The global emotional analytics market is expected to expand at a CAGR of 15.6% during the forecast period from 2019 to 2027. Emotional Analytics is a next-gen technology, and with its futuristic implications, it has come under the limelight in the business world. This technology is useful for data collection, classification, visualization, and analytics. Organizations are leveraging the capabilities of this technology to improve their customer relationship management (CRM). Developers are constantly improving the efficiency and functionality of the software to make it compatible with a wide range of software and hardware applications. The propulsion in demand for the emotional analytics market can also be associated with multiple organizations' rising adoption of artificial intelligence. Thus, driving the growth of the emotional analytics market.
Market Synopsis
Biometrics and Artificial Intelligence to Dominate and Register Maximum Growth throughout the Forecast Period
Based on technology, the global emotional analytics market is categorized into Artificial Intelligence, Biometrics and Neuroscience, 3D Modelling, Pattern Recognition, Records management, and Others (Facial recognition). The Biometric and Neuroscience segment dominates the technology segment. This is due to its wide application and huge demand by organizations in the current market scenario. As a result, biometrics and Neuroscience, followed by Artificial Intelligence, are gaining popularity among organizations and are expected to register the fastest growth during 2019-2027. This popularity is fuelled by the deployment of artificial intelligence technology in various organizations and thus garners huge market share in the global emotional analytics market.
North America Dominates; the Asia Pacific Touted to Register Significant Growth during the Forecast Period
North America appeared as the global emotional analytics market leader, trailed by the Asia Pacific and Europe, respectively. North America is the fastest growing region with the highest revenue contribution. This is due to the emergence of many advanced technologies and their implementation by various organizations. North America is the world's largest region to implement cloud-based facial recognition technology and artificial intelligence. In contrast, Asia Pacific is set to register the highest growth rate during 2019-2027. Implementing biometrics and facial recognition technologies by the government and defense & safety agencies are bolstering the market growth. The Asia Pacific is to be followed by Europe and the Rest of the World.
Some of the leading manufacturers profiled in the study include Google, Inc., Apple, Inc., Facebook, Inc., Microsoft Corporation, IBM Corporation, Kairos AR, Inc., Affectiva Inc., Beyond Verbal, Eyris (Emovu), iMotions A/S, sensation.io, RealComm Global LLC, Neuromore Inc., Lightspeed LLC, Retinad Virtual Reality Inc. among others. Big players such as Apple, Inc., Google, Inc., etc., are rapidly acquiring smaller players in order to gain a competitive edge. Although emotional analytics is a niche market, many players are investing in this technology to understand customers' emotions better and make strategies accordingly to satisfy them.
Historical & Forecast Period
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The emotional analytics market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global emotional analytics market based on technology, application, type, solutions, end-use vertical, and geography. Key segments covered in the report are as follows:
