The global Emotion Detection and Recognition Market size is 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. The major factors driving the market growth include the rising need for socially intelligent artificial agents, increasing demand for speech-based biometric systems to enable multifactor authentication, technological advancements across the globe, growing need for high operational excellence, and rising resource utilization and enhanced productivity.
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.
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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.
The vendors covered in the emotion detection and recognition market report 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). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the emotion detection and recognition market. Partnerships, agreements and collaborations and new product launches have been the most adopted strategies by the major players from 2017 to 2019 to innovate their offerings and broaden their customer base.
Pure play vendors, such as Affectiva (US), Noldus Information Technology (Netherlands), Kairos (US), Eyesight Technologies (Israel), and Beyond Verbal (Israel) are acknowledged as some of the innovators in emotion detection and recognition solutions market space. These companies are integrating facial expression recognition, gesture sensing components coupled with analytics features into mobile apps, games, and electronic consumer devices to enhance the digital experiences of their customers. These prominent key players are therefore known to offer emotion detection and recognition solutions to various organizations and end users, including enterprises, defense and security agency, and commercial and industrial.
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Most companies in the emotion detection and recognition market are adopting inorganic growth strategies, such as new partnerships and acquisitions, to strengthen their innovative product portfolio. Emotion detection and recognition market players’ focus on the integration of Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP) with various emotion recognition software to build superior products that will increase their customer base.
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