In the post COVID-19 scenario, the global Emotion Detection and Recognition Market size is projected to grow from USD 19.5 billion in 2020 to USD 37.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3% 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.
Based on technology, the biosensors technology segment to lead the market in 2020
The biosensors technology is a critical component for emotion detection and recognition, providing essential information on the emotional state of humans. The use of this technology could prove to be useful in capturing hidden physiological or emotional states of an individual, thus, overcoming the limitations of facial or gesture recognition systems used to capture emotions. This technology is also extremely useful to monitor emotions, such as stress, anxiety, anger, and depression that have enormous applications in the medical and defense sectors. The rapid adoption of these devices has been witnessed as they are capable of providing real-time information on the emotional state of humans and monitoring any physiological changes in the user.
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Based on the vertical, the retail and e-commerce segment to grow at the fastest rate during the forecasted period
Emotion AI is being used on a large-scale in the retail industry. Retail organizations are focusing on understanding consumer behavior, making it a direct route to achieve better sales and generate higher revenues. The amalgamation of cognitive science, psychology, and computer science in affective computing solutions helps to interpret the emotional state of human beings and provide an appropriate response. Hence, the consumer behavior data has to be processed and analyzed for unnoticed key insights, as well as enhance and fasten the decision-making process. This helps make strategies related to new product development and revenue optimization.
The vendors covered in the emotion detection and recognition market report NEC Global (Japan), IBM (US), Intel (US), Microsoft (US), Apple (US), Gesturetek (Canada), Noldus Technology (Netherlands), Google (US), Tobii (Sweden), Cognitec Systems (Germany), Cipia Vision Ltd (Formerly Eyesight Technologies) (Israel), iMotions (Denmark), Numenta (US), Elliptic Labs (Norway), Kairos (US), PointGrab (US), Affectiva (US), nViso (Switzerland), Beyond Verbal (Israel), Sightcorp (Holland), Crowd Emotion (UK), Eyeris (US), Sentiance (Belgium), Sony Depthsense (Belgium), Ayonix (Japan), and Pyreos (UK). 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 2017 to 2020 to innovate their offerings and broaden their customer base.
NEC Global 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, 2020, the company had an employee base of 1,12,638 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.
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Pure play vendors, such as Affectiva (US), Noldus Information Technology (Netherlands), Kairos (US), Eyesight Technologies (Israel), 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.
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