The Worldwide Emotion Detection and Recognition Industry is Expected to Reach $37.1 Billion by 2026
DUBLIN, May 13, 2021 /PRNewswire/ -- The "Emotion Detection and Recognition Market by Component (Solutions [Facial Expression Recognition, Speech & Voice Recognition], Services), Technology, Application Area, End User, Vertical, Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
In the post-COVID-19 scenario, the global emotion detection and recognition market size is projected to grow from USD 19.5 billion in 2020 to USD 37.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period.
The major factors driving the market growth include the rising need for accretion of speech-based emotion detection systems to analyze emotional states, Adoption of IoT, AI, ML, and deep learning technologies across the globe, growing demand in the Automotive AI industry, growing need for high operational excellence, and rising need for socially intelligent artificial agents.
By solution, the biosensing software tools and apps segment to hold the largest market size in 2020
Biosensing software tools and apps collect human gestures through sensors, such as Electrocardiography (ECG), Electroencephalography (EEG), Electromyography (EMG), eye-tracking sensors, and wearables These software tools convert the collected inputs into mathematical form and interpret them for various applications, which is used in online learning systems, law enforcement sectors (applications, such as lie-detection and other threat detection), and healthcare. The use of biosensing software tools and apps to analyze growing inputs from the increasing adoption of biosensors, such as wearables, can act as a game-changer for this particular market.
By end-user, the industrial segment to register the highest growth rate during the forecast 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 the electricity industry, natural gas industry, and the petroleum industry. These end-users deploy emotion detection and recognition software to minimize or restrict fraudulent activities. Emotion detection and recognition software can also be integrated with devices and applications of other automotive industries to have an emotional connection with the users and track the data with emotion sensors to gain a deeper understanding and improve customer experiences.
The Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global emotion detection and recognition market during the forecast period. APAC constitutes major economies, such as China, Japan, and Australia, which are expected to register high growth rates in the emotion detection and recognition market.
End users, such as industrial, commercial, and enterprises are expected to adopt emotion detection and recognition solutions at the highest rate in the region. Companies operating in APAC would benefit from the flexible economic conditions, industrialization-motivated policies of the governments, as well as from the growing digitalization, which is expected to have a significant impact on the business community.
- By Company Type: Tier 1 - 53%, Tier 2 - 29%, and Tier 3 - 18%
- By Designation: C-level - 39%, D-level - 27%, and Others - 34%
- By Region: North America - 41%, Europe - 27%, Asia Pacific - 23%, MEA - 6%, Latin America -3%
Major vendors offering emotion detection and recognition solutions include NEC Global (Japan), IBM (US), Intel (US), Microsoft (US), Apple (US), Gesturetek (Canada), Noldus Technology (Netherlands), Google (US), Tobii (Sweden), Cognitec Systems (Germany), Cipia Vision Ltd (Formerly Eyesight Technologies) (Israel), iMotions (Denmark), Numenta (US), Elliptic Labs (Norway), Kairos (US), PointGrab (US), Affectiva (US), nViso (Switzerland), Beyond Verbal (Israel), Sightcorp (Holland), Crowd Emotion (UK), Eyeris (US), Sentiance (Belgium), Sony Depthsense (Belgium), Ayonix (Japan), and Pyreos (UK). The emotion detection and recognition market study includes an in-depth competitive analysis of these key market players, along with their profiles, recent developments, and key market strategies.
Research Coverage
The market study covers the emotion detection and recognition market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by technology, component, solution, application area, end-user, vertical and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall emotion detection and recognition market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Executive Summary:
The adoption of emotion detection and recognition technology is a major trend in the global Information Technology (IT) market. These innovative software suites capture and analyze all dimensions of human emotions, gestures, and other physiological changes in subjects/people under observation. These solutions could play a vital role in security surveillance, decision making, and formulating strategies on the basis of time series analysis. Additionally, technology platforms, such as intensive learning, structured on the basis of a robust data repository, comprising extensive analysis of people's behavioural patterns, help provide high precision emotion analytics.
Key players in the global emotion detection and recognition market include vendors, such as NEC, IBM, Intel, Microsoft, Apple, GestureTek, Noldus Information Technology, Google, Tobii, Cognitec Systems, Eyesight Technologies, iMotions, Numenta, Elliptic Labs, Kairos, PointGrab, Affectiva, NVISO, Beyond Verbal, SightCorp, CrowdEmotion, Eyeris, Sentiance, Sony Depthsensing Solutions, Ayonix, and Pyreos.
For more information about this report visit https://www.researchandmarkets.com/r/fh3qm1
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