Companies such as Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Apple, Inc. (U.S.), Retinad Virtual Reality Inc. (Canada), Neuromore Inc. (U.S.), are the leading providers of emotion analytics solution in the global market. On March 2, 2017, Lightspeed LLC, a global leader of digital data collection, has gone into the partnership agreement with Affectiva, to introduce their new emotion analytics across the Americas, Europe, and the Asia Pacific regions. This emotion analytics has an ability to quantify emotion from more than 5.5 million light speed panelists in real time. The quantifying of emotion is done via emotion recognition technology, which is built on an automated facial coding system. With the combination of facial recognition and emotion analytics technologies, the facial biometrics is embarking the emotion analytics market growth to a large extent. The increasing adoption of facial biometrics in various sector such as government, banking and financial sector and others as this biometrics solution is used for ID cards, passport, driving license, health insurance card, and social security cards.
The growing demand for artificial intelligence and big data analytics are driving the global emotion analytics market. In 2015, Kairos acquired IMRSV, a firm specializing in emotion analysis. Along with this acquisition, Kairos has also released Kairos Emotion Analysis API, Kairos Face Recognition API, Kairos Crowd Analytics SDK, and camera-based analytics software. Moreover, Biometrics is playing a major role in emotion analytics market as it supports securing the business operations. For instance, in the automotive sector, the emotion analytics are widely used in hyper-connected cars with emotional intelligence to connect with customers and drivers. With this solution, it helps in increasing road safety and offer best in-car experience to users.
Segmentation of Emotion Analytics Market:
The global emotion analytics market is segmented into type, technologies, solution, end-users, and region. The type is segmented into facial analytics, speech analytics, video analytics, and others. The technologies segment is sub-segmented into artificial intelligence, biometrics and neuroscience, 3D modeling, pattern recognition, records management, and others. The solution segment is sub-segmented into mobile and web application, cloud, and others. The end-users segment is sub-segmented into enterprises, defense and security agencies, commercial, industrial, and others. The market is spanned across regions including North America, Europe, Asia Pacific, and rest of the world.
The global Emotion Analytics Market is expected to grow at USD ~25 billion by 2023 at a CAGR of ~17% during the forecast period 2017-2023.
Global Emotion Analytics Market
Source: MRFR Analysis
Some of the prominent players in the global emotion analytics market Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Apple, Inc. (U.S,), Retinad Virtual Reality Inc. (Canada), Neuromore Inc. (U.S.), Imotions A/S (Denmark), Kairos AR, Inc. (U.S.), Beyond Verbal (Israel), Affectiva (U.S.), Eyris (EmoVu) (U.S.), Adoreboard (U.K.), sensation.io (Germany), iMotions (U.S), RealComm Global LLC (U.S), Lightspeed LLC (U.S.) among others.
The regional analysis of emotion analytics market is studied for regions such as Asia Pacific (China, Japan, and India), North America (the U.S., Mexico, and Canada), Europe (the U.K, Germany), and Rest of the World. North America is one of the leading regions of the world in terms of market share. The emotion analytics market in this region has a huge demand due to the increasing adoption of cloud-based face recognition software in the organization, which is propelling the market growth to a large extent. The emotion analytics market in Europe is expected to witness a rapid growth in the forthcoming period. Whereas, Asia Pacific countries such as China, Japan, and India are emerging emotion analytics market in the globe, which is expected to grow at the highest CAGR during the forecast period.
Frequently Asked Questions (FAQ) :
The global emotional analytics market is anticipated to account for a substantial revenue generation of USD 25 billion by 2024, expanding at a considerable CAGR of 17% over the review period (2020-2027).
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.