New York, United States, March 18, 2024 (GLOBE NEWSWIRE) -- The Global Emotion Analytics Market Size is to Grow from USD 3.45 Billion in 2023 to USD 14.08 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 15.1% during the projected period.
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Software known as "emotion analytics" gathers data on a person's verbal and nonverbal prompts to get insight into their mindset or attitude. The development of emotion analytics software requires a substantial amount of labeled emotion data to analyze an individual's emotions. Emotion analytics software gives users information on how customers feel about a product, how it is presented, or how they interact with a customer support agent. Plans that will enhance the company's administration of customer connections evolve using the information. The automotive sector has accepted next-generation technology by incorporating artificial intelligence-based systems into vehicles. Automakers are focusing on research and development (R&D) to enable emotion recognition features in automobiles where the software that is present reacts properly to the emotions generated by the driver. The program reduces the likelihood of road accidents by determining the driver's level of awareness and allowing touch, eye motion, and gesture detection. A review of emotional errors, however, partially hampers market expansion. The substantial initial costs associated with using and installing Emotion Analytics solutions, specifically for large-scale initiatives, may pose a serious barrier to industrial advancement. Investor concerns may hinder market development and get worse by worries about government rules and policies, such as changes to tax benefits or subsidies.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on the "Global Emotion Analytics Market Size, Share, and COVID-19 Impact Analysis, By Type (Face Analytics, Speech Analytics, Text Analytics, Video Analytics), By Technology (Pattern Recognition, 3D Modeling, Biometrics & Neuroscience, Artificial Intelligence, Record Management, Others), By End-Users (BFSI, Media And Entertainment, Automotive, IT And Telecommunication, Retail), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The speech analytics segment is anticipated to hold the greatest share of the global Emotion Analytics market during the projected timeframe.
Based on the type, the global Emotion Analytics market is divided into face analytics, speech analytics, text analytics, and video analytics. Among these, the speech analytics segment is anticipated to hold the greatest share of the global Emotion Analytics market during the projected timeframe. Speech analytics will grow during the forecast period with an increase in the usage of voice-activated smart home appliances and assistants like Google Nest and Amazon Echo. More people are using voice search on the internet due to smartphones and smart home appliances.
The artificial intelligence segment is anticipated to grow at fastest pace in the global Emotion Analytics market during the projected timeframe.
Based on technology, the global Emotion Analytics market is divided into pattern recognition, 3D modeling, biometrics & neuroscience, artificial intelligence, record management, and others. Among these, the artificial intelligence segment is anticipated to grow at the fastest pace in the global Emotion Analytics market during the projected timeframe. When it comes to interacting with human thoughts and feelings, artificial intelligence has been recognized as the most proficient technology. Corporations can improve their offers and acquire useful customer information as a result. Furthermore, the introduction of AI technologies such as deep learning will drive up market demand in future years.
The retail segment is predicted to grow at highest pace in the Emotion Analytics market during the estimated period.
Based on end-users, the global Emotion Analytics market is divided into BFSI, media and entertainment, automotive, IT and telecommunication, retail, healthcare, and others. Among these, the retail segment is predicted to grow at highest pace in the Emotion Analytics market during the estimated period. Different up-and-coming e-commerce companies are fighting it out to control the market and increase their customer base. More and more online companies are turning to emotion analytics to gather data from their customers' voices and discover the latest trends and preferences. The retail segment is growing due to these main factors.
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North America is expected to hold the largest share of the global Emotion Analytics market over the forecast period.
North America is expected to hold the largest share of the global Emotion Analytics market over the forecast period. The increasing demand for emotion identification technologies is playing a pivotal role in fostering growth across various industries, including marketing, retail, and healthcare. This demand is not only enhancing employee engagement but also boosting customer satisfaction levels. Key factors like the affordability of cutting-edge innovations and the widespread adoption of artificial intelligence are driving the rapid expansion of the emotion analytics market in North America. With the United States being a major player in the retail sector, especially in the realm of e-commerce, there is a notable contribution to the global retail landscape. This prominence is prompting regional retailers to strategize their market targeting more effectively through smart technology investments.
Asia Pacific is predicted to grow at the fastest pace in the global Emotion Analytics market during the projected timeframe. Factors influencing the outlook of the emotion analytics market in the Asia-Pacific region encompass a variety of elements. These include the growing service industries in China and India, the increasing rates of digitization, the proliferation of contact centers, government support for biometric technology, robust technology adoption levels, and the presence of strong and dynamic economies such as Singapore, South Korea, Japan, Malaysia, Thailand, and China.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global Emotion Analytics market include IBM Corporation, Beyond Verbal Communication, NVISO SA, adoreboard, iMotions A/S, Microsoft Corporation, Apple, Inc., Affectiva, RealEyes OU, Clarifai Inc., Sensum Co., Cogito, International Business Machines Corporation, Neuromore Inc., Retinad Virtual Reality Inc., and Others.
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Recent Developments
- In September 2023, Affectiva, a division of Smart Eye, has added a new attention measure to its Emotion AI platform. Utilizing innovative eye-tracking technology specifically designed for vehicle safety, Smart Eye provides advertisers, marketers, and academics with accurate insights regarding viewer attentiveness by carefully analyzing gaze and head position.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Emotion Analytics Market based on the below-mentioned segments:
Global Emotion Analytics Market, By Type
- Face Analytics
- Speech Analytics
- Text Analytics
- Video Analytics
Global Emotion Analytics Market, By Technology
- Pattern Recognition
- 3D Modeling
- Biometrics & Neuroscience
- Artificial Intelligence
- Record Management
- Others
Global Emotion Analytics Market, By End-Users
- BFSI
- Media And Entertainment
- Automotive
- IT And Telecommunication
- Retail
- Healthcare
- Others
Global Emotion Analytics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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