As per the report published by Fior Markets, the global emotion detection and recognition market is expected to grow from USD 21 billion in 2020 to USD 53.8 billion by 2028, at a CAGR of 12.5% during the forecast period 2021-2028.
The global emotion detection and recognition market is witnessing significant growth from the past years. This growth is attributed to Speech and voice recognition technology for clients and firms has witnessed fast development because of current advancements in the accuracy of voice recognition systems. Speech recognition is utilized in numerous software areas, including call centers, to classify calls according to the voice tone and examine the emotions of customer-based on the pitch in their style. Beyond Verbal, a prominent participant in voice and speech popularity, transforms voice intonations to vocal biomarkers with passive, continuous, non-invasive, and cost-effective capabilities. With the assist of the speech spectrum, kids diagnosed with autism and emotional abnormalities are being treated.
Emotion detection recognition (EDR) is used to stumble on and apprehend human feelings with the incorporation of technological capabilities, such as facial recognition, speech and voice recognition, biosensing, machine learning, and pattern recognition. The key influencers of the marketplace include the growing need for better consumer experience (as emotional connection additionally performs a key role along with consumer satisfaction), the increasing demand for a human touch in digital communications (chatbots), and challenges in language context and facial recognition.
The global emotion detection and recognition market is expected to witness significant growth, owing to rise in government projects on technology improvements in AI for protection and public safety during COVID-19. An increase in demand in telehealth structures to drive the call for effective computing technology adoption. Emerging touchless identity verification systems to grow the demand for affective computing structures. The factors restraining the market growth are the manufacturing cost of emotion detection and recognition systems, also return on investment is low.
Key players operating in the global emotion detection and recognition market include NEC Global, Intel, Microsoft, Apple, Gesture Tek, Noldus Technology, Google, IBM, Tobii, Cognitec Systems, Cipia Vision Ltd, iMotio, Numenta, Elliptic Labs, Kairos, PointGrab, Affectiva, nViso, Beyond Verbal, Sightcorp, Crowd Emotion, Eyeris, Sentiance, Sony Depthsense, Ayonix, and Pyreos. To gain a significant market share in the global emotion detection and recognition market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- In July 2019, EyeSight technologies partnered with one of the leading tier 1 automobile companies in China to help bring DriverSense, Eyesight Technology’s Driver Monitoring System (DMS), to automakers in the Chinese market.
- In June 2019, Realeyes entered into a partnership with Intralink. The company announced an investment of USD 12.4 million for its expansion in the Asia Pacific region.
- In January 2019, Affectiva partnered with Aptiv PLC to enable a next-gen vehicle experience. The partnership delivered innovative and scalable software to enhance perception capabilities in advanced safety solutions and reimagine the future of the in-cabin experience.
- In June 2019, Microsoft launched 4 free “Eyes First” games for people with disabilities. Which enabled them to play games, such as tile slide, match two, double up, and maze using the eye gaze input.
Download PDF Brochure: Click Here
Natural learning processing (NPL) segment dominated the market and held the largest market share of 35.5% in the year 2020
On the of technology, the global emotion detection and recognition market is segmented into feature extraction and 3D modelling, natural learning processing (NLP), biosensors technology, machine learning (ML), others. Natural learning processing (NPL) market dominated the market and held the largest market share of 35.5% in the year 2020. This growth is attributed to the AI, as machine learning is the sub branch of AI it enables computer to understand human emotions, language.
Facial expression recognition segment dominated the market and held the largest market share of 48.4% in the year 2020
On the of software, the global emotion detection and recognition market is segmented into facial expression recognition, biosensing solution, speech and voice recognition, gesture and posture recognition. Facial expression recognition segment dominated the market and held the largest market share of 48.4% in the year 2020. This growth is driving the market owing to the identification of emotions and facial expressions resulting into real time output.
Retail and eCommerce segment dominated the market and held the largest market share of 38.8% in the year 2020
On the of vertical, the global emotion detection and recognition market is segmented into academia and research, IT and ITES, healthcare and social assistance, media and entertainment, retail and eCommerce, automotive, telecommunications, BFSI, others. Retail and eCommerce segment dominated the market and held the largest market share of 38.8% in the year 2020. This growth is attributed to the need of understanding the consumer behaviour for better sales.