Emotion Detection and Recognition Market projected to grow from $19.5 billion in 2020 to $37.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3%
Northbrook, IL — (SBWIRE) — 02/25/2022 — In the post COVID-19 scenario, the report “Emotion Detection and Recognition Market by Component (Software (Facial Expression Recognition, Speech & Voice Recognition), Services), Technology, Application Area, Vertical, Region – Global Forecast to 2026″ published by MarketsandMarkets™, the market size 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.
Browse in-depth TOC on “Emotion Detection and Recognition Market”
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=23376176
Based on technology, the biosensors technology segment to lead the market in 2020
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.
Based on the vertical, the retail and e-commerce segment to grow at the fastest rate during the forecasted period
Emotion AI is being used on a large-scale in the retail industry. Retail organizations are focusing on understanding consumer behavior, making it a direct route to achieve better sales and generate higher revenues. The amalgamation of cognitive science, psychology, and computer science in affective computing solutions helps to interpret the emotional state of human beings and provide an appropriate response. Hence, the consumer behavior data has to be processed and analyzed for unnoticed key insights, as well as enhance and fasten the decision-making process. This helps make strategies related to new product development and revenue optimization.
North America to hold the highest market share during the forecast period
North America is the largest revenue contributor to the emotion detection and recognition market, as the growth of the region is being driven by the rising internet penetration and increasing adoption of cloud-based and Internet of Things (IoT) applications across verticals. Countries in North America are well-established economies, enabling investments in advanced technologies.
The US and Canada have made significant investments in Research and Development (R&D) activities, contributing to the growth of new technologies. In addition, massive government funding and a strong technical base aid the growth of the emotion detection and recognition market in the region. The demand for emotion detection and recognition technologies, such as facial feature extraction and 3D modeling, biosensors technology, and Natural Language Processing (NLP) is increasing across end users, such as enterprises, defense and security agency, and commercial and industrial. Key pure play vendors, such as Affectiva, Kairos, and Eyeris, along with several start-ups in the region, offer enhanced emotion detection and recognition software to cater to the needs of customers. Such factors are expected to fuel the growth of the global emotion detection and recognition market in North America.
Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=23376176
The major vendors covered in the emotion detection and recognition market 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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
MnM Blog: https://mnmblog.org
Content Source: https://www.marketsandmarkets.com/PressReleases/emotion-detection-recognition.asp
For more information on this press release visit: http://www.sbwire.com/press-releases/emotion-detection-and-recognition-market-predicted-to-gain-371-billion-by-2026-1353888.htm
Media Relations Contact
Email: Click to Email Amish Keswani