Emotion Detection and Recognition Market to Be Worth $37.1 Billion by 2026
Research firm MarketsandMarkets predicts the global emotion detection and recognition market will grow from $19.5 billion in 2020 to $37.1 billion by 2026, growing at a compound annual rate of 11.3 percent.
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 and artificial intelligence technologies across the globe, growing need for high operational excellence, and rising need for socially intelligent artificial agents.
Among the technologies involved in emotion detection and recognition are facial feature extraction and 3D modeling, biosensors, and natural language processing. Of those, MarketsandMarkets expects the biosensors technology segment to lead the market, proving useful in capturing hidden physiological or emotional states and overcoming the limitations of facial or gesture recognition systems. This technology is also extremely useful to monitor emotions, such as stress, anxiety, anger, and depression, that have enormous applications in the medical and defense sectors. The report also notes that many companies are deploying emotion detection and recognition software to minimize or restrict fraud.
Key vendors identified in the report include NEC Global, IBM, Intel, Microsoft, Apple, Google, Tobii, Cognitec Systems, Numenta, Elliptic Labs, Kairos, Gesturetek, Noldus Technology, Cipia Vision, iMotions, PointGrab, Affectiva, nViso, Beyond Verbal, Sightcorp, Crowd Emotion, Eyeris, Sentiance, Sony Depthsense, Ayonix, and Pyreos.