Emotion Detection and Recognition Market: Current Analysis and Forecast (2021-2027)

Emotion Detection and Recognition Market: Current Analysis and Forecast (2021-2027)

The emotion detection and recognition market is promulgating as it helps in the detection of human emotions with the incorporation of technological capabilities, such as facial recognition, speech, and voice recognition, biosensing, machine learning, and pattern recognition. The emotion detection and recognition market is expected to grow at a CAGR of 15% during the forecast period owing to the huge expansion in the IoT, increased adoption of wearable technologies, and a massive increase in smartphone usage. The market can benefit from the use of cloud-based technologies coupled with other key influencers of the market including the rising need for better customer experience (as emotional connection also plays a key role along with customer satisfaction), the increasing need for a human touch in digital communications (chatbots), and challenges in language context and facial recognition.

Furthermore, many prominent organizations across industries such as technology, automotive, consumer goods, and media & advertising, among others are using emotion detection and recognition to their advantage. This technology facilitates consumer behavior detection and, thus, helps in contributing significantly to consumer behavior studies. For instance, Disney has been using technology to determine how audiences enjoy its movies, specifically creating an AI-powered algorithm that can recognize complex facial expressions and even predict upcoming emotions.

Insights Presented in the Report
"Amongst software tools, facial expression and emotion recognition segment is expected to witness the highest CAGR during the forecast period”

Based on a software tool, the market is segmented into facial expression & emotion recognition, gesture & posture recognition, and voice recognition. The gesture & posture recognition segment is expected to grow at the highest rate during the forecast period, as it offers the ability to communicate naturally with the technology through basic sign language, reduces the use of most prominent hardware devices, and assures good performance with fast and powerful results.
"Amongst application area, the advertising and marketing segment is expected to witness the highest CAGR during the forecast period”

Based on application, the market is segmented into Market & Advertising, Law enforcement, surveillance and monitoring, and entrance & consumer electronics, and others. Marketing and advertising is expected to dominate the emotion detection recognition solution market. Knowing how customers feel has become a key objective in any business, companies are expected to stay conscious of the customer perspective, as it helps them to advertise accordingly. Deploying emotion detection and recognition technology into the marketing and advertisement of the business is the key to exploring the customer perspective.
"North America to witness significant growth during the forecast period”

North America is expected to achieve the highest CAGR during the forecast period owing to the presence of key market players in developed countries such as the United States and Canada. Furthermore, strategic investments, partnerships, and significant spending on research and development (R&D) of advanced hardware and software are contributing to the hefty deployments of emotion detection and recognition solutions in the region. The United States is one of the largest retail markets in the world and accounts for a significant portion of the world's retail, including e-commerce. As retail sales skyrocket, retailers in the region are spending more and more on advertising targeting the right segments. Increased sales allow retailers to spend more on the technology that enables such features.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Show more