In the research report, Market Research Future (MRFR), highlights that the global Emotion Detection and Recognition market 2020 is slated to grow exponentially over the review period, securing a substantial market value of approximately USD 65 Billion by 2023, and a healthy 39% CAGR over the review period.
Drivers and Restraints
Many industry leaders who are well placed in the industry have already started investing heavily in the sector. Such innovations concentrate primarily on R&D and expansion by mergers and acquisitions. The potential for future growth is one of the main motivating factors which drives demand for this sector at an exceptionally high rate. Wearable technology growth is one of the main motivators for the increase in demand on this market. A thorough understanding of emotion is a factor that challenges the EDR market, because emotions can be expressed in several ways and can also be deceiving. Despite this challenge, developments in AI technology are expected to drive the demand for EDR over the forecast period.
Many key market influencers include the the need for better customer service (since emotional interaction often plays a key role along with consumer satisfaction), the the need for a human contact in digital communications (chatbots), and language context and facial recognition challenges.
Although artificial intelligence (AI) unleashes a wave of digital disruption, limiting AI's understanding of human emotion remains a challenge.
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The segmentation of the market has been done on the basis of technology, software tools, services, applications, and end-users.
Based on the Technology, the market has been divided into Bio Sensors Technology, Pattern Recognition, Natural Language Processing (NLP), Feature Extraction and 3D Modelling, Machine Learning, and others
Based on the Software Tool, the market has been segmented into Speech and Voice Recognition, Facial Expression Recognition, and Bio Sensing Software Tools and Apps.
By Service, the market has been bifurcated into Storage and Maintenance, Consulting and Integration.
By Application the market has been segmented into, Law Enforcement, Surveillance and Monitoring, Marketing & Advertising, Media & Entertainment and others.
Based on the End User the market has been segmented into Industrial, Commercial, Defense and Security Agency, Enterprises and others.
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The geographical synopsis of the global market has been analyzed in four major regions, comprising the Asia Pacific, North America, Europe, and the rest of the world.
Owing to the involvement of countries such as the United States and Canada, which are home to the largest retail markets, with demand for IoT and smart wearables, and strong ad spending, North America is projected to retain a substantial market share. The region's marketers are among the world's leading adopters of technologies that enable consumers to gain insight. North American has many major players on the market offering innovative solutions to all end users in the regions. The US and Canada are projected to be major contributors to the growth of the emotion detection and recognition market due to their strong economies. The United States is one of the world's largest retail markets, driving a considerable share of global retail like e-commerce. In addition to this factor, the geographic presence, strategic investments, partnerships, and significant R&D activities contribute to the heavy deployment of emotion detection and recognition solutions. With the rising retail sales, the region's retailers are increasingly spending on ads that target the right segment. Rising sales allow retailers to spend more on technologies that allow such capabilities.
The major market players operating in the global market as identified by MRFR are Sightcorp (Netherlands), Affectiva (U.S.), Eyeris (U.S.), Emotient, An Apple Company (U.S.), Kairos Ar. Inc. (U.S.), Noldus (Netherlands), Realeyes (U.K.), nViso. (Switzerland), Sentiance (Belgium), Skybiometry (Lithuania) among others.
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