Emotion Detection and Recognition Market to Grow 21 Percent per Year Through 2024
Research firm MarketsandMarkets valued the global emotion detection and recognition market, including technologies like facial feature extraction and 3D modeling, biosensors, and natural language processing, at $21.6 billion in 2019 and expects it to reach $56 billion by 2024, growing at a compound annual rate of 21 percent.
MarketsandMarkets credits factors such as the rising need for socially intelligent artificial agents, increasing demand for speech-based biometric systems to enable multifactor authentication, technological advancements across the globe, and growing need for high operational excellence to drive the increases.
Biosensors, including voice-based systems, are a critical component for emotion detection and recognition, providing essential information on the emotional state of humans, according to the report, which states that this technology could prove useful in capturing hidden physiological or emotional states, such as stress, anxiety, anger, or depression.
Emotion detection and recognition software can also be used to minimize or restrict fraudulent activities and improve customer experiences, the report said.
North America is the largest revenue contributor to the market, driven by the rising internet penetration and increasing adoption of cloud-based and Internet of Things (IoT) applications, it said further.
Major vendors identified in the report include Apple, Google, Microsoft, IBM, Affectiva, Beyond Verbal, Noldus Information Technology, Tobii, NEC, Sentiance, nViso, Eyesight Technologies, Ayonix, Cognitec Systems, SightCorp, CrowdEmotion, Kairos, Eyeris, SkyBiometry, and iMotions.