The global emotion analytics market size will touch USD 25 billion at a whopping 17% CAGR between the forecast period 2017- 2023, according to the new Market Research Future (MRFR) analysis. Emotion data, simply put, is used for creating strategies that aid in improving the CRM of a business. These programs can be utilized to help any organization with data visualization, data analytics, data classification, and data collection.
Various factors are propelling the global emotion analytics market share. According to the recent MRFR market estimates, such factors include the growing need for better customer satisfaction, the growing importance of real-time emotion analytics, growing need for emotion analytics services and software, adherence to compliance and regulatory standards, booming BPO sector, rise in videos, and critical decision making. Additional factors adding market growth include rising implementation in organizations to understand human behavior and huge implementation of cloud-based and mobile biometric technologies.
On the contrary, the high cost of use and deployment of emotion analytics, lack of skilled professionals, and the COVID-19 impact are factors that may limit the Covid 19 emotional analytics software market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global emotion analytics market based on end users, solution, technologies, and type.
By type, the global emotion analytics market is segmented into video analytics, speech analytics, facial analytics, and others.
By technologies, the global emotion analytics market is segmented into record management, pattern recognition, 3D modelling, biometrics and neuroscience, artificial intelligence, and others.
By solution, the global emotion analytics market is segmented into cloud, mobile, and web application, and others.
By end users, the global emotion analytics market is segmented into industrial, commercial, defense and security agencies, enterprises, and others.
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By region, the Covid 19 emotion analytics (EA) market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. Heavy investments in R&D in Canada and the US, development of innovative technologies, early adoption of technology, and Canada and the US being the leading countries in banking, financial services, and retail are adding to the global emotion analytics market growth in the region. Besides, wide adoption of AI technology with enterprise existing applications, and growing demand for emotion analytics from cloud, mobile and web application, and API and SDK solutions, are also adding to the global Covid 19 emotional analytics market growth in the region.
The emotion analytics market in Europe is predicted to have the second-largest share over the forecast period. Growing adoption in various end user industries such as government agencies and defense as well as private organizations to understand human behaviour are adding to the global emotion analytics market growth in the region.
The emotion analytics market in the APAC region is predicted to have healthy growth over the forecast period. The rising adoption of cloud-based software is adding to the global emotion analytics market growth in the region.
In the Rest of the World, the emotion analytics market is predicted to have sound growth over the forecast period.
Key contenders profiled in the global emotion analytics market report include Lightspeed LLC (U.S.), RealComm Global LLC (U.S), iMotions (U.S), sensation.io (Germany), Adoreboard (U.K.), Eyris (EmoVu) (U.S.), Affectiva (U.S.), Beyond Verbal (Israel), Kairos AR, Inc. (U.S.), Imotions A/S (Denmark), Neuromore Inc. (U.S.), Retinad Virtual Reality Inc. (Canada), Apple, Inc. (U.S,), International Business Machines Corporation (U.S.),and Microsoft Corporation (U.S.), among others.
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