Emotion Detection and Recognition Market Growing at 20.5% CAGR | Reach USD 136.2 Billion by 2031 Globally
The global emotion detection and recognition market size was valued at USD 21.7 billion in 2021, and is projected to reach USD 136.2 billion by 2031, growing at a CAGR of 20.5% from 2022 to 2031.
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Driving Factors
Substantial growth of the Internet of Things technology, increase in popularity of wearable technology, and tremendous rise in the usage of smartphone drive the global emotion recognition and detection market. Moreover, advancement in technologies help market to perform better. However, high cost of application & functional requirements, misinterpretation in analysis of emotions restrict the growth of the market. Adoption of cloud-based technology to offer remunerative opportunities for expansion of the market during the forecast period.
Market Segmentation
The global emotion detection and recognition industry is segmented on the basis of software tool, application, technology, end user, and region. Software tool covered in this study include facial expression & emotion recognition, gesture & posture recognition, and voice recognition. Application includes law enforcement, surveillance, & monitoring, entertainment & consumer electronics, marketing & advertising, and others (e-learning and video games). Based on technology, the market includes pattern recognition network, machine learning, natural language processing, and others (bio-sensors technology). The end users covered are commercial, industrial, defense, and others (government, retail, entertainment, and transportation). Based on regional study, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players
The key players profiled in the emotion detection and recognition market analysis are IBM Corporation., Affectiva, Intel Corporation, Kairos AR, Inc., Noldus Information Technology bv., NVISO SA., Realeyes, Sentiance NV., Sightcorp, and SkyBiometry. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Region wise, the emotion detection and recognition market was dominated by North America in 2020 and is expected to retain its position during the forecast period, due to their well-established economies, which allow investments in new technologies. Growth in 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. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to factor that is increased public awareness and emerging advanced technologies in countries such as Japan, China, India, Australia, and Rest of Asia-Pacific contribute to the growth of the emotion detection and recognition industry.
Depending on Application, the marketing & advertising segment hold the largest emotion detection and recognition market share as they offer positive arousal, consumer behavior insights, emotional marketing, consumer perception, perceived quality of product, and brand awareness fuel the emotion detection and recognition industry. In addition, brand recall/recognition, product perception, and purchase decision are some of the key benefits that boost the adaptation of marketing & advertising solutions. However, Others segment includes e-learning and video games segment is expected to witness growth at the highest rate during the forecast period, as e-learning and video games offer improved quality of education, reduced travel cost and time, mobility function, and freedom to select interested material.
Depending on end user, the commercial segment holds the largest emotion detection and recognition market share as it allows businesses to gain knowledge about how individuals, social circles, communities, or cities feel about particular events, which helps businesses in understanding consumer behavior, business intelligence, better security, and easy integration, and has been gaining traction in the emotion detection and recognition market. However, retail segment offers more structured work, efficient work processes, labor cost savings, creation of more satisfying self-service interactions with customers, enhanced-customer experience, increased productivity, and high security, which have been gaining traction in the emotion detection and recognition market.
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Key Findings of the Study
● By region, North America generated highest revenue in 2021.
● By application, the marketing and advertising segment generated the highest revenue in 2020.
● By software tool, the facial expression & emotion recognition segment accounted for the largest emotion detection and recognition market forecast in 2021.
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