring any physiological changes in the user.
Based on the end user, the industrial segment to grow at the fastest rate during the forecasted period
The industrial end user includes big manufacturing giants and heavy industrial equipment manufacturers, such as automobile, chemical industry, real estate, renting and leasing, textile industry, brewing industry, and the energy industry, which consists of electricity industry, natural gas industry, and the petroleum industry. These end users deploy emotion detection and recognition software to minimize or restrict fraudulent activities.
The emotion detection and recognition technology can be integrated with devices and used across other automotive industries to have an emotional connect with the users and track the data with emotion sensors to gain a deeper understanding of human emotions and improve customer experiences.
North America to hold the highest market share during the forecast period
North America is the largest revenue contributor to the Emotion Detection and Recognition Market, as the growth of the region is being driven by the rising internet penetration and increasing adoption of cloud-based and Internet of Things (IoT) applications across verticals. Countries in North America are well-established economies, enabling investments in advanced technologies.
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The US and Canada have made significant investments in Research and Development (R&D) activities, contributing to the growth of new technologies. In addition, massive government funding and a strong technical base aid the growth of the Emotion Detection and Recognition Market in the region.
The demand for emotion detection and recognition technologies, such as facial feature extraction and 3D modeling, biosensors technology, and Natural Language Processing (NLP) is increasing across end users, such as enterprises, defense and security agency, and commercial and industrial. Key pure play vendors, such as Affectiva, Kairos, and Eyeris, along with several start-ups in the region, offer enhanced emotion detection and recognition solutions to cater to the needs of customers.
Such factors are expected to fuel the growth of the global Emotion Detection and Recognition Market in North America.
The major vendors covered in the Emotion Detection and Recognition Market include Apple (US), Google (US), Microsoft (US), IBM (US), Affectiva (US), Beyond Verbal (Israel), Noldus Information Technology (Netherlands), Tobii (Sweden), NEC Corporation (Japan), Sentiance (Belgium), nViso (Switzerland), Eyesight Technologies (Israel), Ayonix (Japan), Cognitec Systems (Germany), SightCorp ( Netherlands), CrowdEmotion (UK), Kairos (US), Eyeris (US), and SkyBiometry (Lithuania), and iMotions (Denmark).
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