The global emotional analytics market is expected to expand at a CAGR of 15.6% during the forecast period from 2019 to 2027.
Market Insights
The rising adoption of Big Data analytics and artificial intelligence (AI) are few of the major factors driving the growth of emotional analytics market. Emotional Analytics has grown its importance in industries including call centers, sales and marketing among others. It is often used in call centers as a standalone application or in customer relationship management system, which uses audio mining techniques and correlation engines to monitor caller’s word and emotions.
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Based on technology, Biometrics and neuroscience segment is leading the emotional analytics market as it enhances safeguarding of the business operations. With biometric technology becoming more widespread, enterprises and governments are adopting the technology to create a secure, and fast experience for employees when logging into workplace networks and applications. The rapid adoption and application of emotional analytics is expected to propel the growth of the market.
Based on geography, emotional analytics market is dominated by North America region owing its dominance to rapid adoption of artificial intelligence technology and Big Data analytics. North America is trailed by Europe as numerous end-user industry verticals such as defense and security agencies and government among others are rapidly adopting emotional analytics software. The increasing adoption of facial biometrics within various industries such as banking, finance, sales and marketing among others is embarking the growth to a large extent.
Widespread application of Big Data and artificial intelligence are creating broader opportunities for emotional analytics developers. Technology companies involved in developing emotional analytics software are aggressively focusing on development of advanced emotion detection APIs, facial biometric tools and camera-based analytics platforms among others. For instance, Beyond Verbal an Israeli start-up has developed an engine that measures a person’s emotional state based on their vocal intonations. This engine is being used in various call centers and they have seen tremendous growth in their sales after the software’s deployment.
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Biometrics and Artificial Intelligence to Dominate and Register Maximum Growth throughout the Forecast Period
Based on technology, the global emotional analytics market is categorized into Artificial Intelligence, Biometrics and Neuroscience, 3D Modelling, Pattern Recognition, Records management, and Others (Facial recognition). Biometric and Neuroscience segment dominates the technology segment. This is due to its wide application and huge demand by organizations in the current market scenario. Biometric and Neuroscience followed by Artificial Intelligence is gaining popularity among organizations and is expected to register fastest growth during the forecast period of 2019-2027. This popularity is fuelled by deployment of artificial intelligence technology in various organizations and thus garners huge market share in global emotional analytics market.
North America Dominates; Asia Pacific Touted to Register Significant Growth during the Forecast Period
North America appeared as the market leader of the global emotional analytics market trailed by Asia Pacific and Europe respectively. North America is the fastest growing region of the world with highest revenue contribution. This is due to emergence of lots of advanced technologies and its implementation by various organizations. North America is the world’s largest region to implement cloud-based facial recognition technology and artificial intelligence. In contrast, Asia Pacific is set to register the highest growth rate during the forecast period of 2019-2027. The implementation of biometrics and facial recognition technologies by the government and defense & safety agencies are bolstering the market growth. Asia Pacific to be followed by Europe and Rest of the World.
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