Emotion Detection and Recognition Market Estimated to grow at a CAGR of 10.43% During the Forecast Period 2021-2026

Emotion Detection and Recognition Market

(IT-NEWSWIRE.COM, February 22, 2022 ) Emotion Detection and Recognition Market size was valued at $18.67 billion in 2020 and it is estimated to grow at a CAGR of 10.43% during 2021-2026. Emotion detection and recognition technology is used for reading the sentiments of a human by utilizing various sophisticated technologies. The growth of the emotional detection and recognition market is mainly attributed to the increasing demand for different types of software. Such software includes bio sensing, speech and voice recognition, facial expression recognition, gesture and posture recognition, which are being used for analyzing the emotional states. In addition, high penetration of advanced technologies such as IoT, AI, ML, sentiment analysis, deep learning, biosensors technology, pattern recognition, natural language processing (NLP), feature extraction and 3d modeling and others; plays a major role in the growth of the emotion detection and recognition market. Furthermore, increasing usage of this technology for measuring the student engagement in e-learning process, employees’ involvement during telecommunications, monitoring health vitals and identifying the emotional state of the criminals is growing rapidly. This in turn accelerates the growth of the emotion detection and recognition industry. Hence, the above-mentioned factors will boost the demand for this technology and will create new opportunities for emotion detection and recognition market growth during the forecast period.

Emotion Detection and Recognition Market Segment Analysis - By Component

By component, the emotion detection and recognition market is segmented into software and services. Software segment held the major emotion detection and recognition market share and is anticipated to witness the fastest growth, around CAGR of 10.78%, during the forecast period 2021-2026. The software segment is further segmented into bio-sensing, speech and voice recognition, facial expression recognition, gesture and posture recognition and others. Rapid digitalization and growing usage of this technology for many different applications related to security and surveillance, health monitoring, marketing and advertising, entertainment and others; boost the growth of this industry. Over the time, analyzing the behavioral patterns, sentiment analysis, emotional state of people is becoming a significant part of every industry, which also plays a crucial role in fueling the demand of such software. In July 2020, NEC Corporation and Realeyes announced about their strategic partnership for jointly developing and distributing emotion analysis solutions across the world. This partnership enabled digital transformation, which in turn enhanced the safe and robust user experiences across media, entertainment, education, healthcare, communication and other industries. Such developments by the top market players will enhance the growth of this market and will create new opportunities for enhancing the Emotion Detection and Recognition Market Revenue during this period.

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Emotion Detection and Recognition Market Segment Analysis - By End-User Industry

Based on end-user industry, this market is segmented into automotive, healthcare, government and security agencies, defense and law enforcement, media and entertainment, retail and e-commerce, academics and research, consumer electronics and others. The automotive sector is estimated to grow with the fastest CAGR of 7.5% during the forecast period 2021-2026 owing to the growing penetration of advanced technology such as AI, ML, IoT and others in this industry. This technology not only helps in detecting the emotions of the passengers but also aids in making the experience more comfortable, safer and better with the help of artificial intelligence (AI) in processing the real-time data from cameras, microphones, biosensor technology, and others. Such factors trigger the demand of emotion detection and recognition tools in the automotive industry. To meet the high demand, players of this market are investing heavily for the development of this technology along with the product launches. In April 2019, Affectiva raised $26 million of funding for advancing its emotion and object detection AI, in order to enhance the car safety system. This product can recognize when a driver is happy, sad, drowsy or frustrated. Similarly, in June 2021, STMicroelectronics collaborated with Eyeris on integrating the global-shutter sensor solution for automotive in-cabin monitoring. This partnership focuses on extending STMicroelectronics’s global-shutter sensor to in-cabin sensing applications with advanced portfolio of Deep Neural Networks of Eyeris, to offer various safety and convenience supporting benefits. The benefits include Driver Monitoring Systems (DMS), Occupant Monitoring Systems (OMS), child presence detection, object recognition, gesture control and activity prediction. Such developments and other Emotion Detection and Recognition Market Trends will drive the market during 2021-2026.

Emotion Detection and Recognition Market Segment Analysis - By Geography

According to Emotion Detection And Recognition Market Research report of IndustryARC, APAC is estimated to witness the highest CAGR close to 11.43% during the forecast period 2021-2026. Rapid digitalization, economic growth, development of various industries including e-commerce, automotive and other industries; and growing adoption of advanced technologies are the main driving forces for this region. Apart from that, governments of this region are also taking initiatives to promote the usage of digital platforms, which is fueling the adoption of this technology. Additionally, owing to the high growth opportunities of this region, prominent market players are investing here. In June 2019, London-based emotion AI company, Realeyes partnered with Intralink for its expansion in Asia and has invested $12.4million to expand its business in this region. Hence, the above-mentioned factors will drive the Asian emotion detection and recognition market growth during the forecast period.

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Emotion Detection and Recognition Market Drivers

Usage of Wearable Devices:

One of the main drivers of this market is the increasing usage of wearable devices, which can detect the emotions and plays a major role in psychological health monitoring and human-computer interaction. With increasing health awareness, the usage of advanced wearable devices for individual use as well as in healthcare sector is rising. Such wearable devices are equipped with various advanced sensors that collect, monitor as well as analyze various health vitals and emotional state of the person. For instance, in August 2020, in order to help people improving their health and wellness, Amazon launched Amazon Halo and Amazon Halo Band, a combination of a suite of AI-powered health tools with an innovative wrist band. This product tracks various activities, body fat and emotional state of the user by listening to the tone of their voice. Similarly, in August 2020, Upmood launched a new product, Upmood Watch, which is specifically designed for tracking heart rate variability (HRV) to reveal micro-patterns in behaviors and emotions with high accuracy. Such product launches affect the growth of emotion detection and recognition market positively.

Increasing Popularity of Facial Expression Recognition Technology:

Over the years, the adoption rate along with the popularity of facial expression recognition technology is rising across various industries including healthcare, BFSI, e-commerce, automotive, government and security agencies, defence and law enforcement, media and entertainment, retail and e-commerce, education, telecommunication and others. This in turn creates a huge growth opportunity for emotion detection and recognition technology. For instance, in October 2019, Fujitsu announced about the development of an AI- based facial expression recognition technology that helps in recognizing even the subtle changes in facial expression with a high level of accuracy. This technology was specifically designed for various practical applications, which includes teleconferencing support, employee engagement measurement, and driver monitoring. Furthermore, given the current Covid-19 pandemic situation, many educational institutes, health institutes and others, are opting for this technology for reading the emotions. Thus, the above-mentioned factors will drive the growth of this market during the forecast period 2021-2026.

Emotion Detection and Recognition Market Challenges

High Cost and Misinterpretation of Emotions

Even though, the emotion detection and recognition market is growing rapidly, there has been issues that are hampering the growth of this industry. High cost and misinterpretation of emotions are few of the major drawbacks faced by this market. As the development cost of this technology is high, it creates financial issues. Along with it, this technology sometimes fails to detect the correct emotion accurately and misinterprets it. This in turn creates some severe negative impact on the growth of this market. According to many researchers, it's really hard to infer happiness from just a smile or anger from a scowl or the level of sadness from a frown, with confidence. Hence, the factors mentioned above are set to hamper the market growth during the said Emotion Detection And Recognition Market forecast period.

Emotion Detection and Recognition Market Landscape

Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Emotion Detection and Recognition Market. Emotion Detection and Recognition market outlook has top market players, including Affectiva, Inc., Microsoft Corporation, Google LLC, Amazon, Inc., Kairos Ar, Inc., Emotient, Inc., Realeyes Data Services Ltd., Noldus Information Technology BV and Sentiance NV among others.

Acquisitions/Technology Launches

In June 2021, the leading AI-based eye tracking company, SmartEye completed the acquisition of the Emotion-detection software startup company Affectiva for $73.5 million. This merger will accelerate the growth and development of software for automotive Interior Sensing, Media Analytics, Human Factors Research and various adjacent markets.

In October 2020, NordicNinja VC made an announcement about its investment in Realeyes for commercializing the new emotion AI products across the world.

Key Takeaways

According to the Emotion Detection And Recognition Market Analysis of IndustryARC, Automotive sector is estimated to grow with the fastest CAGR during the forecast period, due to the high penetration of advanced technology such as AI, ML, IoT and others in this industry to offer better and safer experience.

APAC witnessed the fastest market growth during the forecast period 2021-2026, rapid developments in digital transformation, economical growth are few of the key factors contributing towards the market growth.

The demand for emotion detection and recognition technology is estimated to witness a significant upsurge during the forecast period, owing to the high usage of wearable devices and growing popularity of facial expression recognition technology.

The Emotion Detection and Recognition Market outlook is consolidated with top market players including Affectiva, Inc., Microsoft Corporation, Google LLC, Amazon, Inc., Kairos Ar, Inc., Emotient, Inc. and others.

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Emotion Detection and Recognition Market Estimated to grow at a CAGR of 10.43% During the Forecast Period 2021-2026