According to a research report "Emotion Analytics Market by Type (Text, Facial, Speech, and Video Analytics), Application (Customer Experience Management, Competitive Intelligence, Sales and Marketing Management), Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets,The global emotion analytics market size is expected to grow from USD 2.2 billion in 2019 to USD 4.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.8% during 2019–2024. Need for higher customer satisfaction, rising significance for real-time emotion analytics, adherence to regulatory and compliance standards, and increasing need of emotion analytics software and services to cater to the growing Business Process Outsourcing (BPO) sector are the major factors driving the emotion analytics market.
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Customer experience management to account for the largest emotion analytics market size during the forecast period
Emotion analytics provides enhanced customer experience management to companies, for which it analyzes the target customers, and creates and delivers personalized experiences to them, thereby enticing the customers to remain loyal to them. Emotion analytics extracts insights from all customer touchpoints and channels across the entire organization that includes calls, texts, video, facial, emails, chats, and social media platforms. Emotion analytics solutions use historical data and real-time information to identify the patterns and trends of customers, enabling the agent to tailor their words accordingly over the call. The historical data and real-time information help companies in generating offers for the retention of customers, thereby reducing escalations and the termination of services.
The retail vertical is projected to account for the largest emotion analytics market size during the forecast period
The retail vertical is going through a massive transformation, as mobile eCommerce is gaining popularity and replacing the brick-and-mortar stores. Owing to the emergence of several eCommerce players, the competition in online retail is also on the rise. The industry players need to identify the latest trends by analyzing the voice of the customer and generating insights using their choice preferences. It has become necessary for retailers to integrate ICT to understand customers’ information and analyze it for the optimal management of the workforce with the help of advanced tools and dashboards, so that the management can make better decisions. Emotion analytics can help retailers with applications, such as marketing intelligence, business processes, and risk management, as well as customer intent and experience management.
North America to account for the highest market share during the forecast period
The US accounts for the highest market share in the emotion analytics market. The US and Canada are the leading countries in retail, financial services, banking, and other industries, such as travel and hospitality. The US is expected to have the highest market share among all the countries in the market during the forecast period. It is a technologically advanced country with strong regulations for various verticals.
Major vendors in the global emotion analytics market include Affectiva (US), Beyond Verbal (Israel), iMotions (Denmark), Kairos (US), Noldus Information Technology (Netherlands), Cogito (US), Tobii (Sweden), Sentiance (Belgium), NVISO (Switzerland), Lexalytics (US), Sensum (UK), IBM (US), Microsoft (US), Google (US), Gorilla Technology (Taiwan), Adoreboard (Antrim).
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