Emotion Detection and Recognition Market: Current Analysis and Forecast (2021-2027)
Emphasis on Technology (Feature Extraction & 3D Modeling, Biosensors, Natural Learning Processing (NLP), and Others); Software Tools (Facial Expression & Emotion Recognition, Gesture & Posture Recognition, Voice Recognition); Application Area (Marketing & Advertising, Law Enforcement, Surveillance & Monitoring, Entertainment & Consumer Electronics, Others); Region/Country.
The emotion detection and recognition market is promulgating as it helps in the detection of human emotions with the incorporation of technological capabilities, such as facial recognition, speech, and voice recognition, biosensing, machine learning, and pattern recognition. The emotion detection and recognition market is expected to grow at a CAGR of 15% during the forecast period owing to the huge expansion in the IoT, increased adoption of wearable technologies, and a massive increase in smartphone usage. The market can benefit from the use of cloud-based technologies coupled with other key influencers of the market including the rising need for better customer experience (as emotional connection also plays a key role along with customer satisfaction), the increasing need for a human touch in digital communications (chatbots), and challenges in language context and facial recognition.
Furthermore, many prominent organizations across industries such as technology, automotive, consumer goods, and media & advertising, among others are using emotion detection and recognition to their advantage. This technology facilitates consumer behavior detection and, thus, helps in contributing significantly to consumer behavior studies. For instance, Disney has been using technology to determine how audiences enjoy its movies, specifically creating an AI-powered algorithm that can recognize complex facial expressions and even predict upcoming emotions.
Insights Presented in the Report
“Amongst software tools, facial expression and emotion recognition segment is expected to witness the highest CAGR during the forecast period”
Based on a software tool, the market is segmented into facial expression & emotion recognition, gesture & posture recognition, and voice recognition. The gesture & posture recognition segment is expected to grow at the highest rate during the forecast period, as it offers the ability to communicate naturally with the technology through basic sign language, reduces the use of most prominent hardware devices, and assures good performance with fast and powerful results.
“Amongst application area, the advertising and marketing segment is expected to witness the highest CAGR during the forecast period”
Based on application, the market is segmented into Market & Advertising, Law enforcement, surveillance and monitoring, and entrance & consumer electronics, and others. Marketing and advertising is expected to dominate the emotion detection recognition solution market. Knowing how customers feel has become a key objective in any business, companies are expected to stay conscious of the customer perspective, as it helps them to advertise accordingly. Deploying emotion detection and recognition technology into the marketing and advertisement of the business is the key to exploring the customer perspective.
“North America to witness significant growth during the forecast period”
North America is expected to achieve the highest CAGR during the forecast period owing to the presence of key market players in developed countries such as the United States and Canada. Furthermore, strategic investments, partnerships, and significant spending on research and development (R&D) of advanced hardware and software are contributing to the hefty deployments of emotion detection and recognition solutions in the region. The United States is one of the largest retail markets in the world and accounts for a significant portion of the world’s retail, including e-commerce. As retail sales skyrocket, retailers in the region are spending more and more on advertising targeting the right segments. Increased sales allow retailers to spend more on the technology that enables such features.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Emotion Detection and Recognition market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Emotion Detection and Recognition Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global emotion detection and recognition market were the three major steps undertaken to create and analyze the adoption of Emotion Detection and Recognition in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global emotion detection and recognition market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the emotion detection and recognition market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of emotion detection and recognition, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology, software tool, and application areas. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the emotion detection and recognition market. Further, we conducted factor analysis using dependent and independent variables such as various technology, software tool, and application areas of emotion detection and recognition. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and software and service launches in the emotion detection and recognition market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Emotion Detection and Recognition market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the emotion detection and recognition market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global emotion detection and recognition market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global emotion detection and recognition market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, software tool, and application in the global emotion detection and recognition market.
The main objective of the Global Emotion Detection and Recognition Market Study
The current & future market trends of the global emotion detection and recognition market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Emotion Detection and Recognition market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of technology, software tool, and application.
- Define and analysis of the regulatory framework for the emotion detection and recognition market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the emotion detection and recognition market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the emotion detection and recognition market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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