Emotion Detection and Recognition Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2606
Emotion Detection and Recognition Market size is expected to witness healthy growth from 2018 to 2024 driven by capability of smart interfaces to understand individual emotions, which results in a personalized user experience. Emotion detection and recognition is a technique to recognize a person’s emotional state using advanced image processing techniques. Organizations have been integrating artificial intelligence algorithms with image processing techniques to analyze complex human emotions through facial patterns.
The global emotion detection and recognition market is gaining popularity, which is attributable to the rising demand for sentiment mapping, usage of bio-sensing software tools, growing cognitive services, and increasing applications in numerous industry sectors such as transportation, healthcare, banking, and government institutions. Currently, the increasing rate of cybercrime and illegal trespassing is driving the usage of biometric authentication and emotion detection systems. This software is used for security purposes in many industry verticals as it is capable of recognizing faces in the real-time, searching & matching faces from the database, and detecting moods and other features. For instance, the defense and security agencies require emotion detection software for surveillance and monitoring purposes. Other determinants such as the evolution of the Internet of Things (IoT), increasing trend of wearable devices, growing amount of spatial data, and availability of various analytical tools hold the potential of revolutionizing the market across the globe. In addition to this, Natural Language Processing (NLP) technology is gaining popularity in the market as it provides cost-effective and easily deployable cloud solutions. This technology is widely used for the summarization of data and social media monitoring.
Misrepresentation in the analysis of emotions can pose a challenge to the global emotion detection and recognition market. Moreover, organizations find it difficult to optimally utilize this technology due to the lack of expertise and operational challenges.
Some of the sectors using the emotion detection and recognition technology include banking and financial institutions, defense, government, retail, entertainment, and manufacturing. The global emotion detection and recognition market is continuously evolving, especially in the form of wearable technology. Wearable bio-sensors are gaining traction in the military, healthcare, and sports sectors. Similarly, the real-time facial-analysis-based applications to improve car safety and to identify the driver’s state of mind are being widely used in the automotive industry. Furthermore, the banking industry is continuously implementing the emotion detection solutions to increase the customer loyalty. Various software solutions such as test analysis software, voice analysis software, and image analysis software are used to analyze emotion-related data and to determine the emotions, creating value for the banks in understanding the customer.
The North America region holds a significant share of the emotion detection and recognition market due to the presence of a well-established economy, advanced IT infrastructure in the U.S., and a high focus on innovation and technology by the market players. The market is expected to show high growth due to the huge investments in security and surveillance solutions. In the rapidly-growing economies of the Asia Pacific region, the increasing demand for advanced security solutions, the evolution of IoT, and the increasing trend of wearable devices will boost the market growth during the forecast period.
The major players in the global emotion detection and recognition market are Affectiva, Beyond Verbal, Eyeris, Sentiance, Skybiometry, Tobii AB, Noldus, Sightcorp, Realeyes, Kairos, Crowdemotion Limited, Apple, Nviso, and Emovu. Some of these companies are expanding their presence in the global market by developing innovative solutions for their customers. For instance, in April 2018, Huawei developed an AI assistant to detect human emotions. It analyzes data points from facial expressions and behavioral patterns. Similarly, Apple’s upcoming iOS version will have new features such as Face ID support, relying on the depth-sensing front camera to recognize the user’s face for screen unlocking and other security features. These players are creating a unique value proposition through new product development or through innovations in their existing product portfolio.
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