The new report by Expert Market Research titled, ‘Global Emotion Analytics Market Size, Share, Price, Trends, Report and Forecast 2023-2028’, gives in-depth analysis of the global emotion analytics market, assessing the market based on its segments like type, technology, solution, application, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 2.2 Billion
- Forecast CAGR (2023-2028): 16.7%
- Forecast Market Size (2026): USD 5.6 Billion
The growing demand for crucial decision-making connected to understanding human behavior, which is an enterprise that allows many firms to include emotional analytics technology into their process, is a major driver of the emotional analytics market. In the forecast period, the emotional analytics Internet of Things will help organizations understand human emotions better and will be a new marketing dimension. Biometric advances centered on the smartphone and cloud are being widely utilized in various organizations. These factors will fuel the global expansion of the emotion analytics market.
Emotion Analytics Industry Definition and Major Segments
Emotion Analytics (EA) is a software tool that collects data on both spoken and nonverbal human communication abilities in order to understand a person’s mood, attitude, and conduct.
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The industry can be broadly categorised based on its type into:
- Text Analytics
- Facial Analytics
- Speech Analytics
- Video Analytics
The industry can be divided based on its technology as:
- Artificial Intelligence
- Biometrics and Neuroscience
- 3D Modelling
- Pattern Recognition
- Records Management
Based on solutions, the industry can be categorised as:
- Mobile and Web Application
The industry can be divided based on its application as:
- Sales and Marketing Management
- Customer Experience Management
- Competitive Intelligence
- Public Safety and Law Enforcement
- Workforce Management
The industry can be classified based on its end-use as:
- Banking, Financial Services, and Insurance
- IT and Telecommunication
- Retail and Media
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Emotion Analytics Market Trends
The increased need for better sales performance, as well as the adoption of more tailored user experiences, are driving the growth of the emotion analytics market. Additionally, technological advancements, a growth in demand for artificial intelligence, and big data analytics are some of the other factors influencing the market favorably.
In addition, the enhanced versatility of electronic wearable gadgets has spurred the market growth. The rising demand for artificial intelligence and big data analytics in the emotion analytics industry is creating new growth prospects in the next years.
Furthermore, as the amount of web content grows, end-users are being forced to use emotion analytics tools to examine their own behavior. Leading companies throughout the world are rapidly adopting cloud-based biometric and mobile technologies, which will fuel demand for emotion analytics. The high cost of adoption and usage of emotion analytics, on the other hand, is a major stumbling block to market growth over the next six years. Throughout the forecast period, the accuracy of emotion analytics, issues with facial recognition, and privacy and security concerns may hinder the growth of the emotion analytics sector.
North America is one of the world’s leading regions in terms of market share. As a result of the increasing use of cloud-based face recognition software in companies, the emotion analytics market in this area is witnessing significant demand, which is driving emotion analytics market share expansion to a large extent. In Europe, the emotion analytics business is expected to grow quickly in the next years.
Key Market Players
The major players in the market are Beyond Verbal Communication Ltd., iMotions, Affectiva, Inc., Microsoft Corporation (NASDAQ: MSFT), International Business Machines Corporation, Apple, Inc., NVISO SA, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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