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Global emotion analytics market was valued at $164.7 million in 2018, and is further expected to generate $1,419.2 million revenue by 2024, exhibiting a CAGR of 46.8% during the forecast period. Growing services industry, increasing focus on customer satisfaction, increasing adoption of business intelligence and data analytics, and surging demand from automotive industry are some of the key factors driving the emotion analytics market across the globe. Among all regions, Asia-Pacific (APAC) is expected to witness fastest growth during the forecast period. This can be due to rapid economic growth in the major countries, surging service industry, increasing presence of large enterprises, and accelerated IT spending.
Factors Governing Emotion Analytics Market
Increasing adoption of emotion analytics in video gaming industry has been observed to be one of the key trends in the global emotion analytics market. In recent years, the increasing popularity of video games have been exhibited across the globe. Nowadays, companies in this industry are focusing on new solutions integrated with emotion analytics software to understand the behavior and emotions of users. Such software aid companies in understanding and analyzing real-time emotions including reactions, facial expressions, feeling such as fear, anger, joy and behavior of the user at every stage of the game. This benefits the companies to gain insights and innovate new designs and solutions to meet customer expectations. Hence, this innovative technology is enabling the developers to provide unique gaming experience to players.
Increasing demand for emotion analytics in automotive industry is one of the key factors driving the growth of emotion analytics market across the globe. The automotive industry is creating their way to the next-generation technology, by implementing AI technologies in vehicles. The market players in the automotive market is focusing on multiple research and developments (R&Ds) to enable emotion recognition features in cars, wherein the software installed in cars respond intelligently to the emotions expressed by the driver. The software enables touch, gesture and eye movement recognition, whilst detecting the attentiveness of the driver, reducing the risk of road accidents.
It is expected that the growth opportunities of the emotion analytics market would rise in advertising industry during the forecast period. Earlier, it was difficult to analyze the feedback of the customers on a particular advertisement. Adoption of emotion analytics would help advertisement companies to extract insights into audience emotions and preferences, which enables them to offer more personalized experiences as well as enhance customer engagement.
Emotion Analytics Market Segmentation Analysis
Based on type, facial analytics category generated highest revenue in the market in 2018. As facial expressions are strongly linked with emotion, a large number of organizations are increasingly using face analysis to analyze customers’ feelings about their products and services through facial expressions.
On the basis of application, the customer experience management category held the largest market share in 2018. With the increasing market competition, customer expectations are changing, and retailers have been engaged in new initiatives and investments that are designed to meet the needs of their evolving customers. Emotion analytics can help retailers and brands understand consumers' feelings toward their offerings, and helps them to upgrade their customer experience strategies.
Geographical Analysis of Emotion Analytics Market
Based on region, North America held the largest share in the global emotion analytics market in 2018. This is primarily attributed to the growing service industry in the region. In addition, presence of a large number of big industries, large IT spending and technological advancements are some of the other factors that are supporting the growth of emotion analytics market in the region. On the other hand, APAC is expected to witness fastest growth during the forecast period. This can be due to surging service industry in developing countries, such as China and India, increasing digitalization, and increasing number of contact centers in the region.
Competitive Landscape of Emotion Analytics Market
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.
Recent Strategic Developments of Major Emotion Analytics Market Players
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.
Key Questions Addressed/Answered in the Report