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.
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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.
A key driving factor of the emotion analytics market is the increasing requirement for emotion analytics in the retail sector. Emotion analytics allows retailers to analyze the perception of customers for their products. This further helps the e-commerce retailers in understanding the emotions of the customers even if they are not present in front of them. The retailers can track the emotions of the customers while they look at different products and then accordingly design websites on the basis of preference of customers. As the e-commerce industry is growing rapidly, the demand for emotion analytics is also rising.
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Market Segmentation by Type
Market Segmentation by Enterprise Size
Market Segmentation by Application
Market Segmentation by Industry
