Text to Hold 71% of Emotion Analytics Market by 2019
The Global Emotion Analytics Market is Expected to Witness a CAGR of 28.8% to Reach $5,546.52 Million by 2023.
Bangalore, India, December 5, 2018: With its recently published study “The Global Emotion Analytics Market is Expected to Reach a Revenue of $5,546.52 million by 2023”, Infoholic Research forecasts that the global market for emotion analytics will continue to grow, owing to the increasing number of application areas in the underdeveloped and developing countries.
According to Infoholic Research, emotion analytics analyzes the verbal and non-verbal communication of a person to understand their attitude and mood. The technology is primarily being used to improve the face data classification, data collection, data visualization, and data analytics. In addition, developers are further emphasizing on improving the efficacy and functionality of emotion analytics, making them compatible with software and hardware applications that use audio-visual mining techniques for operation. Growing sales of wearable devices such as smart watches, smart glasses, and fitness bands has affected the growth of emotion analytics market positively since they act as a source of data for emotion analytics.
The use of emotion analytics has been met with several controversies, mainly because companies employing emotion analytics are not disclosing the fact that they record face data without the owner’s permission/knowledge. Also, there are many critics who believe that a person's facial expressions or body language cannot provide a true picture of a customer's true emotion since natural language is more complex.
Growing adoption of facial recognition coupled with emotion analytics in the government sector have fostered the emotion analytics market. The rising demand for artificial intelligence and big data analytics are also fostering the global emotion analytics market. Emotion analytics is widely being used in hyper-connected cars with emotional intelligence to connect with customers and drivers. With this solution, it further helps in increasing road safety and offers best in-car experience to users.
“For businesses, emotion data is very crucial for analyzing decision maker’s reaction to business ads, marketing campaigns, and company’s product offerings. This is one of the major reasons behind tech giant’s adoption of emotion analytics,” said Arjun Das, Senior Research Analyst, Infoholic Research.
Key insights of the report include:
- Video analytics
- Text analytics
- Audio analytics
- Key applications:
- Customer service center
- Market research
Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Kathakali Basu
Infoholic Research LLP