Global Emotion Recognition Market is set to Grow at a CAGR of Around 32.56% During the Forecast Period (2019-2027), Owing to Demand for Improvements in Defense Technology: Says Absolute Markets Insights
Global Emotion Recognition Market Stood at US$ 599.91 Mn in 2018 And Is Anticipated to Reach US$ 7,204.81 Mn by 2027
PUNE, India, March 19, 2019 /PRNewswire/ -- Improvements in homeland security would aid the growth of global emotion recognition market. Steady increase in spending on homeland security allows governing authorities to invest in innovative defense solutions. Current screening methods utilized by transportation and safety associations across the world require human operators to screen the passengers entering the country. The method has met with some challenges in the past with potential offenders being able to bypass the existing systems and cause harm to people and infrastructure of various countries. In coming years, the need for innovative screening solutions would fuel the market for emotion recognition offerings. Emotion recognition helps in analyzing the behavior of humans across various interactions with a designed platform that helps organizations to understand intentions of a person. Users can utilize various hardware, software and services offered by leading market players to assess human emotions for their research or other operations. Other applications of emotion recognition are observed in industry verticals such as consumer goods, media and entertainment, automotive, and healthcare amongst others. In terms of revenue, the global emotion recognition market stood at US$ 599.91 Mn in 2018 and is anticipated to reach US$ 7,204.81 Mn by 2027, expanding at a CAGR of 32.56% during the forecast period. The study analyzes the market in terms of revenue across all the major regions, which is further bifurcated into countries.
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"Global emotion recognition market is expected to witness increasing demand from military and public safety organizations. Primary cause for the same is rising expenditure on defense and improvements required on border and homeland security screening procedures."
The detailed research study provides qualitative and quantitative analysis of the global emotion recognition market. The market has been analyzed from demand as well as supply side. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
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Key Findings of the Report:
- In terms of application, the voice recognition segment is expected to hold the major share in the emotion recognition market and would grow at a CAGR of 32.45% during the forecast period. The growing usage of natural language processing technology is expected to propel the growth for the market.
- North America is a major emotion recognition market and would grow at a CAGR of 34.22% by 2027. The growth would be supported by rising investments in technological by market participants.
- The consumer goods industry is the major adopter of the emotion recognition technology. Increasing integration of emotion recognition in testing phase of various products is boosting the market.
- Key players operating in the global emotion recognition market are Affectiva, Beyond Verbal, Crowd Emotion Limited, NVISO SA, and Sightcorp amongst others.
Emotion Recognition Market:
- By Offerings
- Solutions
- Services
- By Application
- Facial Emotion Recognition
- Posture/Gesture Recognition
- Voice Recognition
- By Technology
- Machine Learning
- Natural Language Processing
- Pattern Recognition Network
- Others
- By Organization Size
- Small and Medium Sized Enterprises
- Large Enterprises
- By Industry Vertical
- Consumer Goods
- Military and Defense
- Media and Entertainment
- Healthcare
- Others
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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