New York, USA, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Emotion Analytics Market information by Type, by Technologies, by Solution, by End-Users and Region – forecast to 2030” market size to reach USD 7.61 billion, growing at a compound annual growth rate of 14.7% by 2030.
Market Scope:
The adoption of emotion analytics in the video gaming industry will offer robust opportunities for the market in the forecast period. Industry players are laying emphasis on the integration of these features in different software and programs to understanding the emotions and behavior of customers. This software will help businesses to analyze and understand real-time emotions of the gamer, including reactions, feelings like fear, anger, and joy, facial expressions and behavior at every stage of the game.
Dominant Key Players on Emotion Analytics Market Covered are:
- 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.)
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Market USP Exclusively Encompassed:
Market Drivers
Growing Demand from Automotive Industry
Burgeoning demand for emotion analytics from the automotive industry will boost market growth over the forecast period. The auto sector is moving to next-generation technologies via installing AI-based solutions in cars. Automakers are focusing on R&D to allow emotion recognition features in automobiles wherein the installed software responds intelligently to the emotions expressed via the driver. The software enables gesture recognition, eye movement, and touch while identifying the driver’s alertness thus reducing the risk of road accidents.
High Cost to act as Market Restraint
The high cost associated with the deployment and use of emotion analytics to act as market restraint over the forecast period.
Lack of Skilled Professionals to act as Market Challenge
The lack of skilled professionals will act as a market challenge over the forecast period.
Browse In-depth Market Research Report (100 Pages) on Emotion Analytics Market:
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Segmentation of Market Covered in the Research:
The global emotion analytics market is bifurcated based on end users, solution, technology, and type.
By type, the global emotion analytics market is segmented into video analytics, speech analytics, facial analytics, and others.
By technology, the global emotion analytics market is segmented into records management, pattern recognition, 3D modeling, biometrics and neuroscience, artificial intelligence, and others.
By solution, the global emotion analytics market is segmented into cloud, web application, mobile application, and others.
By end users, the global emotion analytics market is segmented into industrial, commercial, defense and security agencies, enterprises, and others.
Regional Analysis
North America to Precede Emotion Analytics Market
North America will precede the market over the forecast period. Rising use of cloud-faced face recognition software in organizations, increasing investments in R&D activities in Canada and the US, Canada and the US emphasizing on innovation, and the growing use of emotion analytics software in banking, financial services, retail, and others are adding to the global emotion analytics market growth in the region. Besides, the increasing adoption of AI technologies in various end use industries, booming service industry, the presence of numerous big industries, constant technological advances, huge IT expenditure, and technological advancements are also adding market growth.
APAC to Have Promising Growth in Emotion Analytics Market
The APAC region will have promising growth over the forecast period. Expanding service industry in China and India, increasing digitization rate, mounting number of contact centers, support from the government for implementation of biometrics, the presence of the world’s fastest growing economies, technology penetration in the region being high, and the region covering potential market countries like Singapore, South Korea, Japan, Malaysia, Thailand, Japan, and China are adding to the global emotion analytics market growth in the region. Besides, for rapid industrialization, organizations here are becoming more competitive as well as focusing on offering better customer service are also adding market growth. The region is likely to experience extensive growth opportunities in the upcoming years.
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COVID-19 Impact on the Global Emotion Analytics Market
Many people have displayed anguish due to the COVID-19 scenario as this crisis has taken an emotional toll. Thus as people are not capable of engaging in social connection, most people are depending on social media for expressing their sentiments. This provides sellers the opportunity of showcasing their wares. For instance Sociometrica and Expert System employ text analytics across social media for tracking the overall mood and emotions of people. The AI system of Expert System collects emotions from every published text that Sociometrica then analyzes as well as interprets.
Competitive Landscape
The global emotion analytics market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
