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, and adoption of IoT, AI, ML, and deep learning technologies across the globe.
The vendors covered in the emotion detection and recognition market report 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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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the emotion detection and recognition market. Partnerships, agreements and collaborations and new product launches have been the most adopted strategies by the major players from 2019 to 2022 to innovate their offerings and broaden their customer base.
NEC is one of the prominent vendors and has expertise in the integration of IT and network technologies. It evolved as a major multinational IT and electronics company, with offices across the globe, including APAC, North America, Europe, and the Middle East. NEC Facilities (Japan), NEC Display Solutions (Japan), NEC Energy Solutions (US), and NEC Embedded Products (Japan) are a few of its subsidiaries. As of March 31, 2021, the company had an employee base of 1,12,000 professionals with nine state-of-the-art Research and Development (R&D) centers. The company offers integrated solutions, components, and services for computing and communication applications. The company’s product portfolio comprises computers, data storage products, embedded systems, fiber optic devices, integrated infrastructure, network products, and software. The company’s solutions and services portfolio include big data analytics, biometric authentication, cloud, display, digital signage, OEM services, safety, and smart energy. NEC, through its products and solutions, serves various industries, including aerospace, agriculture, government, hospitality, logistics, manufacturing, retail, and transportation. It develops and markets biometric systems, such as standalone (modal/multi-modal) solutions and the NeoFace Facial Recognition (Multi-Modal) Suite, which can be customized to fully meet the demands of customers.
Pure play vendors, such as Affectiva (US), Noldus (Netherlands), Kairos (US), and Beyond Verbal (Israel) are acknowledged as some of the innovators in emotion detection and recognition solutions market space. These companies are integrating facial expression recognition, gesture sensing components coupled with analytics features into mobile apps, games, and electronic consumer devices to enhance the digital experiences of their customers. These prominent key players are therefore known to offer emotion detection and recognition solutions to various organizations and end users, including enterprises, defense and security agency, and commercial and industrial.
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
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