Emotion Analytics Market

Emotion Analytics Market is expected to witness a CAGR of 15.2% during the forecast period (2020-2027), reaching a value of USD 7032 million by 2027, owing to the growing emphasis on customer satisfaction and increasing adoption of business intelligence and data analytics.

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Key Drivers

The global emotion analytics market is projected to witness strong demand over the next six years. This is mainly due to the increasing requirement for higher customer satisfaction, along with the growing significance for real-time emotion analytics. Additionally, the adherence to regulatory and compliance standards and the rising need of emotion analytics software and services will further surge the demand of the market in the coming years. The strong demand for artificial intelligence and big data analytics is creating new growth opportunities for the market in the coming years. Moreover, the increasing amount of web content is encouraging the end-users to opt for emotion analytics software in order to evaluate the behavior of individuals. Leading organizations around the world are increasingly implementing cloud-based biometric and mobile technologies, which in turn, will boost the demand of the market. Increasing investment in artificial intelligence and machine learning by lading companies has bolstered the demand for emotion analytics market. For example, the multimodal emotion artificial intelligence is the integration of facial analytics and speech analytics that provides an analysis into the human expression of emotion. The emotion analytics technology has gained huge prominence from video game companies, which are designed to induce a series of emotions in players. The developers are incorporating emotion detection into the user experience to manage sequences in real-time. This has helped to offer a more immersive experience to the gamers. Moreover, the market is expected to witness a significant demand owing to the increase in demand for emotion analytics from the automotive industry. The growing emphasis on research and development (R&D) to incorporate emotion recognition features in automobiles, wherein the installed software responds intelligently to the emotions expressed by the driver, will augment the market growth.

The emotion analytics software is increasingly used by several end-users including commercial, industrial, enterprises, defense and security agencies. With the rapid digitalization, there has been an upsurge in demand for improvised sales performance, which is motivating the usage of emotion analytics software over the coming years. Emotion analytics software can be used to assist any companies with data collection, data analytics, data classification, and data visualization. This software is also used for standalone application or for built on top of a customer relationship management (CRM) system. However, on the other hand, the high cost related to the deployment and usage of emotion analytics is a major factor that is hampering the market growth over the next six years.

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Application Segment Analysis

Based on the application, the customer experience management segment is anticipated to grow at a higher CAGR during the forecast period. The emotion analytics software extracts valuable insights from all customer touchpoints and channels across the company, such as texts, calls, email, chats, and social media platforms. The software uses the historical data and real-time information to recognize patterns and trends of customers, thus allowing the agent to tailor their words accordingly while on the call.

Vertical Segment Analysis

On the basis of vertical, the retail segment is projected to lead the market during the forecast period. The retail vertical is massively transforming, as mobile e-commerce is becoming popular and is replacing the brick and mortar stores. The introduction of numerous e-commerce players has increased the competition in the online retail market. Moreover, the leading retail players are focusing on identifying emerging trends by analyzing the voice of the customer and producing insights as per their preferences. All these factors are responsible for the growth of the segment in the market.

Type Segment Analysis

Based on the Type, the text analytics segment is expected to witness a faster CAGR over the forecast period. The increasing adoption of emotion analytics software for automating the process of translating a large amount of unstructured text into quantitative data to gain insights, trends, and patterns related to consumers is one of the major factor that is contributing to the growth of the segment. The combination of emotion analytics software with data visualization tools is helping large organizations to understand data and make better decisions.

Speech Analytics is estimated to hold a higher CAGR over the forecast period, owing to the growing penetration of smartphones connected to home devices and speaker. For instance, nearly 20% of all the searches on Google are on voice and more than 65% of Google homeowners or Amazon Echo do not need to return to keyboard input. The growing adoption of speech analytics among enterprises have launched solutions to capture the user input better, improving the consumer experience. For instance, Amazon is one of the leading giants in the e-commerce space which is increasingly emphasizing on developing AI-based emotion analytics capabilities in its smart speakers.

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Regional Analysis

Based on the region, North America region is expected to dominate the market during the forecast period. This is attributed to the increasing investment in R&D activities, especially in the U.S. and Canada. The emotion analytics market is highly competitive in North America, as Canada and the U.S. are emphasizing on innovation. Moreover, the growing usage of emotion analytics software in retail, financial services, banking, and other industries is further opening new doors for the growth of the market in this region. The expansion in the service industry in the region is expected to augment the market growth. Moreover, the existence of various big industries, increasing IT expenditure, and ongoing technological advancements also facilitated the market growth. The APAC region is predicted to witness a promising growth over the forecast period, because of the rapid digitalization and increasing number of contact centers.

Top Market Players

Various notable players operating in the market, include Affectiva, iMotions, Kairos AR, Inc., Noldus Information Technology bv., Cogitocorp.com, Tobii AB, Sentiance NV, NVISO SA, Lexalytics, and Sensum Co., among others.

Key Developments:

• • In 2019, Tobii AB announced a software development kit (SDK) for the XR applications and new resources for PC developers. This innovation will allow the developers to design and implement immersive interactions into their applications for head-mounted displays (HMD) that integrate eye tracking. The new eye tracking tool can be used for VR, AR, and PC development.

The global Emotion Analytics Market has been segmented on the basis of Type, Application, Organization Size, Vertical and key regions. Based on Type, the market is segmented into Text Analytics, Video Analytics, Speech Analytics, and Facial Analytics. Based on Application, the market is segmented into Sales and Marketing Management, Customer Experience Management, Competitive Intelligence, Public Safety and Law Enforcement, and Workforce Management. Based on Organization Size, the market is segmented into SMBs and Large Enterprises. Based on Vertical the market is segmented into BFSI, IT and Telecommunication, Retail, Healthcare, Media and Entertainment, Government, Others. 

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Key questions answered in this research report:

• • At what pace is global Emotion Analytics Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Global Emotion Analytics Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Emotion Analytics Market?
  • Which type generated maximum revenues in 2019 and identify the most promising types during the forecast period?
  • What are the various vertical areas of global Emotion Analytics Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Emotion Analytics Market by Type

• • Text Analytics
  • Facial Analytics
  • Speech Analytics
  • Video Analytics

Global Emotion Analytics Market by Application

• • Sales and Marketing Management
  • Customer Experience Management
  • Competitive Intelligence
  • Public Safety and Law Enforcement
  • Workforce Management

Global Emotion Analytics Market by Organization Size

• • Large Enterprises
  • Small and Medium-Sized Businesses (SMBs)

Global Emotion Analytics Market by Vertical

• • Retail
  • BFSI
  • IT and Telecommunication
  • Retail
  • Healthcare
  • Media and Entertainment
  • Government
  • Others

Global Analytics Market by Region

• • North America Emotion Analytics Market (Option 1: As a part of the free 25% customization)
    • North America Emotion Analytics Market by Type
    • North America Emotion Analytics Market by Application
    • North America Emotion Analytics Market by Organization Size
    • North America Emotion Analytics Market by Vertical
    • US Emotion Analytics Market All-Up
    • Canada Emotion Analytics Market All-Up
  • Europe Emotion Analytics Market (Option 2: As a part of the free 25% customization)
    • Europe Emotion Analytics Market by Type
    • Europe Emotion Analytics Market by Application
    • Europe Emotion Analytics Market by Organization Size
    • Europe Emotion Analytics Market by Vertical
    • UK Emotion Analytics Market All-Up
    • Germany Emotion Analytics Market All-Up
    • France Emotion Analytics Market All-Up
    • Spain Emotion Analytics Market All-Up
    • Rest of Europe Emotion Analytics Market All-Up
  • Asia-Pacific Emotion Analytics Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Emotion Analytics Market by Type
    • Asia-Pacific Emotion Analytics Market by Application
    • Asia-Pacific Emotion Analytics Market by Organization Size
    • Asia-Pacific Emotion Analytics Market by Vertical
    • China Emotion Analytics Market All-Up
    • India Emotion Analytics Market All-Up
    • Japan Emotion Analytics Market All-Up
    • Rest of APAC Emotion Analytics Market All-Up
  • RoW Emotion Analytics Market (Option 4: As a part of the free 25% customization)
    • RoW Emotion Analytics Market by Type
    • RoW Emotion Analytics Market by Application
    • RoW Emotion Analytics Market by Organization Size
    • RoW Emotion Analytics Market by Vertical
    • Brazil Emotion Analytics Market All-Up
    • South Africa Emotion Analytics Market All-Up
    • Saudi Arabia Emotion Analytics Market All-Up
    • UAE Emotion Analytics Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Emotion Analytics Market All-Up

Major Players Operating in the Emotion Analytics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Affectiva
  • iMotions
  • Kairos AR, Inc.
  • Noldus Information Technology bv.
  • com
  • Tobii AB
  • Sentiance NV
  • NVISO SA
  • Lexalytics
  • Sensum Co.