Worldwide Emotion Analytics Market to grow at a CAGR of 82.9% during the forecast period 2016–2022 to aggregate $1,711.0 million by 2022
Increasing demand for videos, biometric sensors, artificial intelligence (AI), and mobile & web applications is expected to drive the emotion analytics market. AI is the leading technology, which is expected to grow at a CAGR of 83.9% during the forecast period and reach $869.2 million by 2022.
Infoholic Research LLP, a global market research, and consulting organization, has published a study titled “Worldwide Emotion Analytics Market – Drivers, Opportunities, Trends, and Forecasts: 2016–2022” (December 2016).
According to Infoholic Research, the emotion analytics market has given great hopes to numerous companies to detect, understand and analyze their customers across several industries. Some of the major technologies implemented by various industries are AI, biometrics & neuroscience, and 3D modelling that are used to quantify the emotions in digital media in the form of images, video, audio, and text. Natural Language Processing (NLP) is one of the techniques used to extract emotions online on social media and on any enterprise blogs.
The human emotions can be analyzed through facial analytics, speech analytics, and video analytics. Generally, facial analytics holds the major market share (43.5%) and is expected to continue due to the need of the organizations to know the customer perception towards their brands. Facial expressions are better analyzed in three ways – tracking of facial electromyographic activity (FEMG), live observation & manual coding of facial activities, and automatic facial expression analysis with computer-vision algorithms. These techniques are used to identify human facial emotions through macro- & micro-expressions and subtle expressions. Speech analytics is one of the types of emotion analytics that detects human emotions, which is mainly used in call centers to understand the customer reactions and quantify them accordingly. Video analytics is mainly used in media & entertainment, which is expected to hold the major market share of 29.6% by 2022.
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North America is the major region where emotion analytics is implemented by various organizations. Cloud solutions are growing at a faster rate and highly implemented by various industries in APAC and EMEA. API & SDK set controls the application and software used to detect multiple human emotions. API & SDK holds the major market share and is expected to reach 71.8% by 2022. APAC and Latin America have huge potential growth to adopt these technologies in various markets. Latin America is an emerging region in implementing facial analytics in education, retail, healthcare, and other sectors. The facial analytics market is expected to grow at a CAGR of 83.7% during the forecast period 2016–2022 to touch an aggregate of $742.6 million by 2022.
“The emotion analytics market is growing at a rapid pace due to huge implementation of APIs & SDKs by mobile and web application developers. API & SDK is considered the backbone of emotion analytics market, which is expected to grow rapidly and reach $1,228.3 million by 2022. This is due to the increase in demand for facial recognition software and mobile & web applications across the globe..” – Jaydeep Bhattacharjee, Group Head at Infoholic Research
“Emotion analytics environment is improving as it has become a necessity for all the organizations to understand the moods of the customer entitled to buy the products. Facial and video analytics markets will help providers in obtaining the visual behaviour of the customers, which are expected to reach $742.6 million and $504.9 million, respectively by 2022.” – Preeti Wadhwani, Team Lead – Research at Infoholic Research
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The emotion analytics market report covers the present scenario and the growth prospects of the worldwide emotion analytics market during the forecast period 2016–2022. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The emotion analytics market report is analyzed based on five segments – technologies, types, solutions, verticals, and regions
- The report covers the evolution of emotion analytics, features, advantages, and its importance
- The emotion analytics market report covers drivers, restraints, and opportunities (DRO) affecting the market growth over the forecast years (2016–2022)
- The report contains analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape, which includes vendor assessment
- The emotion analytics market report covers the implementation of emotion analytics in media & entertainment, education, market research, healthcare, photography & events, retail, financial services, and others
- The report covers the adoption of emotion analytics in North America, EMEA, APAC, and Latin America