According to Fortune Business Insights, the global Emotion Detection and Recognition Market size is projected to reach USD 74.80 Billion by 2029, at a CAGR of 16.1% during the forecast period, 2022-2029
Pune, India, Feb. 15, 2023 (GLOBE NEWSWIRE) — The global emotion detection and recognition market size was valued at USD 22.82 billion in 2021. The market is projected to grow from USD 26.26 billion in 2022 to USD 74.80 billion by 2029, exhibiting a CAGR of 16.1% during the forecast period. This information is presented by Fortune Business Insights, in its report titled, “Emotion Detection and Recognition Market Forecast, 2023-2029.”
Key Industry Development:
April 2022: A system based on Artificial Intelligence (AI) was developed by Zoom, a company that offers video communication, to track and assess the user’s emotions. This technique aids in comprehending the business deal’s “emotional state”.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 16.1% |
| 2029 Value Projection | USD 74.80 Billion |
| Base Year | 2021 |
| Emotion Detection and Recognition Market Size in 2021 | USD 22.82 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Type, Application and Geography |
| Emotion Detection and Recognition Market Growth Drivers | Integration of Emotion Detection Feature into Smart Personal Devices and for Commercial Deployments to Boost Market Growth |
Key Takeaways
- In 2020, the global market demonstrated an overall growth rate of 13.0% in comparison to the preceding year.
- Growing Use of Emotion Recognition Software in Video Games to Boost Market Growth
- Type Analysis: Rising Demand for Facial Recognition Solutions to Boost the Market Growth
- The expanding usage of speech technologies in various devices such as automobiles, smartphones, smart assistants, and computers, is a key factor propelling the growth of the market.
- Emotion Detection and Recognition Market Size in North America was USD 8.88 Billion in 2021
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Drivers and Restraints:
- Integration of Emotion Detection Feature into Smart Personal Devices and for Commercial Deployments to Boost Market Growth
- Speech technologies are increasingly being integrated into automobiles, cellphones, computers, and smart assistants to stimulate market expansion.
- Additionally, EDR powered by Artificial Intelligence (AI) has been widely applied in the consumer sector to manage personal assistants for smart homes.
- Some businesses, such as humanoid robotics, have already incorporated emotion recognition technology into their personal assistant robots to enable interactions that are similar to those of humans.
Segments:
Rising Demand for Facial Recognition Solutions to Boost Market Growth
By type, the market has been studied for facial recognition, speech and voice recognition, biosensing, and gesture and posture recognition. Facial recognition holds the highest market share and is also expected to grow at the highest CAGR during the forecast period as it offers fast & accurate results, reliable matching, and a non-contact process.
Rising Use of Emotion Detection and Recognition Solutions in Electronic Health Record Systems to Fuel Demand in Healthcare Industry
Based on application, the market is categorized into healthcare, automotive, media & entertainment, recruitment, education, public security & law enforcement, BFSI, retail, and others. Healthcare segment is anticipated to gain rapid growth during the forecast period.
In terms of region, the market is divided into five key regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further segmented into countries.
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Regional Insights:
North America to Lead Backed by Presence of Key Players in the U.S.
During the projected period, North America is anticipated to lead the global market. The U.S. and Canada, as well as other key players from a variety of industries, are anticipated to have a significant impact on the market’s expansion.
Due to the expanding demand for artificial intelligence agents and high operational excellence, Asia Pacific is anticipated to have considerable growth during the forecast period.
Due to significant government investments in security and surveillance infrastructure, increased public awareness, adoption of cutting-edge technology, and other crucial variables, the emotion detection and recognition market growth in Europe is predicted to increase at a stable rate.
Competitive Landscape:
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent emotion detection and recognition players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
List of Key Players Mentioned in the Report:
- Kairos AR, Inc. (U.S.)
- iMotions (Sweden)
- Noldus Information Technology BV (U.S.)
- Amazon.com, Inc. (U.S.)
- Realeyes (U.S.)
- IBM Corporation (U.S.)
- Google (U.S)
- Emotibot (China)
- NuraLogix Corporation (U.S.)
- Entropik Technologies Pvt. Ltd. (U.K.)
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Major Table of Contents:
- Global Emotion Detection and Recognition Market Size Estimates and Forecasts By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Facial Recognition
- Speech and Voice Recognition
- Biosensing
- Gesture and Posture Recognition
- By Application (USD)
- Healthcare
- Automotive
- Media & Entertainment
- Recruitment
- Education
- Public Security & Law Enforcement
- BFSI
- Retail
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Emotion Detection and Recognition Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Facial Recognition
- Speech and Voice Recognition
- Biosensing
- Gesture and Posture Recognition
- By Application (USD)
- Healthcare
- Automotive
- Media & Entertainment
- Recruitment
- Education
- Public Security & Law Enforcement
- BFSI
- Retail
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- South America Emotion Detection and Recognition Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Facial Recognition
- Speech and Voice Recognition
- Biosensing
- Gesture and Posture Recognition
- By Application (USD)
- Healthcare
- Automotive
- Media & Entertainment
- Recruitment
- Education
- Public Security & Law Enforcement
- BFSI
- Retail
- Others
FAQ’s
What is the market size of emotion detection and recognition?
The emotion detection and recognition market size is projected to grow from USD 26.26 billion in 2022 to USD 74.80 billion by 2029, at a CAGR of 16.1%.
How fast is the emotion detection and recognition market growing?
The emotion detection and recognition market will exhibit a CAGR of 16.1% during the forecast period, 2022-2029
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