Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Emotion Detection and Recognition (EDR) Market by Component (Software (Facial Expression Recognition, Speech & Voice Recognition) and Services), Application Area, End User, Vertical, and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global emotion detection and recognition market size is projected to grow from USD 23.5 billion in 2022 to USD 42.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period.
The major factors driving the market growth include the global adoption of Al, ML, and deep learning technologies, the increasing need for emotion recognition models by intelligent systems, and the expanding popularity of wearable technology.
By component, the software segment holds the largest market size.
With more competition, image recognition cameras are using more sophisticated hardware and software sensors to recognize product placements more accurately. In the pandemic crisis, picture recognition technology has also been widely adopted in a number of nations. For instance, to identify people and stop the transmission of the virus, Moscow, Russia, and China have implemented image recognition, pattern recognition, and facial recognition technology.
As a result, the image recognition market's software component has expanded. In addition to this, several businesses created cutting-edge picture recognition software during the epidemic or have licensed its use. As an illustration, PUX has obtained a license for its FaceU software to support Driver Monitoring System (DMS) for resilience against masked faces. Thus, it can be concluded that these elements fuel the EDR market during the forecasted period.
By Software, facial expression, and recognition segment to register the highest CAGR during the forecast period.
Facial recognition is an integral part of the emotion detection and recognition system, as it helps the identification of emotions gathered from facial expressions and generates real-time results. Facial expression recognition helps identify feature vectors, such as surprise, happiness, sadness, anger, and fear. Therefore, this encourages the adoption of emotion detection technology in interviews. For instance, Unilever is deploying this technology to check the confidence level of the candidate and make decisions on whether the individual will be suitable for client-facing roles.
Furthermore, in the marketing and advertisement segment, Kellogg's uses the emotion detection and recognition technology for branding and advertisement. Based on various ads shown to the group, it analyzes the captured expressions and makes decisions on which advertisement to finalize. These factors would drive the adoption of emotion detection and recognition technology solutions in the facial expression and recognition segment and as a result, the facial expression and recognition segment registers the highest CAGR during the forecasted period.
By application area, the medical emergency segment is to grow at a higher CAGR during the forecast period.
The realm of medical emergencies greatly benefits from emotion detection and recognition systems. Businesses that operate in this sector combine emotion detection and recognition technology by assessing a person's emotional state of mind, pain, and any medical disorders that may be detected through facial clues, such as autism and depression. As it can identify pain in persons who cannot verbally express it, this technology is a gift to the health sciences. Therefore, the medical emergency segment is anticipated to grow at a higher CAGR during the forecast period.
Research Coverage
The report segments the EDR market and forecasts its size by component (software and services), application area (medical emergency, marketing and advertising, law enforcement, surveillance, and monitoring, entertainment and consumer electronics, and other application areas), vertical (academia and research, media and entertainment, IT and ITeS, healthcare and social assistance, telecom, retail and eCommerce, automotive, BFSI, and other verticals), end user (enterprises, defense and security agency, commercial, industrial, and other end users), and region (North America, Europe, Middle East & Africa, Asia Pacific, and Latin America).
The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Market Dynamics
Drivers
- Adoption of AI, ML, and Deep Learning Technologies Worldwide
- Rising Need for Emotion Recognition Models by Intelligent Systems
- Growing Popularity of Wearable Devices
Restraints
- Insufficient Database and Technical Problems to Lead to Discrepancies and False Results
- High Production Cost
Opportunities
- Increasing Demand for IoT Technology and Applications
- Increasing Government Initiatives to Leverage Benefits of EDR Technology
- Challenges
- Privacy and Data Breach Issues
- Ethical Issues in EDR Technology
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 317 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $23.5 Billion |
| Forecasted Market Value (USD) by 2027 | $42.9 Billion |
| Compound Annual Growth Rate | 12.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Emotion Detection and Recognition Market Overview and Industry Trends
6 Emotion Detection and Recognition Market, by Technology
7 Emotion Detection and Recognition Market, by Hardware
8 Emotion Detection and Recognition Market, by Component
9 Emotion Detection and Recognition Market, by Software
10 Emotion Detection and Recognition Market, by Application Area
11 Emotion Detection and Recognition Market, by End-user
12 Emotion Detection and Recognition Market, by Vertical
13 Emotion Detection and Recognition Market, by Region
14 Competitive Landscape
15 Company Profiles
16 Adjacent Markets
17 Appendix
Companies Mentioned
- Affectiva
- Apple
- Ayonix
- Beyond Verbal
- Cognitec
- Elliptic Labs
- Eyeris
- Gesturetek
- IBM
- Imotions
- Intel
- Kairos
- Microsoft
- NEC
- Noldus
- Numenta
- Nviso
- Pointgrab
- Pyreos
- Raydiant
- Sentiance
- Tobii
For more information about this report visit https://www.researchandmarkets.com/r/x3zwgs
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