According to a research report "Emotion Detection and Recognition Market with COVID-19 Analysis, by Component (Software (Facial Expression Recognition, Speech & Voice Recognition), Services), Application Area, End User, Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, the global emotion detection and recognition market size is projected to grow from USD 23.6 billion in 2022 to USD 43.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period. The major factors driving the market growth include the rising need for accretion of speech-based emotion detection systems to analyze emotional states, Adoption of IoT, AI, ML, and deep learning technologies across the globe, growing demand in the Automotive AI industry, growing need for high operational excellence, and rising need for socially intelligent artificial agents.
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Based on the end user, the commercial segment to grow at the fastest rate during the forecasted period
Emotion detection technology is mostly used by commercial end users, such as gaming hubs, shopping malls, restaurants, movie theaters, gaming arenas, auditoriums, consumer stores and outlets, airports, marine, and seaports. The technology is highly used to measure customer satisfaction through video assessment and image processing. It can detect the moods of a customer across various demographic groups. The integration of AI technology is a leading trend in the commercial end user segment. AI experts are working with commercial teams to enhance the experience of shoppers.
North America to hold the highest market share during the forecast period
North America is the largest revenue contributor to the emotion detection and recognition market, as the growth of the region is being driven by the rising internet penetration and increasing adoption of cloud-based and Internet of Things (IoT) applications across verticals. Countries in North America are well-established economies, enabling investments in advanced technologies.
The US and Canada have made significant investments in Research and Development (R&D) activities, contributing to the growth of new technologies. In addition, massive government funding and a strong technical base aid the growth of the emotion detection and recognition market in the region. The demand for emotion detection and recognition technologies, such as facial feature extraction and 3D modeling, biosensors technology, and Natural Language Processing (NLP) is increasing across end users, such as enterprises, defense and security agency, and commercial and industrial. Key pure play vendors, such as Affectiva, Kairos, and Eyeris, along with several start-ups in the region, offer enhanced emotion detection and recognition solutions to cater to the needs of customers. Such factors are expected to fuel the growth of the global emotion detection and recognition market in North America.
The major vendors covered in the emotion detection and recognition market include NEC (Japan), IBM (US), Microsoft (US), Apple (US), Google (US), Tobii (Sweden), Affectiva (US), Elliptic Labs (Norway), Intel (US), Cognitec (Germany), NVISO (Switzerland), Noldus (Netherlands), Gesturetek (Canada), iMotions (Denmark), Numenta (US), PointGrab (Israel), Ayonix (Japan), Pyreos (UK), Eyeris (US), Beyond Verbal (Israel), Kairos (US), Sentiance (Belgium), SightCorp (Holland), Crowd Emotion (UK), and Sony Depthsense Solutions (Belgium).
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