The global emotion analytics market size 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.
The major emotion analytics market vendors 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global emotion analytics market. New product launches, partnerships, and agreements have been the most adopted strategies by the major players from 2016 to 2019, which helped them innovate their offerings and broaden their customer base.
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Beyond Verbal (Israel) is one of the key players in emotion analytics market and committed to identifying proprietary Vocal Biomarkers for personalized healthcare screening and monitoring on the basis of voice analysis. The Vocal Biomarker engine analyzes free speech using a proprietary speaker diarization tool to provide non-intrusive, and continuous and scalable information about people health. The company has a strong research team for developing cloud-based emotions analytics that extracts a set of emotions and individual character traits based on raw vocal intonations. Researchers integrate Beyond Verbal's Application Programming Interface (API) with any application and correlate it with other life events, leveraging the benefits of the existing Artficial Intelligence (AI) tools as well as expertise of the company’s data science team to gain new insights into unique vocal biomarkers.
Affectiva (US) is one of the major players in emotion analytics market and its mission is to bring emotional intelligence to the digital world with the help of the emotion recognition technology that senses and analyzes facial expressions and emotions. Its patented software is built on an emotion AI science platform that uses computer vision, deep learning, and the emotion data repository of more than 4.9 million faces analyzed from 75 countries. Affectiva’s emotion analytics solution is used by more than 1,400 brands, such as Kellogg's, MARS, and CBS, to gather analytics and insights into consumer emotional engagement. The company focuses on both organic and inorganic growth strategies to expand its reach and scope in the emotion analytics market.
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
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