The emotion detection and recognition market is estimated to grow from US$6.72 billion in 2016 to US$36.07 billion by 2021, at a compound annual growth rate of 39.9 percent, said research institute MarketsandMarkets.
The result was published in MarketsandMarkets’ report titled “Emotion Detection and Recognition Market by Technology (Bio-Sensor, NLP, Machine Learning), Software Tool (Facial Expression, Voice Recognition), Service, Application Area, End User, And Region – Global Forecast to 2021.”
The emotion detection market is driven by increased focus on competitive intelligence, growing cognitive services, expanding surveillance market, increasing government deployment and rising industrial application across sectors.
The bio-sensor technology is expected to grow at the highest rate. It incorporates several technologies including ECG, EEG, EMG, fMRI, GSR, eye tracking, and wearable technology. This technology is gaining unprecedented interest among end-users and has shown promising developments, especially in the form of wearable technology, in sports, military and healthcare.
Natural Language Processing (NLP) has vibrant prospects for marketers and is expected to hold the largest market size during the forecast period
NLP is the backbone of the emotion detection technology. This is essential for the configuration of emotion detection and recognition is in the form of human language or dark data. Thus, NLP is widely used for text analysis, sentiment analysis, summarization of data, and social media monitoring.
Growing demand to optimize and bring radical change in the area of marketing and advertisement by using emotion detection technology has great potential.
North America has countries with well-developed infrastructures, giving it more growth potential. Well-established economies of the U.S. and Canada can allow investment in new technologies. The emotion detection market is expected to rise on the back of governmental investment in security & surveillance infrastructure, increased public awareness, and emergence of enhanced technologies backed by analytics.
Major players in the field include Affectiva (U.S.), Emotient, Apple (U.S.), Eyeris (U.S.), Kairos Ar. Inc. (U.S.), Noldus (Netherlands), nViso. (Switzerland) and Realeyes (U.K.).
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