In 2018, the emotion analytics market generated $164.7 million and is projected to reach $1,419.2 million in 2024, advancing at a CAGR of 46.8% during the forecast period (2019–2024). The market is witnessing growth due to the surging demand in the automotive sector, rising adoption of business intelligence (BI) and data analytics, and increasing demand for emotion analytics in the retail sector. Emotion analytics software reviews non-verbal cues such as body language, gesture, and facial expressions and the tone of a person for providing richer insights into the human expression of emotion.
On the basis of type, the emotion analytics market is categorized into video analytics, speech analytics, facial analytics, text analytics, and others (which include electrocardiogram, eye tracking, and electromyography). Among these, the facial analytics category dominated the market in 2018 and is further predicted to retain its position during the forecast period. This is because a large number of enterprises are utilizing face analytics for analyzing customers’ feelings regarding their services and products through facial expressions, since facial expressions are strongly linked with emotions.
In terms of application, the emotion analytics market is divided into competitive intelligence, public safety & law enforcement, customer experience management, workforce management, sales & marketing management, and others (driver monitoring and market research). Among these, the largest share of the market was held by the customer experience management division in 2018. With the growing market competition, the expectations of the customers are changing, because of which the retailers are engaging in new initiatives and investments that are designed to cater to the needs of evolving customers.
Another factor driving the emotion analytics market is the growing demand in automotive sector. The market players in the automotive industry are focusing on research and development activities for enabling emotion recognition features in cars, where the software installed in cars will respond intelligently to the expressions which are being expressed by the driver. The software allows gesture, eye movement recognition, touch, and detects the attentiveness of the driver, which is why the risk of road accidents will be reduced.
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A key trend being observed in the emotion analytics market is the use of emotion analytics in video games. Due to the rising popularity of video games the companies operating in the market are focusing on developing new solutions which are integrated with emotion analytics software in order to understand the emotion and behaviors of users. Such software helps companies in analyzing and understanding real-time emotions, including facial expressions, reactions, and feelings such as fear, joy, and anger, at every stage of the game, which further aids the companies to gain better insights.
Hence, the market is growing because of the growing demand of emotion analytics in the automotive and retail sectors.
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