Burlingame, March 27, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global emotion detection and recognition market is estimated to be valued at US$ 22.21 billion in 2022 and is expected to exhibit a CAGR of 7.8% during the forecast period (2022-2030).
Analysts’ Views on Global Emotion Detection and Recognition Market:
Increasing adoption of organic strategies such as product launches by the key market players is expected to drive the market growth over the forecast period. For instance, in December 2021, Epic Sciences, a diagnostics company that improves cancer management by providing real-time biopsy material, launched DefineMBC, a novel test for metastatic breast cancer (MBC) that uses a single blood draw to perform both cell-based and cell-free analysis.
Global Emotion Detection and Recognition Market- Driver
Rising online video viewing
Global emotion detection and recognition (EDR) market is expected to witness growth over the forecast period as there is a significant rise in online video viewing around the world, due to the time spent online is growing, and this is further boosting the time spend on video ads. For instance, according to the Zenith Media, the daily minutes spent on watching online video is likely to increase to 100 minutes by 2021, and the advertising on online video is anticipated to increase to US$ 61 billion. Thus, the growing demand for video-based analytics is likely to boost growth of the market in near the future.
Demand for emotion detection and recognition (EDR) is fueled by technological advancement. Global emotion detection and recognition market is driven by new technologies like natural language processing, speech of the internet of things technology, rising popularity of wearables, and widespread usage of smartphones.
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Global Emotion Detection and Recognition Market– Restraint
Misinterpretation in emotion analysis by system
Global emotion detection and recognition (EDR) market growth during the forecast period is expected to be hampered by factors such as misinterpretation in emotion analysis by systems, and high cost of functional and application requirements such as the proposed application should be able to identify input face emotion, and to detect emotion type. The function of a system and its components are defined by functional requirements. A function is described as a set of inputs, the behavior, and its outputs. EDR systems have high production cost and low return on investment. High development costs of enabling technologies like gesture recognition and wearable computing is expected to hinder the market growth. Organizations with limited resources are less likely to use the platform as a result of this of misinterpretation in emotion analysis.
Counterbalance
Emotion detection can provide people with an opportunity to understand human behavior. Due to the complex dynamics of human emotions, however, constructing annotated datasets to train automated models can be expensive. Thus, the efficacy of cross-lingual approaches that would use data from a source language to build models for emotion detection in a target language. It compare three approaches that are using inherently multilingual models, translating training data into the target language, and using an automatically tagged parallel corpus.
Emotion Detection and Recognition (EDR) Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2021 | Market Size in 2022: | US$ 22.21 Bn | |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 | |
| Forecast Period 2022 to 2030 CAGR: | 7.8% | 2030 Value Projection: | US$ 40.5 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | audEERING GMBH, Affectiva Inc., Nemesysco Ltd., Emotibot Technologies Limited, Kairos AR Inc., iMotions, Nviso SARL, Noldus, Realeyes OU, and Sight Corp. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Emotion Detection and Recognition Market– Opportunity
EDR Market is expected to benefit from the expanding usage of voice and speech-based EDR.
Market players in the global emotion detection and recognition (EDR) market are expected to be benefitted from the expanding usage of voice and speech-based EDR. In the BFSI (Banking, financial services and insurance) industry, voice and speech EDR are used for fraud detection and customer service. For instance, in March 2022, Nemesysco Ltd. an Israel-based company offers, voice analysis technology for emotion detection and analysis services. Therefore, this technology is used by the company for analysis services and emotion detection. As a result, the market is expected to expand with the adoption of this technology, which is likely to result in growth opportunities.
Global Emotion Detection and Recognition Market- Regional Analysis
Global emotion detection and recognition (EDR) is expected to expand significantly in North America over the forecast period, owing to presence of Canada and the U.S., which have the largest retail markets, high demand for smart wearable and Internet of Things (IoT) devices, and high advertisement spending across the region. Retailers are spending on ads to target the right audience which leads to rising retail sales, and this is expected to drive the market growth. For instance, in November 2021, an AI-powered algorithm that recognizes complex facial expressions and anticipates upcoming emotions was used by Disney, The Walt Disney Company, commonly known as Disney, is an U.S-based multinational, mass media and entertainment conglomerate that is headquartered at the Walt Disney Studios complex in Burbank, California, to determine how viewers enjoy their movies.
Global Emotion Detection and Recognition Market- Segmentation
Software and service, end-user vertical, and region are the three segments of the global emotion detection and recognition (EDR) market.
On the basis of software and services, the market is segmented into facial recognition, speech and voice recognition, and biosensing. The facial recognition segment is expected to dominate the global market over the forecast period, towing to increasing usage of facial recognition in a variety of industries for authentication, access control, and validation.. Facial recognition-capable devices is expected to rise, due to availability of smartphones and other smart connected devices.
Due to the high demand for these EDR software, the speech and voice recognition segment is also expected to witness significant growth in the near future. Demand for speech and voice recognition software is growing, as a result of increasing use of voice-based solutions in home devices, smartphones, and speakers. For instance, in February 2020, Google shows that 20% of voice searches are conducted using Google, and nearly 65% of people who use Google Home or Amazon Echo do not want to switch back to keyboard input.
On the basis of end-user vertical, the market is segmented into government, healthcare, retail, entertainment, transportation, and other end-user verticals. As governments around the world are increasingly incorporating facial recognition into their departments and initiatives, the government segment is expected to dominate the global market over the forecast period. Governments are increasingly utilizing facial recognition technology for law enforcement that is an activity of making certain that the laws of an area are obeyed. For example, according to Comparitech, the usage of surveillance cameras is high in China with presence of eight out of 10 most-surveyed urban communities in the china and there one public CCTV camera for each two individuals in the country by 2022.
Due to rising healthcare spending worldwide, the healthcare sector is expected to witness significant growth in the near future. By incorporating technologies that facilitate quick and simple diagnostics and reduces costs, numerous nations around the world are focusing on providing healthcare at a lower cost. For instance, according to the OECD (Organization for Economic Co-operation and Development) Health Statistics 2019 report, the U.S. spent the most expenses on healthcare at 16.9% of GDP, as compared to the global average of 8.8% of GDP.
Global Emotion Detection and Recognition Market- Key Developments
- In January 2022, Sightcorp, an AI software company specializing in face analysis software through computer vision and deep learning Sightcorp can analyze faces in images, videos, and in real-life environments, was acquired by Raydiant, a U.S.-based company that provides cloud-based digital signage technology to restaurants and retail establishments. Sightcorp's AI-powered analytics software will be used by Raydiant's experience management platform to provide vendors with anonymous in-store screen engagement analytics, in order to boost sales and deliver optimized content while safeguarding consumer privacy.
- In April 2022, an AI-based system was developed by Zoom (communications technology company), a provider of video communications, in order to monitor and evaluate user emotions. Understanding the emotions of an individual doing the business deal is made easier by this system.
- In May 2021, In Xinjiang region, China, tested Uighur Muslims with artificial intelligence cameras and facial recognition systems to detect their emotions.
- In May 2021, Smart Eye, an Sweden-based publicly traded company that supplies driver monitoring systems for a dozen automakers, acquired emotion-detection software startup named Affectiva for US$73.5 million in a cash-and-stock deal.
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Key Market Takeaways:
Global emotion detection and recognition market is expected to exhibit a CAGR of 7.8% during the forecast period. Increasing online video viewing leads to growing amount of time spent online, hand this increases time spend on video ads. For instance, in June 2022, an online public offering (opo) was launched by a biometric emotion detection startup Jinglz, in order to raise capital, expand marketing, and pursue revenue streams. It let users identify emotional responses by analyzing customers' facial expressions.
Facial recognition segment is expected to dominate the global market over the forecast period, owing to growing adoption of this EDR technology in various industries for authentication, access control, and validation. With emerging smart connected devices and smartphones, access to devices capable of facial recognition is increasing significantly, and this is expected to boost demand for facial recognition software. For instance, in December 2022, based on facial recognition technology (FRT), Digi Yatra, an application developed by the Ministry of Civil Aviation, will use FRT to ensure that passengers at airports are sent through the process without making any contact. The project basically envisions that travellers will be able to pass through various airport checkpoints using facial features to establish their identity, which will be linked to the boarding pass through paperless and contactless processing.
Competitive Landscape:
Some of the key players in the global emotion detection and recognition (EDR) market are audEERING GMBH, Affectiva Inc., Nemesysco Ltd., Emotibot Technologies Limited, Kairos AR Inc., iMotions, Nviso SARL, Noldus, Realeyes OU, and Sight Corp.
Market Segmentation:
- Global Emotion Detection and Recognition (EDR) Market By, Software and Services:
- Software
- Facial Recognition
- Speech and Voice Recognition
- Biosensing
- Services
- Global Emotion Detection and Recognition (EDR) Market By, End-User Vertical:
- Government
- Healthcare
- Retail
- Entertainment
- Transportation
- Other End-user Verticals
- Global Emotion Detection and Recognition (EDR) Market By, Geography:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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