ID: MRFR/ICT/3887-HCR | February 2021 | Region: Global | 100 pages
According to the latest research report, the global emotion analytics market size is predicted to grow at USD 7.61 Billion by the end of the year 2030 at a CAGR of 14.7% during the forecast period. Emotion Analytics (EA) is a software application that collects data on human communication abilities, both verbal and nonverbal, in order to comprehend a person's mood, attitude, and behavior. The ratio of fact to feeling may be used to create corporate customer experience initiatives. By assessing an emotional and intimate level, this technology allows the merchant to establish a direct relationship with the client. The corporate organization can profit from this software application by enhancing customer relationship management (CRM).
Emotional data is utilized to develop tactics that aid in the improvement of a company's customer relationship management (CRM). Emotion analytics software solutions may help any company with data gathering, categorization, analytics, and visualization. In Incall centers, emotion analytics software is frequently utilized. These emotion analytics software may be used as a standalone application or integrated on top of a customer relationship management (CRM) system, matching a caller's utterances with emotions using audio mining algorithms and a correlation engine. Language-agnostic emotion analytics software may also analyze the caller's tone of voice and the frequency with which a certain word is repeated to give further information into the caller's emotional state. Dashboards that display the emotions of both the caller and the contact center worker enable managers to determine which calls are going well and which may require assistance. The growth in the number of videos, crucial decision making, and understanding human behaviour in a company are a few of the main driving drivers of the emotion analytics market sales, which is pushing numerous businesses to integrate emotion analytics software into their systems. The Internet of Things in emotion analytics aids companies in better understanding human emotions and will usher in a new era of marketing. Many companies are heavily utilizing mobile and cloud-based biometric technology. All of these reasons are propelling the global emotion analytics market forward.
This report contains all the information on the global emotion analytics market research reports and strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global emotion analytics market analysis and forecast to 2023 is also included in the report.
Covid 19 Analysis
Many people have displayed indications of anguish as a result of the COVID-19 scenario since COVID-19 has taken an emotional toll. As a result, because they are unable to engage in social connection, the majority of the people is turning to social media to express their sentiments. This gives the sellers an opportunity to showcase their wares. Expert System and Sociometrica, for example, employ text analytics across social media to track people's emotions and overall mood. Expert System's artificial intelligence system collects emotions from each published text, which Sociometrica then analyses and interprets.
The rising need for improved sales performance and the rise in the adoption of generating more personalized user experiences are the key factors driving the emotion analytics market growth. Furthermore, technological progress, an increase in demand for artificial intelligence, and big data analytics are some of the other aspects imposing favorable influences on the market. Furthermore, the increased flexibility of electronic wearable gadgets has fueled market expansion.
The emotion analytics market's high demand for artificial intelligence and big data analytics is opening up new growth opportunities in the future years. Furthermore, the growing volume of web material is pushing end-users to employ emotion analytics tools to assess individual behavior. Leading businesses all over the globe are rapidly embracing cloud-based biometric and mobile technologies, which will drive emotion analytics market demand.
However, the high cost associated with the adoption and use of emotion analytics is a key issue impeding market growth over the next six years.
The accuracy of emotion analytics, challenges with facial recognition, and privacy and security concerns may stymie the expansion of the emotion analytics sector throughout the projection period.
Cumulative Growth Analysis
The world's largest providers of emotion analysis solutions include companies such as Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Apple, Inc. (U.S.), Retinad Virtual Reality Inc. (Canada) and Neuromore Inc. (U.S.). As part of a Partnership Treaty with Affectiva, Lightspeed LLC, a world leader in digital data gathering, introduced additional emotional analyses across Americas, Europe, and Asia Pacific areas on 2 March 2017. This emotional analysis can measure emotions in real-time from over 5.5 million light speed panelists. Emotion is quantified using an automatic face coding method, which is based on an emotional identification technique. With the combined technology of face recognition and emotional analysis, the biometrics of the facial market is mostly increasing in emotional analysis. The rising acceptance of face biometrics in several sectors, such as government, the financial, and banks, is used for the purpose of ID cards, passports, driving licenses, health care and social security cards.
Value Chain Analysis
According to the reports, the worldwide emotion analytics market is classified by type, technology, solution, end-users, and geography. Facial analytics, speech analytics, video analytics, and more types are available. Artificial intelligence, biometrics and neuroscience, 3D modelling, pattern recognition, records management, and others are sub-segments of the technologies segment. The solution sector is further divided into mobile and web applications, cloud, and other sub-segments. End-users are further classified as businesses, defense and security agencies, commercial, industrial, and others. The market is divided into four regions: North America, Europe, Asia Pacific, and the rest of the world.
The emotion analytics market is segmented on the basis of type, technology, solution, end-users, and geography. The global emotion analytics market is expected to witness decent growth during the forecast period.
Based on the application, the emotion analytics market is segmented into Artificial intelligence, biometrics and neuroscience, 3D modeling, pattern recognition, records management, and others.
Based on the propulsion types, the emotion analytics market is segmented into businesses, defence and security agencies, commercial, industrial, and others.
According to the reports, the regional study of the emotion analytics market includes Asia Pacific (China, Japan, and India), North America (the United States, Mexico, and Canada), Europe (the United Kingdom, and Germany), and the Rest of the World. In terms of market share, North America is one of the world's top regions. The emotion analytics market in this area is seeing high demand as a result of the rising usage of cloud-based face recognition software in organizations, which is driving emotion analytics market share expansion to a great extent. The emotion analytics industry in Europe is projected to expand rapidly in the next years. Whereas Asia Pacific nations such as China, Japan, and India are developing emotion analytics markets in the world, with the greatest CAGR predicted throughout the projection period.
Just because some firms control the majority of the market share, the emotion analytics industry is concentrated. Furthermore, because of increased investment and demand for individualized user experiences, market entrance for new entrants remains difficult. Affectiva Inc, IBM Corporation, RealEyes, and Clarifai are among the market's main participants.
Emotion Analytics Market Top Leaders
The following report comprises of –
Emotion Analytics Market Segments
Emotion Analytics Market By Type:
Emotion Analytics Market By Application:
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Frequently Asked Questions (FAQ) :
The global emotional analytics market is anticipated to account for a substantial revenue generation of USD 7.61 billion by 2030 expanding at a considerable CAGR of 14.7% over the review period (2020-2030).
The major market players operating in the global emotional analytics market include Microsoft Corporation (U.S.), Apple, Inc. (U.S,), International Business Machines Corporation (U.S.), Retinad Virtual Reality Inc. (Canada), Imotions A/S (Denmark), Neuromore Inc. (U.S.), Kairos AR, Inc. (U.S.), Affectiva (U.S.), Beyond Verbal (Israel), Eyris (EmoVu) (U.S.), sensation.io (Germany), Adoreboard (U.K.), iMotions (U.S), Lightspeed LLC (U.S.), and RealComm Global LLC (U.S), among others.
The global emotional analytics market segmentation is conducted based on type, technologies, solutions, and end-users. The types of emotional analytics provided in the global emotional analytics market are speech analytics, facial analytics, video analytics, and others. The technologies adopted in the global market for emotional analytics are biometrics and neuroscience, artificial intelligence (AI), 3D modeling, records management, pattern recognition, and others. The solutions segment of the global emotional analytics market comprises of mobile and web applications, cloud, and other solutions. The end-use industries where emotional analytics are operative are enterprises, commercial, defense and security, industrial, and others.
The regional analysis of the global emotional analytics market is conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (covering the Middle East and Africa, and Latin America).
The North American region in the global emotional analytics market is expected to lead the market share over the review period, where the U.S. is the leading contributor, being a technological hub. The market is expected to witness the fastest growth in the Asia Pacific, with China, India, and Japan account for the most profitable countries for emotional analytics in the Asia Pacific.