Emotion Detection and Recognition Market
As technology develops at a rapid pace, the advances being made are breaking new frontiers on a daily basis. Market Research Future, a firm which specializes in market reports related to the information and communication technology sector among others, recently published a report on this market. The global emotion detection and recognition market is anticipated to grow to approximately USD 65 Billion by 2023, while expanding at a 39% CAGR rate between 2017 and 2023.
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Many industry leaders who are extremely well placed in the sector have already begun to invest significantly in the sector. The major focus of these developments are on research and development and expansion by way of mergers and acquisitions. The future growth potential is one of the main motivating factors that is driving the demand for this sector at an exceptionally high rate. Development of wearable technology is one the key motivators for this market’s demand rise.
Latest Industry Trend and News:
Affectiva has recently unveiled a next-gen automotive AI technology for monitoring vehicle occupants. The unique technology is expected to improve driver safety and help in overcoming issues of distracted driving.
AvatarMind, developers of the iPal® Robot, an interactive humanoid platform that is specifically targeted towards children as a social companion, recently entered into a partnership with AI specialist Eyeris. The partnership will be focused towards building upon iPal Robot platform, particularly the human interaction capabilities by harnessing Eyeris’ face analytics and emotion recognition expertise.
Global Market for Emotion Detection and Recognition – Segmental Analysis
MRFR in its report has offered an exhaustive segmental analysis of the market based on software tool, application, end user, services and technology. By software tool, the market has been segmented into facial expression recognition, bio sensing software tools and apps and speech and voice recognition. By application, the market has been segmented into marketing & advertising, media & entertainment and law enforcement, surveillance & monitoring. By end user, the market has been segmented into commercial, defense and security agency, industrial, enterprises and other. By services the market has been bifurcated into consulting & integration and storage & maintenance. By technology, the market is segmented into pattern recognition, natural language processing (NLP), feature extraction and 3D modelling, bio sensors technology and machine learning. The bio sensors technology segment is projected to exhibit a strong CAGR over the review period. This in mainly owing to fast incorporation of bio sensors in various healthcare devices such as EEG, ECG, MRI, GSR, EMG, eye tracking etc. Moreover, popularity of wearable bio sensors is also on the rise due to its growing application in defense, healthcare and military.
Regional Analysis
In this rapidly changing world of technology, emotion detection and recognition market is projected to show major growth prospects during the forecast period. Due to technological advancements, there is increasing adoption of emotion detection and recognition applications on a wider platform.
As compared to other regions, the emotion detection and recognition market in North America is expected to witness significant growth during the forecast period. U.S and Canada are anticipated to drive the growth of emotion detection and recognition market. This is owing to the presence of large number of established players in that region. Huge governmental investments in security and increased public awareness are major factors driving the market growth of emotion detection and recognition market.
In addition to this the region also has a well-established infrastructure which allows higher penetration of devices which ultimately provides high speed connectivity and is expected to be a major factor for the growth of emotion detection and recognition market.
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Global Competitive Analysis
A trend of robust growth has been observed in the market with the addition of new and advanced products, with viability of a business in the industry being a key focus topic. Companies are capturing & solidifying their share of the market segment, by experimenting with various advantage points. As the sector is in a phase of rapid growth, the best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. The prominent players in emotion detection and recognition market are – Affectiva (U.S.), Emotient, An Apple Company (U.S.), Eyeris (U.S.), Kairos Ar. Inc. (U.S.), Noldus (Netherlands), nViso. (Switzerland), Realeyes (U.K.).
Many companies are showing a rise of interest in our emotional lives, encompassing any situation where it might be useful for a machine to know how a person feels. Many retail outlets are significantly interested in tapping this market to influence consumer purchase decisions.
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https://www.marketresearchfuture.com/reports/smart-personal-safety-security-device-market-1866
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