The emotion analytics market is growing rapidly across the globe. The market growth attributes to the increasing adoption of facial biometrics in government and banking & financial sectors for ID cards, passport, driving license, health insurance card, and social security cards. Besides, the growing demand for artificial intelligence and big data analytics drives the emotion analytics market excellently. Moreover, the increasing adoption of emotion analytics (EA) across end-user industries escalates market demand.
Market Research Future (MRFR), in its latest report on the COVID 19 emotional analytics market, asserts that the market valuation is expected to reach approximately USD 25 BN by 2023, growing at 17% CAGR throughout the forecast period (2017-2023). With advanced emotion analytics, organizations can capitalize on existing surveillance infrastructures, access control, and time & attendance applications.
The increasing uptake of emotional analytics in border security control, crime-fraud prevention & detection, and payment systems boost market growth. Emotion analytics can express the emotional significance in written communication with the intent of analyzing each author’s emotional probability toward an action. Besides, Emotions analysis combined with data visualization approach further enhances the granularity at which brands can analyze customer behavior and trends.
Emotion Analytics Market – Segmentation
The report is segmented into five dynamics;
By Type : Facial Analytics, Speech Analytics, Video Analytics, and others.
By Technologies : Artificial Intelligence, Biometrics & Neuroscience, 3D Modeling, Pattern Recognition, Records Management, and others.
By Solution : Mobile & Web Application, Cloud, and others.
By End-Users : Enterprises, Defense & Security Agencies, Commercial, Industrial, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Emotion Analytics Market – Regional Analysis
North America dominates the global emotion analytics market. The largest market share attributes to the increasing adoption of cloud-based face recognition software in organizations. Besides, large technological advancements and increasing uptake of emotion analytics by law enforcement agencies and various other sectors drive the regional market growth.
Moreover, the early adoption of the latest identification and recognition technologies increase the COVID 19 emotion analytics (EA) market. The North American emotion analytics market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global emotion analytics market. The market growth is driven by well-established technology development sectors and the augmenting demand for regulatory support in the region. Additionally, the resurging economy in the region acts as a significant factor substantiating the growth of the market.
Also, increased funding to mitigate security management concerns provides an impetus to the market growth in the region. The European emotion analytics market is expected to witness rapid growth in the years to come.
The emotion analytics market in the Asia Pacific region is growing briskly. Factors driving the regional market growth include substantial advances in related technologies and the availability of cost-competitive yet futuristic identification technologies. Besides, the dynamic growth in industries such as web, telecom, data centers, and the internet of things (IoT) boosts the growth of the regional market.
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Global Emotion Analytics Market – Competitive Analysis
Highly competitive, the emotion analytics market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt approaches such as mergers & acquisitions, brand reinforcement, and innovation.
Players make sizable investments in research and development of innovative technologies and upgrade their portfolios with cost-effective solutions. Mergers & acquisitions have been a key strategy for the key players to strengthen their global footprint, increasing their customers’ reach. The market competition is predicted to intensify further due to rising innovations and M&A.
Players leading the EA market include International Business Machines Corporation (US), Microsoft Corporation (US), Apple, Inc. (US,), Neuromore Inc. (US), Retinad Virtual Reality Inc. (Canada), Imotions A/S (Denmark), Beyond Verbal (Israel), Kairos AR, Inc. (US), Affectiva (US), Adoreboard (UK), Eyris (EmoVu) (US), sensation.io (Germany), RealComm Global LLC (US), iMotions (US), and Lightspeed LLC (US), among others.
Industry/ Innovation/ Related News:
July 28, 2020 —- NEC Corporation (Japan), a leading information technology & electronics company, announced is Realeyes (the US), a multinational Emotion AI company, to develop and market a new emotion analysis solution globally.
COVID-19 pandemic has promoted virtual meeting experiences as a viable solution. Thanks to wireless 5G technologies that have created brilliant virtual meeting experiences making default methods for communication, collaboration, entertainment, and learning. Moreover, AI technologies help companies safely and effectively understand how users interact with such services and respond to their needs, using COVID 19 Emotional Analytics Software.
NEC has established itself as a leader in the integration of IT and network technologies. Realeyes is a pioneer in artificial emotional intelligence and a leader in computer vision and emotion AI that can empower companies to create remarkable customer experiences that drive growth.
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