Strong Growth Expected for Emotion Recognition and Sentiment Analysis
Research firm Technavio expects the worldwide emotion recognition and sentiment analysis software market to grow by $797.17 million through 2028, representing a compound annual growth rate of 14.15 percent.
The customer service/experience segment will be significant during the forecast period, according to Technavio, which sees emotion recognition and sentiment analysis tools "enabling real-time monitoring of customer feedback, empowering businesses to promptly address issues and respond to sentiments. Analyzing sentiments in reviews helps identify trends, supporting data-driven decisions for product or service enhancements. Understanding customer opinions guides innovation and feature prioritization, leading to personalized and engaging customer experiences," it said.
The firm also noted that the growing popularity of wearable devices is the key factor driving the market growth. Wearables with sophisticated software can monitor physiological and psychological data, including heart rate, blood pressure, and mood changes. These devices, like wristbands, not only detect moods but also find clinical applications such as anxiety monitoring, painkiller response measurement, and aiding visually impaired and autistic individuals in understanding others' emotions.