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(Wireless-NewsWire.Com, June 07, 2018 ) The emotion detection and recognition market is expected to grow from USD 6.72 Billion in 2016 to USD 36.07 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 39.9% during the forecast period. Several factors such as rising demand for sentiment mapping, especially by the marketing and advertising sector, increasing concerns for security, and growing need for application for support during emergency have bolstered the growth of emotion detection and recognition systems. Verticals such as healthcare, banking, defense, commercial security, and many more have boosted the market.
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The emotion detection and recognition market is segmented by software tool, service, technology, application area, end user, and region. The consulting and integration services segment is expected to grow at the highest CAGR during the forecast period; consulting & integration in the service type is projected to witness the highest demand due to the high involvement of end users for managing and aligning the solutions according to the organizations’ business needs.
Currently, due to the increasing rate of cybercrimes and illegal trespassing, biometric authentication and deception detection systems have gained traction. These developments have cumulatively created an environment for emotion sensing software to be embedded within computing systems for enhanced computing experience, and thereby resulting in better decision making. Thus, the bio-sensing software tools and apps segment is expected to hold the largest market share in 2016.
The emotion detection and recognition systems incorporate touch and touchless technologies that capture the human emotional quotient through unique solution suites tailored to meet the end users’ environment. The suites comprise a combination of various technologies, such as facial expression recognition, speech & voice recognition, and bio-sensing software tools and apps for real-time emotion sensing. Among these, the Natural Language Processing (NLP) technology is expected to dominate the emotion detection and recognition market contributing the largest market share during the forecast period.
The emotion detection and recognition technology is being increasingly adopted by end users, such as defense and security agencies, commercial, and industrial sector, which has led to the growth of the market across the globe. The industrial user segment is expected to grow at the highest CAGR in the emotion detection and recognition market among all the end users, owing to its higher adoption in automotive industries during the forecast period.
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The global market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), the Middle East, and Rest of the World (RoW), which includes Latin America and Southern Africa, to provide a region-specific analysis in the report. North America is expected to have the largest market share and is expected to dominate the market from 2016 to 2021. This is mainly because in the developed economies of the U.S. and Canada, there is high focus on innovations obtained from research and development and technology.
However, due to lack of awareness, expertise, and other operational challenges, most of the organizations struggle to optimally utilize the full potential of emotion detection and recognition technology. This has been significantly hindering the growth of the market. The technological giants such as IBM Watson and Tobii, along with some of the key innovators such as Affectiva (U.S.), Emotient, an Apple company (U.S.), Noldus (Netherlands), Kairos Ar. Inc. (U.S.), and RealEyes (U.K.) have created leading emotion detection systems and platforms. These players have adopted various growth strategies such as new product launches, partnerships, contracts, collaborations, acquisitions, and expansions to expand their global presence and increase their market shares in the global market.
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