Emotion Analytics Market: Size, Dynamics, Regional Insights, and Market Segment Analysis

Emotion Analytics Market was valued at USD 2.20 Bn. in 2021, and it is expected to reach USD 7.95 Billion by 2029, exhibiting a CAGR of 16.7 % during the forecast period (2022-2029)
Emotion Analytics Market Overview:
Emotion analytics is a software program that is specifically developed to analyse a person's emotions or viewpoints. It is the ability to acquire information from people and how they communicate verbally and nonverbally. Speech analytics, video analytics, facial analytics, and other popular emotion analytics software packages.

The rising need for recognition applications is driving the growth of the emotion analytics market. Furthermore, rising wearable device popularity, expanding use of mobile and cloud-based biometric technologies, and rising demand for artificial intelligence and big data analytics are likely to boost the growth of the emotion analytics market. However, the lack of government entities and technology will limit the emotion analytics sector, as will a lack of knowledge.

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Emotion Analytics Market Dynamics
Market Growth Drivers:

The rising demand for crucial decision-making connected to understanding human behaviour is a primary driver for the growth of the emotional analytics market, which allows many firms to implement emotional analytics technology into their process. The emotional analytics Internet of Things helps organizations better understand human emotions and will be a new marketing component in the forecast period. Biometric advancements centered on smartphones and the cloud are being widely used in many organizations. These reasons will fuel the global growth of the emotion analytics market.

A few of the primary factors driving the market in emotional analytics include a growth in the number of videos, the crucial decision-making process, and a company's understanding of human behavior, which drives various organizations. Emotional analytics' Internet of Things helps corporations to better understand human emotions and will become a new dimension in commercialization. Biometric mobile and cloud approaches are widely used in various organizations. All of these factors are driving the growth of the global emotion analysis market.

Increasing Automotive Industry Demand

The automotive industry's growing demand for emotion analytics is expected to drive market growth throughout the projected period. The auto industry is transitioning to next-generation technology by incorporating AI-based solutions into vehicles. Automakers are focused on research and development to provide emotion detection capabilities in autos, where the installed software responds intelligently to the emotions conveyed by the driver. The program recognizes gestures, eye movement, and touch while determining the driver's attention, lowering the danger of road accidents.

Trends and Opportunities:

The growing application of emotion recognition in the automobile industry is a positive emotion analytics market trend that is predicted to continue in the during the forecast period. The car industry is investing heavily in emotion recognition. With increased rivalry, firms in the automobile sector aim to engage with people on an emotional level to convert them into potential customers and develop customer retention and acquisition strategies. Furthermore, vehicle manufacturers and original equipment manufacturers are increasingly concentrating on monitoring car drivers' emotions to improve car safety measures. Furthermore, the capacity to identify emotions reliably is seen as a key advancement toward the deployment of precise human-machine software and hardware interfaces in automobiles. These characteristics have the potential to improve the driving experience in next-generation vehicles as well as public transit. As a result, the growing usage of emotion recognition and analysis in the automotive sector will be a prominent market development over the projection period.

Market Growth Restraints:

Over the forecast period, the high cost of adoption and use of emotion analytics will operate as a market restriction. Through speech, body posture, and other gestures, emotion analytics technologies can only give analysis with 75%-85% accuracy. As a result, the difficulty of emotion analytics software to effectively evaluate human emotions is hindering the market growth. Additionally, the absence of a clear scientific reason for associating an expression with a certain emotion is expected to hamper the global emotion analytics market's growth.
Emotion Analytics Market Segment Analysis
The speech analytics segment held the largest market share in 2021

The emotions analytics market is classified into four types: speech analytics, face analytics, text analytics, and video analytics. Due to increased demand and usage of voice-based smart home devices or assistants such as Amazon Echo and Google Nest, the speech analytics market is expected to expand rapidly throughout the forecast period. With smartphones and smart home gadgets, an increasing number of people are utilizing their voices to search the internet. The expanding relevance of speech analytics in contact centres, as well as the growing number of enterprises adopting speech analytics in the retail industry, are the major reasons expected to drive the speech analytics segment in 2022.

The Artificial Intelligence market will grow dramatically

The emotion analytics market is divided into technological segments such as pattern recognition, 3D modeling, biometrics & neuroscience, artificial intelligence, record management, and others. Because of the rising implementation of novel technologies such as AI in emotion analytics and other applications, the Artificial Intelligence (AI) category is expected to hold largest market share by 2029. AI technology is used to study human emotions, allowing firms to get customer insights and grow their enterprises. This fosters the growth of the artificial intelligence segment.

The on-cloud sector is expanding rapidly

The emotion analytics market is segmented into on-cloud and on-premise. Because of the increased use of cloud-based technologies for emotion analytics, the on-cloud segment is expected to hold significant market share by 2029. AI, facial recognition, and other cloud-based software and tools are being utilized for a variety of applications such as analyzing customer preferences, identifying human emotions, and others. These are the primary drivers driving the expansion of the on-cloud sector.

The retail sector commands a large market share

The emotion analytics market is segmented by end-users into media & entertainment, automotive, IT & telecommunication, BFSI, retail, healthcare, and others. The retail segment is expected to grow significantly throughout the forecast period, as e-commerce gains favor over conventional and physical storefronts around the world. The fight among various burgeoning e-commerce enterprises to dominate the industry and expand their consumer base is heating up. Online retailers are increasingly relying on emotion analytics to uncover the latest trends and client preferences by monitoring customer voices to produce insights. These are the primary drivers driving the retail segment growth.
Emotion Analytics Market Regional Insights
In light of the existence of countries like the US and Canada, which are home to one of the biggest retail marketplaces, R&D expenditures, demand for IoT, smart wearables, and ad spending, the North American region is anticipated to account for a sizable portion of the global market. The region's marketers are among the world leaders in the use of technology that make it possible to learn more about consumers.

As a result, rising advertising spending is projected to have a greater impact on the adoption of emotion analytics technologies. More marketers are going to use technology that allows them to obtain insights and make data-driven decisions. According to Group M, after the market recovered from the impacts of the coronavirus outbreak, media owners' global ad income surged by 24.3%. At the time, the global advertising sector produced USD 772.4 billion in revenue. By 2029, the market is expected to exceed USD 1 trillion. North America is expected to be the largest regional ad market, followed by the Asia Pacific. As a result, marketers should include emotion analytics tools to get customer insights. The United States is one of the world's major retail marketplaces, accounting for a sizable portion of retail, including e-commerce. With rising retail sales, regional retailers are boosting their expenditure on marketing that targets the correct demographic. Increased revenues enable merchants to invest more in technology that provides such capabilities.

North America is also one of the most important markets for IoT in both the consumer and industrial sectors. The number of IoT connections in the area is estimated to reach 5.9 billion by 2029, according to GSMA intelligence. This growth is intended to help marketers gain true customer data and enhance ad training.

Over the forecast period, the APAC area will have encouraging growth. The growth of the global emotion analytics market in the region is being fueled by factors including the expanding service industries in China and India, rising digitization rates, rising contact center counts, government support for the implementation of biometrics, the presence of the world's fastest-growing economies, high levels of technology penetration in the region, and the presence of potential market nations like Singapore, South Korea, Japan, Malaysia, Thailand, Japan, and China. In addition to the country's fast industrialization, businesses are growing more cutthroat and concentrating on providing better customer service, which is boosting market expansion.
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Emotion Analytics Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 2.20 Bn.


Forecast Period 2022 to 2029 CAGR:
16.7%
Market Size in 2029:
US $ 7.95 Bn.


 Segments Covered:
by Type
• Text Analytics
• Facial Analytics
• Speech Analytics
• Video Analytics


by Technology
• Pattern recognition
• 3D modeling
• Biometrics & neuroscience
• Artificial intelligence
• Record management
• Others


by Deployment
• On-cloud
• On-premise


by End-Users
• Media & Entertainment
• Automotive
• IT & telecommunication
• BFSI
• Retail
• Healthcare
• Others



Leading Players In the Emotion Analytics Market are:
• Affectiva Inc (US)
• Lexalytics (US)
• Lionbridge (US)
• Emotient, Inc. (US)
• Eyeris(EmoVu) (US)
• IBM Corp. (US)
• Kairos AR Inc (US)
• Microsoft Corp (US)
• Neuromore Inc (US)
• SAS Institute Inc (US)
• Google (US)
• Cogito (US)
• Retainad Virtual Reality Inc (US)
• Beyond Verbal (Israel)
• Tobii (Sweden)
• Sentiance (Belgium)
• Repustate (Canada)
• Aylien (Ireland)
• Realeyes (UK)
• TextRazor Ltd. (UK)
• Adoreboard (UK)
• SAP AG (Germany)
• iMotions A/S (Denmark)
• nViso SA (Switzerland)
• Noldus Information Technology (Netherlands)

Frequently Asked Questions:

1] What segments are covered in the Global Emotion Analytics Market report?
Ans. The segments covered in the Emotion Analytics Market report are based on Type, Technology, Deployment, End-users, and Region

2] Which region is expected to hold the highest share in the Global Emotion Analytics Market?
Ans. The North America region is expected to hold the highest share in the Emotion Analytics Market.

3] What is the market size of the Global Emotion Analytics Market by 2029?
Ans. The market size of the Emotion Analytics Market by 2029 is expected to reach USD 7.95 Bn.

4] What is the forecast period for the Global Emotion Analytics Market?
Ans. The forecast period for the Emotion Analytics Market is 2021-2029.

5] What was the market size of the Global Emotion Analytics Market in 2021?
Ans. The market size of the Emotion Analytics Market in 2021 was valued at USD 2.20 Bn.