The global emotion analytics market is projected to grow at USD 25 Bn at a CAGR of 17% during the forecast period (2017-2023), states Market Research Future (MRFR) in its detailed report. The growing demand for artificial intelligence along with big data analytics is driving the global emotion analytics market. Also, the increasing adoption of facial biometrics in various sectors such as government, banking and financial sector used for ID cards, passport, driving license, health insurance card, and social security cards, increases the demand for emotion analytics system.
On the other hand, lack of technical expertise for developing machine learning and neural networks is presumed to undermine the growth of the market. However, the emotion analytics data is used by companies to create strategies that will improve their business and are also used by organizations in data collection, data classification, data analytics, and data visualization, therefore there is no dearth of demand for this market worldwide.
Emotion Analytics Market Size is segmented on the basis of type, technologies, solution, and end-users.
By type, the market is segmented into facial analytics, speech analytics, video analytics, and others. Speech analytics segment is highly popular due to the need for higher customer satisfaction, rising significance for real-time analytics, and increasing need for speech analytics solutions to the growing BPO sector. This segment is experiencing massive transformation with increasing investments for data analysis; it helps many companies to focus on customer acquisition, enhance customer retention ration, and also improve business loyalty. On the other hand, facial analytics is witnessing robust growth owing to its increasing usage in both law enforcement and non-law enforcement applications.
The technologies segment is fragmented into artificial intelligence, biometrics and neuroscience, 3D modeling, pattern recognition, records management, and others. Major drivers for artificial intelligence segment are growing big data, the increasing adoption of cloud-based applications and services, and increasing demand for intelligent virtual assistants.
The solution segment is further segmented into mobile and web application, cloud, and many more. By end-users, the market is segmented into enterprises, defense and security agencies, commercial, industrial, and more. Law enforcement and security agencies are enabling a computer software which can analyze nonverbal expressions on video which will help to make legal judgments.
Geographically, the global emotion analytics market is segmented into four key regions, which include North America, Europe, Asia Pacific (APAC) and Rest-of-the-World (RoW).
North America currently leads the market in term of market share, and will likely continue to lead through the forecast period. Presence of leading market players and rapid growth of artificial intelligence, cloud computing, and big data is providing an impetus to the market in the region.
On the other hand, the emotion analytics market in Europe is estimated to experience healthy growth in the coming years whereas, in Asia Pacific, countries such as India, China, and Japan will play a crucial role in augmenting the market in the region. Multi-party collaborations and open sourced platforms are expected to make a positive impact on the market in this region.
Some of the key companies operating in the global market for emotional analytics include iMotions (U.S), Lightspeed LLC (U.S.), Beyond Verbal (Israel), Eyris (EmoVu) (U.S.), sensation.io (Germany), Microsoft Corporation (U.S.), Apple Inc. (U.S,), Neuromore Inc. (U.S.), and many more.
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