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Based on technology, the biosensors technology segment to lead the market in 2020
The biosensors technology is a critical component for emotion detection and recognition, providing essential information on the emotional state of humans. The use of this technology could prove to be useful in capturing hidden physiological or emotional states of an individual, thus, overcoming the limitations of facial or gesture recognition systems used to capture emotions. This technology is also extremely useful to monitor emotions, such as stress, anxiety, anger, and depression that have enormous applications in the medical and defense sectors. The rapid adoption of these devices has been witnessed as they are capable of providing real-time information on the emotional state of humans and monitoring any physiological changes in the user.
Based on the vertical, the retail and e-commerce segment to grow at the fastest rate during the forecasted period
Emotion AI is being used on a large-scale in the retail industry. Retail organizations are focusing on understanding consumer behavior, making it a direct route to achieve better sales and generate higher revenues. The amalgamation of cognitive science, psychology, and computer science in affective computing solutions helps to interpret the emotional state of human beings and provide an appropriate response. Hence, the consumer behavior data has to be processed and analyzed for unnoticed key insights, as well as enhance and fasten the decision-making process. This helps make strategies related to new product development and revenue optimization.
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North America to hold the highest market share during the forecast period
North America is the largest revenue contributor to the emotion detection and recognition market, as the growth of the region is being driven by the rising internet penetration and increasing adoption of cloud-based and Internet of Things (IoT) applications across verticals. Countries in North America are well-established economies, enabling investments in advanced technologies.
The US and Canada have made significant investments in Research and Development (R&D) activities, contributing to the growth of new technologies. In addition, massive government funding and a strong technical base aid the growth of the emotion detection and recognition market in the region. The demand for emotion detection and recognition technologies, such as facial feature extraction and 3D modeling, biosensors technology, and Natural Language Processing (NLP) is increasing across end users, such as enterprises, defense and security agency, and commercial and industrial. Key pure play vendors, such as Affectiva, Kairos, and Eyeris, along with several start-ups in the region, offer enhanced emotion detection and recognition software to cater to the needs of customers. Such factors are expected to fuel the growth of the global emotion detection and recognition market in North America.
Market Players
The major vendors covered in the emotion detection and recognition market include NEC Global (Japan), IBM (US), Intel (US), Microsoft (US), Apple (US), Gesturetek (Canada), Noldus Technology (Netherlands), Google (US), Tobii (Sweden), Cognitec Systems (Germany), Cipia Vision Ltd (Formerly Eyesight Technologies) (Israel), iMotions (Denmark), Numenta (US), Elliptic Labs (Norway), Kairos (US), PointGrab (US), Affectiva (US), nViso (Switzerland), Beyond Verbal (Israel), Sightcorp (Holland), Crowd Emotion (UK), Eyeris (US), Sentiance (Belgium), Sony Depthsense (Belgium), Ayonix (Japan), and Pyreos (UK).
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