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The Emotion Analytics market, a burgeoning sector in the broader analytics landscape, is witnessing a paradigm shift driven by the increasing recognition of the pivotal role emotions play in shaping human behavior. This market is essentially a response to the growing need to understand and quantify emotions, providing businesses and organizations with valuable insights into consumer sentiments, employee well-being, and overall market dynamics. Emotion analytics involves the use of advanced technologies, such as artificial intelligence and machine learning, to analyze and interpret human emotions based on facial expressions, voice tones, and other non-verbal cues.
One of the key drivers propelling the growth of the Emotion Analytics market is its application in customer experience management. Companies across various industries are increasingly realizing that a deep understanding of customer emotions can significantly impact their ability to tailor products and services to meet consumer expectations. By employing emotion analytics tools, businesses can gain real-time insights into customer satisfaction levels, enabling them to make data-driven decisions to enhance overall customer experience. This, in turn, has led to a surge in demand for emotion analytics solutions, as organizations strive to create more personalized and emotionally resonant interactions with their customer base.
Moreover, the Emotion Analytics market is witnessing substantial traction in the human resources domain. Businesses are recognizing the importance of employee well-being and engagement for productivity and retention. Emotion analytics tools are being leveraged to gauge employee sentiments, identify potential issues, and create a more positive work environment. This not only fosters a healthier workplace culture but also allows organizations to address concerns proactively, leading to increased employee satisfaction and performance. As a result, HR departments are increasingly integrating emotion analytics into their talent management strategies, using it as a tool to optimize employee experiences and drive organizational success.
In addition to customer experience and human resources, the healthcare sector is also emerging as a significant player in the Emotion Analytics market. The ability to analyze patient emotions provides healthcare professionals with valuable insights into mental health and overall well-being. Emotion analytics tools can be instrumental in diagnosing and monitoring conditions such as depression and anxiety, allowing for more personalized and effective treatment plans. As the healthcare industry continues to embrace digital transformation, the integration of emotion analytics is poised to play a pivotal role in improving patient outcomes and revolutionizing the delivery of care.
However, like any burgeoning market, the Emotion Analytics sector faces its set of challenges. Privacy concerns and ethical considerations surrounding the collection and use of emotional data are paramount. Striking a balance between extracting valuable insights and respecting individual privacy rights is a delicate task that requires careful navigation. Regulatory frameworks and industry standards are evolving to address these concerns, emphasizing the importance of responsible and transparent use of emotion analytics technologies.
The competitive landscape of the Emotion Analytics market is characterized by a mix of established players and innovative startups. Major technology companies are investing heavily in research and development to enhance the capabilities of emotion analytics solutions. Startups, on the other hand, are bringing fresh perspectives and agile solutions to the market, catering to specific industry niches and driving innovation. This competitive dynamism is contributing to the continuous evolution of emotion analytics technologies, ensuring that the market remains vibrant and responsive to changing customer and industry demands.
Looking ahead, the Emotion Analytics market is poised for continued growth, fueled by the increasing recognition of the pivotal role emotions play in decision-making processes. As technology continues to advance and the use of artificial intelligence becomes more pervasive, the capabilities of emotion analytics solutions are likely to become more sophisticated and nuanced. Businesses and organizations that harness the power of emotion analytics are set to gain a competitive edge, not only in understanding their customers and employees better but also in shaping strategies that resonate with the emotional fabric of the market. The journey of emotion analytics from a niche technology to a mainstream business tool reflects a broader trend in the analytics landscape, where the human element is increasingly recognized as a critical factor in driving success and innovation.
Emotion Analytics Market Highlights:
Emotion Analytics Market Overview
According to the latest research report, the global emotion analytics market size is predicted to grow at USD 7.61 Billion by the end of the year 2030 at a CAGR of 14.7% during the forecast period. Emotion Analytics (EA) is a software application that collects data on human communication abilities, both verbal and nonverbal, in order to comprehend a person's mood, attitude, and behavior. The ratio of fact to feeling may be used to create corporate customer experience initiatives. By assessing an emotional and intimate level, this technology allows the merchant to establish a direct relationship with the client. The corporate organization can profit from this software application by enhancing customer relationship management (CRM).
Emotional data is utilized to develop tactics that aid in the improvement of a company's customer relationship management (CRM). Emotion analytics software solutions may help any company with data gathering, categorization, analytics, and visualization. In Incall centers, emotion analytics software is frequently utilized. These emotion analytics software may be used as a standalone application or integrated on top of a customer relationship management (CRM) system, matching a caller's utterances with emotions using audio mining algorithms and a correlation engine. Language-agnostic emotion analytics software may also analyze the caller's tone of voice and the frequency with which a certain word is repeated to give further information into the caller's emotional state. Dashboards that display the emotions of both the caller and the contact center worker enable managers to determine which calls are going well and which may require assistance.
The growth in the number of videos, crucial decision making, and understanding human behaviour in a company are a few of the main driving drivers of the emotion analytics market sales, which is pushing numerous businesses to integrate emotion analytics software into their systems. The Internet of Things in emotion analytics aids companies in better understanding human emotions and will usher in a new era of marketing. Many companies are heavily utilizing mobile and cloud-based biometric technology. All of these reasons are propelling the global emotion analytics market forward.
This report contains all the information on the global emotion analytics market research reports and strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global emotion analytics market analysis and forecast to 2023 is also included in the report.
Industry News of Emotion Analytics Market
- On Feb.08, 2023, Entropik, a leading provider of an AI-powered integrated market research platform, announced receiving US$25 million from Bessemer, SIG, to build its emotion AI tech suite further. The funding was raised in Series B, led by Bessemer Venture Partners and SIG Venture Capital.
- The funding will be used to build its emotion AI technology suite, further enabling senior business leaders to understand customers' emotions while sharing feedback. Entropik's AI solutions democratize research and insights data across the organization, enabling research, marketing, and product teams to capture user feedback efficiently.
- On Feb.08, 2023, Uniphore, a leading conversational AI provider, announced the acquisition of France-based Hexagone for behavioral analytics. Hexagone combines voice, video, and text-based data to provide AI-based insights to help companies understand human behavior and sentiment. The acquisition enables Uniphore to significantly improve its ability to understand customer sentiment and behavior, across the channels, in its X Platform by adding to its emotion detection capabilities.
Covid 19 Analysis
Many people have displayed indications of anguish as a result of the COVID-19 scenario since COVID-19 has taken an emotional toll. As a result, because they are unable to engage in social connection, the majority of the people is turning to social media to express their sentiments. This gives the sellers an opportunity to showcase their wares. Expert System and Sociometrica, for example, employ text analytics across social media to track people's emotions and overall mood. Expert System's artificial intelligence system collects emotions from each published text, which Sociometrica then analyses and interprets.
Market Dynamic
Drivers
- The rising need for improved sales performance and the rise in the adoption of generating more personalized user experiences are the key factors driving the emotion analytics market growth. Furthermore, technological progress, an increase in demand for artificial intelligence, and big data analytics are some of the other aspects imposing favorable influences on the market. Furthermore, the increased flexibility of electronic wearable gadgets has fueled market expansion.
Opportunities
- The emotion analytics market's high demand for artificial intelligence and big data analytics is opening up new growth opportunities in the future years. Furthermore, the growing volume of web material is pushing end-users to employ emotion analytics tools to assess individual behavior. Leading businesses all over the globe are rapidly embracing cloud-based biometric and mobile technologies, which will drive emotion analytics market demand.
Restraints
- However, the high cost associated with the adoption and use of emotion analytics is a key issue impeding market growth over the next six years.
Challenges
- The accuracy of emotion analytics, challenges with facial recognition, and privacy and security concerns may stymie the expansion of the emotion analytics sector throughout the projection period.
Cumulative Growth Analysis
The world's largest providers of emotion analysis solutions include companies such as Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Apple, Inc. (U.S.), Retinad Virtual Reality Inc. (Canada) and Neuromore Inc. (U.S.). As part of a Partnership Treaty with Affectiva, Lightspeed LLC, a world leader in digital data gathering, introduced additional emotional analyses across Americas, Europe, and Asia Pacific areas on 2 March 2017. This emotional analysis can measure emotions in real-time from over 5.5 million light speed panelists.
Emotion is quantified using an automatic face coding method, which is based on an emotional identification technique. With the combined technology of face recognition and emotional analysis, the biometrics of the facial market is mostly increasing in emotional analysis. The rising acceptance of face biometrics in several sectors, such as government, the financial, and banks, is used for the purpose of ID cards, passports, driving licenses, health care and social security cards.
Value Chain Analysis
According to the reports, the worldwide emotion analytics market is classified by type, technology, solution, end-users, and geography. Facial analytics, speech analytics, video analytics, and more types are available. Artificial intelligence, biometrics and neuroscience, 3D modelling, pattern recognition, records management, and others are sub-segments of the technologies segment. The solution sector is further divided into mobile and web applications, cloud, and other sub-segments. End-users are further classified as businesses, defense and security agencies, commercial, industrial, and others. The market is divided into four regions: North America, Europe, Asia Pacific, and the rest of the world.
Segmentation Overview
The emotion analytics market is segmented on the basis of type, technology, solution, end-users, and geography. The global emotion analytics market is expected to witness decent growth during the forecast period.
By Application
Based on the application, the emotion analytics market is segmented into Artificial intelligence, biometrics and neuroscience, 3D modeling, pattern recognition, records management, and others.
By end-users
Based on the propulsion types, the emotion analytics market is segmented into businesses, defence and security agencies, commercial, industrial, and others.
Regional Insights
According to the reports, the regional study of the emotion analytics market includes Asia Pacific (China, Japan, and India), North America (the United States, Mexico, and Canada), Europe (the United Kingdom, and Germany), and the Rest of the World. In terms of market share, North America is one of the world's top regions. The emotion analytics market in this area is seeing high demand as a result of the rising usage of cloud-based face recognition software in organizations, which is driving emotion analytics market share expansion to a great extent. The emotion analytics industry in Europe is projected to expand rapidly in the next years. Whereas Asia Pacific nations such as China, Japan, and India are developing emotion analytics markets in the world, with the greatest CAGR predicted throughout the projection period.
Competitive landscape
Just because some firms control the majority of the market share, the emotion analytics industry is concentrated. Furthermore, because of increased investment and demand for individualized user experiences, market entrance for new entrants remains difficult. Affectiva Inc, IBM Corporation, RealEyes, and Clarifai are among the market's main participants.
Emotion Analytics Market Top Leaders
- Microsoft Corporation (U.S.)
- International Business Machines Corporation (U.S.)
- Apple, Inc. (U.S,)
- Retinad Virtual Reality Inc. (Canada)
- Neuromore Inc. (U.S.)
- Imotions A/S (Denmark)
- Kairos AR, Inc. (U.S.)
- Beyond Verbal (Israel)
- Affectiva (U.S.)
- Eyris (EmoVu) (U.S.)
- Adoreboard (U.K.)
- sensation.io (Germany)
- iMotions (U.S)
- RealComm Global LLC (U.S)
- Lightspeed LLC (U.S.)
Report Overview
- The following report comprises of
- Market overview
- Covid 19 Analysis
- Market Dynamic
- Drivers
- Opportunities
- Restraints
- Challenges
- Cumulative Growth Analysis
- Value Chain Analysis
- Segmentation Overview
- By Application
- By End-Users
- Regional Analysis
- Competitive landscape
Emotion Analytics Industry Developments
March 2024: According to a recent survey conducted by Scotiabank, an almost half of Canadians express that financial disputes contribute to heightened levels of tension in their lives. Furthermore, 47% of respondents indicate that they have engaged in the same financial dispute with a loved one on multiple occasions. In order to facilitate effective communication among Canadians, Scotiabank is introducing Money Style by Scotia Advice+, an online resource that promotes financial literacy through an emphasis on emotional intelligence and empathy in the context of money. The Money Style instrument identifies, through the analysis of real-world situations, which fundamental universal requirements may be influencing an individual's financial-related attitudes, behaviors, and perspectives.
Affectiva, a Smart Eye company, introduced a novel attention metric in September 2023 as part of its cloud-based Emotion AI solution. This metric, which is supported by Smart Eye's sophisticated automotive safety-grade eye tracking technology, provides advertisers, marketers, and entertainment companies with a substantial improvement in measuring viewer attention. By analyzing gaze and head position, this one-of-a-kind and comprehensive measurement provides insights that are not immediately attainable. Affectiva's pursuit of a calibration-free, attention metric that is centered on advertisements is acquiring rapid traction.
Utilizing its expertise in gaze measurement, the organization implements a comprehensive strategy to estimate user attention on advertisements. The preliminary results underscore the considerable potential of this novel methodology, particularly when integrated with supplementary technologies like in-context advertising exposure techniques. Utilized by more than ninety percent of the world's largest advertisers, Affectiva's Emotion AI technology boasts a notable track record in advertising measurement.
This capability enables these frontrunners in the industry to gain insight into the thoughts and emotions of viewers, forecasting their level of involvement with their advertisements and programs. Through the analysis of viewers' facial expressions, the technology developed by Affectiva reveals whether or not individuals react to the content as intended. Presently, operating as an affiliate of Smart Eye, this amalgamation of Affectiva and Smart Eye's cutting-edge technologies provides unprecedented insights into viewer behavior, addressing critical inquiries within the market research sector, including the extent to which viewers genuinely interact with the advertising campaigns that corporations allocate millions of dollars to create and distribute.
Emotion Analytics Market Segments
Emotion Analytics Market By Type
- Text Analytics
- Facial Analytics
- Speech Analytics
- Video Analytics
Emotion Analytics Market By Application
- Sales and Marketing Management
- Customer Experience Management
- Competitive Intelligence
- Public Safety and Law Enforcement
- Workforce Management
By Organization Size
- Large Enterprises
- Small and Medium-Sized Businesses (SMBs)
By Vertical
- Retail
- BFSI
- IT and Telecommunication
- Retail
- Healthcare
- Media and Entertainment
- Government
- Others (Travel and Hospitality, and Energy and Utilities)
By region
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North America
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US
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Canada
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Latin America
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Brazil
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Mexico
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Others
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Europe
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France
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Germany
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Poland
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Russia
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Asia Pacific
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Australia and New Zealand (ANZ)
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Greater China
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India
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ASEAN
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Rest of Asia Pacific
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Japan
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The Middle East and Africa
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GCC Countries
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Other Middle East
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North Africa
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South Africa
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Other Africa
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