Emotion detection and recognition market is set to witness steady growth during 2021-2031. One of the major growth drivers for the emotion detection and recognition market happens to be the rising adoption of Internet of Things, Artificial Intelligence, Machine Learning, and Deep Learning technologies across the globe.
Moreover, growing demand for emotion detection and recognition software system in the automotive industry is further anticipated to boost the market growth for emotion detection and recognition solutions.
What is Driving Demand for Emotion Detection and Recognition?
Increasing adoption of wearable devices happens to be one of the primary reasons driving the market growth for emotion detection and recognition. Wearable devices such as smart watches are equipped with ECG monitors and can measure SPO2, electrocardiograms and communicate the readings to physicians.
Owing to such developments, there has been rise in demand for emotion detection and recognition software solutions. Furthermore, emotion detection and recognition software helps in improving computer and human interfaces while offering enhanced feedback mechanism actions taken from the users by computers.
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Facial Expression Recognition is Expected to Grow at the Highest CAGR of the Emotion Detection and Recognition Market by Software
Facial recognition software is an essential part of the emotion detection and recognition system as it allows the identification of responses or emotions from expressions on the face and helps in generating real-time results. Owing to its benefits, there has been rise in implementation of facial recognition software across various application areas and hence the segment is projected to grow at a significant rate over the forecast period.
US and Canada Emotion Detection and Recognition Demand Outlook
U.S. happens to be one of the largest markets for emotion detection and recognition across the globe. The growth in U.S. is attributed to the presence of established players such as NEC Global, IBM Corporation, Intel Corporation, Microsoft Corporation, and Apple, Inc., among others in the region.
Moreover, US happens to be the most rapidly changing and competitive market across the globe. Besides, the region is also anticipated to adopt new technologies at a faster pace as compared to other countries in the world. Apart from this, North America region happens to be a hub to one of the largest markets for IoT in both industrial and consumer domains.
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Europe Demand Outlook for Emotion Detection and Recognition
The growing need for advanced marketing tools happens to be one of the key factors driving the demand for emotion detection and recognition across the region. The growth can be attributed to the growing need for personalized and enhanced customer experience.
Furthermore, the rising number of connected wearable devices is on the rise among consumers in the countries like Germany, Italy, France, and UK in the Europe region which has further enabled the market for emotion detection and recognition to grow at a substantial rate over the forecast period.
Who are the Key Manufacturers and Suppliers of Emotion Detection and Recognition?
Some of the leading providers of emotion detection and recognition include
NEC Global
IBM Corporation
Intel Corporation
Microsoft Corporation
Apple Inc.
Gesturetek
Noldus Technology
Google Inc.
Tobii
Cognitec Systems
Cipia Vision Ltd
iMotions
Numenta
Elliptic Labs
Kairos
PointGrab
Affectiva
nViso
Beyond Verbal
Sightcorp
Crowd Emotion
Eyeris
Sentiance
Sony Depthsense
Ayonix
Pyreos and among others.
The companies operating in the market are focused on innovative product launches, acquisitions, and partnerships, in order to strengthen their presence and enhance their product portfolio in the market.
For instance, In June 2019, Microsoft announced the launch of four free “Eyes First” games for people with speech and mobility disabilities. They can play games, such as tile match two, slide, double up, and maze using the eye look input.
In November 2018, Microsoft Corporation completed the acquisition of XOXCO, a software development and product design studio known for its bot development and conversational AI capabilities. Ince 2013, XOXCO has been paving the way in conversational AI and created the first commercially available bot for Slack that helps schedule meetings named Howdy.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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