DUBLIN--(BUSINESS WIRE)--The "Emotion Detection and Recognition (EDR) Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The emotion detection and recognition (EDR) market was valued at USD 17.19 million in 2019. Understanding emotions hold significance during the interaction process between humans and machine communication systems. EDR not only improves human and computer interfaces, but also enhances the feedback mechanism actions taken by computers from the users.
Though artificial intelligence (AI) is unleashing a wave of digital disruption, the limitation of AI to understand human emotion is still a challenge. However, in the past few years, increasing access to data, low-cost computing power, and evolving NLP combined with digital learning are enabling the systems to analyze human emotions.
A detailed understanding of emotion is a factor that challenges the EDR market, as emotions can be expressed in multiple ways and can also be deceptive. Despite this challenge, technological advancements in AI are expected to drive the market for EDR during the forecast period.
Other key influencers of the market include the rising need for better customer experience (as emotional connection also plays a key role along with customer satisfaction), the increasing need for a human touch in digital communications (chatbots), and challenges in language context and facial recognition.
Many prominent companies are using emotion detection and recognition to their advantage. This technology facilitates consumer behavior detection and, thus, helps in contributing significantly to consumer behavior studies. For instance, Disney has been using technology to determine how audiences enjoy its movies, specifically creating an AI-powered algorithm that can recognize complex facial expressions and even predict upcoming emotions.
Key Market Trends
The number of connected wearable devices is on the rise. Such devices are equipped with sensors that collect, monitor, and analyze biological vitals, such as heart rate, pulse, and body temperature.
- Various smart wearable device vendors in the market are increasingly incorporating biotrackers as part of their health tracking features. For instance, Huami's latest smartwatch, Amazfit GTS, is powered by its Huami Bio Tracker Optical sensor, enabling 24-hour precision heart rate monitoring. Such incorporation of biosensors is expected to provide large scale data sets to enterprises for data analysis.
- Wearables are increasingly getting equipped with ECG monitors and can measure electrocardiograms and communicate the readings to physicians for diagnosis, as well as emergency alerts. Such developments in the market offer established technological infrastructure for emotion recognition.
- North America is expected to hold a prominent share of the market, owing to the presence of countries, such as the United States and Canada, which are home to the largest retail markets, with demand for IoT and smart wearables and high ad spending. Marketers in the region are among the global leaders in adopting technologies that enable gaining consumer insights.
- The United States is one of the largest retail markets in the world that drives a significant share of global retail, including e-commerce. With the increasing retail sales, the retailers in the region are increasingly spending on ads that target the right segment. Increasing sales are enabling retailers to spend more on technologies that enable such capabilities.
The emotion detection and recognition market is consolidated due to a few players accounting for the major market share. Moreover, due to higher investment and demand for skilled technicians, market entry for new entrants remains challenging. Some of the key players in the market are Affectiva Inc., Emotient Inc. (Apple Inc.), Tobii AB (Publ), Noldus, Realeyes OU, and Kairos.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Technology Snapshot
5 MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Restraints
6 MARKET SEGMENTATION
6.1 By Software and Services
6.2 By End-user Vertical
7 KEY VENDOR PROFILES
7.1 Affectiva Inc.
7.2 Emotibot Technologies Limited
7.6 Realeyes OU
7.7 NVISO SA
7.8 Kairos AR Inc.
7.9 Nemesysco Ltd
7.10 audEERING GMBH
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/6s893c
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