Emotion Detection and Recognition Market Forecasts to 2028 – Global Analysis By Component (Software, Services), Technology (Big Data Analytics, Biosensors Technology, Feature Extraction and 3D Modelling), Application, and By Geography

Emotion Detection and Recognition Market Forecasts to 2028 – Global Analysis By Component (Software, Services), Technology (Big Data Analytics, Biosensors Technology, Feature Extraction and 3D Modelling), Application, and By Geography

According to Stratistics MRC, the Global Emotion Detection and Recognition Market is accounted for $20.85 billion in 2021 and is expected to reach $49.66 billion by 2028 growing at a CAGR of 13.2% during the forecast period. Emotion detection recognition (EDR) is a method used for detection and recognition of human emotions with the incorporation of technological capabilities, such as speech and voice recognition, facial recognition, biosensing, pattern recognition, and machine learning. The study under consideration explores the global market for both EDR software and services that are capable of recognizing basic emotions.

Market Dynamics:

Driver:

Increasing popularity of wearable technology

With the growing technological innovation such as sensors for tracking information, which detects physical traces such as heart rate, blood pressure, and skin temperature, there is a rapid adoption for wearable technology. Human emotions such as facial expressions, tone of voice, body postures, and gestures are accompanied by physiological changes. Wearable gadgets measure such physiological change and helps in presenting a meaningful conclusion with specific factual data to be relied upon. Such developments in the market offer established technological infrastructure for emotion recognition.

Restraint:

Misinterpretation in analysis of emotions

The classification of complex categorical emotions has been a relatively unexplored area of the emotion detection and recognition market. An important consideration in automated emotion classification is the choice of features to extract. Moreover, the facial expressions and head motions are important modalities used by people to communicate their mental states to others. The differences between dynamic facial expressions are impossible to communicate back to the user without additional processing.

Opportunity:

Rising growth of the IoT technology

There are devices that pass information to one another without human intervention, such as input from a sensor that regulates the output of an industrial process at a remote installation. Internet of Things technology facilitates monitoring and responding to all devices in accordance with the emotion, mood, and actions of a person. Emotion-sensing technology is moving from an experimental phase to a reality. For instance, the talk with Siri is designed, the way in which emotions are displayed on the mood-tracking app (Moodnotes) is designed. This helps in boosting the emotion detection and recognition market growth.

Threat:

High cost of applications

The high cost incurred in manufacturing emotion detection and recognition systems is higher, and the tangible return on investment (RoI) is low. This factor acts as a major threat to the growth of the emotion detection and recognition market, as most enabling technologies, such as wearable computing and gesture recognition, witness high development costs. Therefore, companies that lack financial resources do not opt for the platform, despite their interest in increasing the overall productivity using these solutions.

The software segment is expected to be the largest during the forecast period

The software segment is estimated to have a lucrative growth. The biosensing solutions and apps collect human gestures through sensors, such as Electroencephalography (EEG), Electromyography (EMG), eye tracking sensors, Electrocardiography (ECG), and wearables. These software tools convert the collected inputs into mathematical form and interpret them for various applications, which is used in online learning systems, law enforcement sectors (applications, such as lie-detection and other threat detection), and healthcare. The use of biosensing software tools and apps to analyze growing inputs from the increasing adoption of biosensors, such as wearables, can act as a game changer for the market growth.

The commercial segment is expected to have the highest CAGR during the forecast period

The commercial segment is anticipated to witness the fastest CAGR growth during the forecast period. Emotion detection technology is majorly used by commercial end users, such as airports, marine, seaports, gaming hubs, shopping malls, restaurants, movie theatres, gaming arenas, auditoriums, and consumer stores and outlets. It can detect the moods of a customer across various demographic groups. The integration of AI technology is a leading trend in the commercial end user segment. AI experts are working with commercial teams to enhance the experience of shoppers. The technology is highly used to measure customer satisfaction through video assessment and image processing.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to the growing need for high operational excellence, and rising need for socially intelligent artificial agents contribute to the growth of the emotion detection and recognition market. Moreover, the developing economies such as India and China are expected to witness a growing demand for enhanced technology deployments and efforts to develop standardized and effective emotion detection and recognition technologies. This would drive the emotion detection and recognition market in the region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period due to their strong economies, the US and Canada. In addition, the geographical presence, strategic investments, partnerships, and significant Research and Development (R&D) activities are contributing to the hefty deployments of emotion detection and recognition solutions.

Key players in the market

Some of the key players profiled in the Emotion Detection and Recognition Market include Affectiva, Apple, Cognitec, Elliptic Labs, Gesturetek, Google, IBM, iMotions, Intel, Microsoft, NEC, Noldus, Numenta, NVISO, and Tobii.

Key Developments:

In February 2022, IBM announced it has acquired Neudesic, a leading U.S. cloud services consultancy specializing primarily in the Microsoft Azure platform, along with bringing skills in multicloud. This acquisition will significantly expand IBM's portfolio of hybrid multicloud services and further advance the company's hybrid cloud and AI strategy.

In November 2021, Kyndryl and Microsoft Corp announced a landmark global strategic partnership that will combine their market-leading capabilities in service of enterprise customers. The deal with Microsoft is Kyndryl’s first since recently becoming an independent public company and provides incremental multi-billion dollar revenue opportunities for the two companies.

Components Covered:
• Software
• Services

Technologies Covered:
• Big Data Analytics
• Biosensors Technology
• Feature Extraction and 3D Modelling
• Machine Learning (ML)
• Natural Learning Processing (NLP)
• Pattern Recognition Network
• Records Management Technology

Applications Covered:
• Entertainment and Consumer Electronics
• Law Enforcement, Surveillance, and Monitoring
• Marketing and Advertising
• Medical Emergency
• Robotics and eLearning

End Users Covered:
• Academia and Research
• Automotive
• Banking, Financial, and Insurance Services (BFSI)
• Commercial
• Defense and Security Agency
• Enterprises
• Healthcare and Social Assistance
• Independent Institutions
• Industrial
• Information Technology & Information Technology-Enabled Services (IT & ITeS)
• Media and Entertainment
• Mobile Phones
• Retail and eCommerce
• Telecommunications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances