Global Emotion Detection and Recognition Market (2022 to 2027) - Growing Partnerships and Widening Ecosystems Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Emotion Detection and Recognition Market with COVID-19 Analysis, by Component (Software [Facial Expression Recognition, Speech & Voice Recognition], Services), Application Area, End-user, Vertical, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global emotion detection and recognition market is projected to grow from USD 23.6 billion in 2022 to USD 43.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period.

The major factors driving the market growth include the rising need for accretion of speech-based emotion detection systems to analyze emotional states, Adoption of IoT, AI, ML, and deep learning technologies across the globe, growing demand in the Automotive AI industry, growing need for high operational excellence, and rising need for socially intelligent artificial agents.

By software, the biosensing solutions and apps segment to hold the largest market size in 2022

Biosensing solutions and apps collect human gestures through sensors, such as Electrocardiography (ECG), Electroencephalography (EEG), Electromyography (EMG), eye tracking sensors, and wearables. These software tools convert the collected inputs into mathematical form and interpret them for various applications, which is used in online learning systems, law enforcement sectors (applications, such as lie-detection and other threat detection), and healthcare.

The use of biosensing software tools and apps to analyze growing inputs from the increasing adoption of biosensors, such as wearables, can act as a game changer for this particular market.

Asia Pacific to register the highest growth rate during the forecast period

Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global emotion detection and recognition market during the forecast period. APAC constitutes major economies, such as China, Japan, and Australia, which are expected to register high growth rates in the emotion detection and recognition market.

End-users, such as industrial, commercial, and enterprises are expected to adopt emotion detection and recognition solutions at the highest rate in the region. Companies operating in APAC would benefit from the flexible economic conditions, industrialization-motivated policies of the governments, as well as from the growing digitalization, which is expected to have a significant impact on the business community.

Market Dynamics

Drivers

• Accretion of Speech-based Emotion Detection Systems to Analyze Emotional States
• Adoption of IoT, AI, ML, and Deep Learning Technologies Worldwide to Increase Demand
• Rising Need for Socially Intelligent Artificial Agents

Restraints

• High Production Cost of Emotion Detection and Recognition Systems
• Oligopoly in the Development of the Speech and Voice Recognition Technologies Using Neural Networks Restricting Their Use for Cloud-based Services

Opportunities

• Increasing Government Initiatives to Leverage Benefits of Emotion Detection and Recognition Technology
• Growing Demand in the Automotive AI Industry
• Growing Partnerships and Widening Ecosystems

Challenges

• Complex Systems for Emotion Recognition
• Lack of Awareness, Knowledge, and Technical Skills Among It Experts of an Organization
• Threat of Privacy and Data Breach

Companies Mentioned

• Affectiva
• Apple
• Ayonix
• Beyond Verbal
• Cognitec
• CrowdEmotion
• Elliptic Labs
• Eyeris
• Gesturetek
• GIPHY
• Google
• IBM
• iMotions
• Intel
• Kairos
• Microsoft
• NEC
• Noldus
• Numenta
• NVISO
• Peppy Pals
• PointGrab
• Pyreos
• Sentiance
• Sightcorp
• Sony Depthsensing Solutions
• Tobii

For more information about this report visit https://www.researchandmarkets.com/r/drczsz