The importance of next-gen technologies such as artificial intelligence (AI) and emotion analytics are being quickly realised by enterprises all over the world. Businesses are leveraging the capabilities of such technologies to bolster their customer relationship management (CRM). Emotion analytics with its futuristic characteristics has found the limelight in the business world. The technology is used to enhance data classification, data collection, data visualization and data analytics. A widening application base is partly driving the global market for emotion analytics. A recent study conducted by Market Research Future (MRFR), reveals that the global emotion analytics market will capture a strong CAGR of 17% between 2017 and 2023.
Developers are constantly improving the efficacy and functionality of emotion analytics, making them compatible with a wide range of software and hardware applications that use audio-visual mining techniques for operation. Factors as such are reflecting favourably on the global market for emotion analytics. In addition, increasing penetration of big data and artificial intelligence is creating broader opportunities of emotional analytics application. Technology companies with emotion analytics expertise are actively focusing on developing advance emotion detection APIs, face recognition tools and camera-based analytics platforms among others. In the near future, emotion analytics is also expected to emerge as an important technology for biometric identifications.
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Latest Industry Trends and News:
Affectiva, a leading tech-firm specialized in Emotional Intelligence recently launched a dedicated AI system for automotive “Affectiva Automotive AI”, which is a world-first multi-modal in-cabin emotion based AI sensing solution. The system is capable of voice and face recognition in real time, tracking the nuanced and complex congnitive and emotional states of a vehicle’s occupants to deliver accurate emotion analytics.
Microsoft India is reportedly assisting 650 India-based partners in using Microsoft cognitive services, AI, IoT and machine learning platforms. Over the last couple of months, the company with the help of its partners have delivered AI solutions to sectors such as education, healthcare, agriculture, e-commerce, retail, financial services and manufacturing.
Based on type, market has been segmented into video analytics, speech analytics, facial analytics and others. By technology, the market has been segmented into biometrics and neuroscience, pattern recognition, artificial intelligence, records management, 3D modelling and others. By solution, the market has been segmented into cloud, mobile and web application and others. On the basis of end-user, the market has been segmented into defense, commercial, enterprises, industrial, security agencies and others.
MRFR’S report has also segmented Emotion Analytics (EA) Market into four key regions, which include North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). In term of market share, North America currently holds a dominant position and the trend is likely to continue through the assessment period. Presence of leading market players and rapid growth of AI, cloud computing and big data is providing an impetus to the market in the region. The emotion analytics market in Europe is projected to witness a healthy growth in the forthcoming years. In Asia Pacific, countries such as India, China and Japan will play a crucial role in boost the market in the region.
Some of the key companies operating in the global market for emotional analytics include iMotions (U.S), Lightspeed LLC (U.S.), International Business Machines Corporation (U.S.), Retinad Virtual Reality Inc. (Canada), Imotions A/S (Denmark), Beyond Verbal (Israel), Eyris (EmoVu) (U.S.), sensation.io (Germany), Microsoft Corporation (U.S.), Apple, Inc. (U.S,), Neuromore Inc. (U.S.), Kairos AR, Inc. (U.S.), RealComm Global LLC (U.S), Affectiva (U.S.), and Adoreboard (U.K.).
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