Published: October 2019 | Report Code: IM11746 | Available Format: PDF | Pages: 133
The emotion analytics market size was $164.7 million in 2018, and it is projected to reach $1,419.2 million by 2024, registering a CAGR of 46.8% during 2019–2024. The growth can be attributed to the surging focus on customer satisfaction, booming demand for this technology in the automotive industry, and rising adoption of data analytics and business intelligence.
Globally, the Asia-Pacific (APAC) market for emotion analytics solutions is expected to witness the fastest growth in the coming years. This will be due to the flourishing service industry, escalating information technology (IT) spending, and growing presence of large enterprises in the region. Moreover, the rapid economic growth in major countries will support the APAC market.
The adoption of emotion analytics in the video gaming industry has become a prominent trend. Nowadays, emotion analytics industry players are emphasizing the integration of such features in a range of programs and software to understand the behavior and emotions of customers. Such software helps businesses in analyzing and understanding real-time emotions of the gamer, including reactions, feelings, such as joy, anger, and fear; facial expressions, and behavior at every stage of the game.
This feature helps video game companies in gaining insights and innovating novel designs and solutions to meet users’ expectations. This innovative technology, therefore, enables developers to offer a unique gaming experience to users.
The emotion analytics market growth will be facilitated by the burgeoning demand for emotion analytics from the automotive industry in the foreseeable future. The automobile sector is moving to next-generation technologies by installing artificial intelligence (AI)-based solutions in vehicles. Automakers are focusing on research and development (R&D) to enable emotion recognition features in automobiles, wherein the installed software responds intelligently to the emotions expressed by the driver. The software allows touch, eye movement, and gesture recognition, while identifying the alertness of the driver, thereby reducing the risk of road accidents.
The advertising industry will widen the growth opportunities for the market in the coming years. In the past, it was difficult to analyze customers’ feedback on a specific advertisement. However, the deployment of emotion analytics will aid advertisement companies in extracting insights from the audience’s emotions and preferences and enable them to provide more-personalized experiences and better customer engagement.
In 2018, the facial analytics category, within the type segment, accounted for the highest revenue. Numerous organizations are using facial analytics to evaluate the feelings of customers regarding their products and services, because facial expressions strongly replicate one’s emotions.
The customer experience management category generated the highest revenue within the application segment of the emotion analytics market in 2018. Over the years, there has been a significant change in customers’ expectations due to the surging market competition. The intense competition and high customer expectations have encouraged retailers to invest in novel designs to meet the evolving needs of consumers. Emotion analytics can assist brands and retailers in understanding the feelings of customers toward their offerings and aid them in upgrading their customer experience strategies.
In 2018, the North American market for emotion analytics solutions generated the highest revenue due to the booming service industry in the region. Moreover, the presence of numerous big industries, huge IT expenditure, and constant technological advancements also facilitated the market growth. The APAC region is expected to exhibit the fastest growth during 2018–2023 due to the expanding service industry in India and China, increasing digitization rate, and mounting number of contact centers here.
The market for emotion analytics is fragmented in nature, globally. Some of the prominent market players include Apple Inc., Eyeris Technologies Inc., Kairos AR Inc., Noldus Information Technology, Beyond Verbal Communication Ltd., Affectiva Inc., Cogito Corporation, NVISIO SA, Lexalytics Inc., IBM Corporation, Sightcorp B.V., iMotions A/S, Sensum Co., and Google Inc.
In recent years, major players in the emotion analytics market have taken several strategic measures such as mergers & acquisitions, product launches and geographical expansions to gain a competitive edge in the industry. For instance, in July 2019, Kairos AR Inc. launched ‘Kairos Camera’, a cutting-edge data visualization solution for offline retailers. The camera gathers information regarding gender, age, and emotion of consumers, as well as tracking customer dwell time, and returning and new customer visits.
Further, in January 2019, Eyeris Technologies Inc. launched its expanded EyerisNet product portfolio with interior image segmentation software and ISU to achieve the most accurate understanding of the automotive interior cabin space. The solution includes body tracking, action and activity recognition, face analytics and emotion recognition for all occupants inside the vehicle.
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