Emotion Analytics Market

Global Emotion Analytics Market Size (2024 to 2029)

The global emotion analytics market is predicted to reach USD 2.95 billion in 2024 and USD 6.15 billion by 2029, growing at a CAGR of 15.8% during the forecast period.

The major factors driving the global emotion analytics market are the need for higher customer satisfaction, adherence to regulatory and compliance standards, rising significance for real-time emotion analytics, and the increasing need for emotion analytics software and services to cater to the growing Business Process Outsourcing (BPO) sector. The global emotion analytics market is anticipated to gain strong demand over the forecast period. This is mainly due to the huge requirement for higher customer satisfaction and the growing significance of real-time emotion analytics. Additionally, the growing need for emotion analytics software and services and the adherence to regulatory and compliance standards would further drive the demand for the global emotion analytics market in the near future.

Global Emotion Analytics Market Drivers:

The strong demand for big data analytics and artificial intelligence would enhance new growth opportunities for the market in the coming years. Moreover, the increasing amount of web content is urging end-users to opt for emotion analytics software to examine the behavior of individuals. Leading organizations around the world have adopted and implemented cloud-based mobile and biometric technologies in higher weights, which in turn will boost the demand of the market. Emotion analytics software is in huge demand and is widely used by several end-users, including industrial enterprises, defense and security agencies, and commercial. With rapid digitalization, there has been an enormous increase in demand for improvised sales performance, which is driving the usage of emotion analytics software over the coming years. Emotion analytics software assists several companies in data collection, data classification, data analytics, and data visualization. This software is also used to build on top of a customer relationship management (CRM) system or a standalone application. However, on the other hand, the high cost related to the deployment and usage of emotion analytics is a major factor that is restricting the global emotion analytics market growth over the forecast period.

REPORT COVERAGE:

This research report on the global emotion analytics market is segmented and sub-segmented by type, application, vertical, and region.

Global Emotion Analytics Market – By Type:

• Text Analytics

• Speech Analytics

• Video Analytics

• Facial Analytics

On the basis of type, the text analytics segment is anticipated to have a faster CAGR over the forecast period. The increase in the adoption of emotion analytics software for automating the process of translating a large amount of unstructured text into quantitative data to gain insights, trends, and patterns related to consumers is one of the primary factors that contribute to the growth of the segment. The use of emotion analytics software with data visualization tools has been helping large organizations understand data and make better decisions.

Global Emotion Analytics Market – By Application:

• Sales and Marketing Management

• Public Safety and Law Enforcement

• Workforce Management

• Customer Experience Management

• Competitive Intelligence

On the basis of application. Customer experience management is anticipated to grow at a higher CAGR during the forecast period. The emotion analytics software extracts valuable insights from all customer touchpoints and channels across the company, such as texts, chats, emails, calls, and social media platforms. The software uses historical data and real-time information to recognize trends and patterns of the customers, thereby allowing the agent to tailor their words accordingly while on the call.

Global Emotion Analytics Market – By Vertical:

• Retail

• BFSI

• IT and Telecommunication

• Retail

• Healthcare

• Media and Entertainment

• Government

• Others (Travel and Hospitality, and Energy and Utilities)

On the basis of vertical, the retail segment is anticipated to lead the market during the forecast period. The retail vertical is massively transforming, as mobile e-commerce is becoming a common practice in large numbers and is replacing brick-and-mortar stores. Several factors come into play for the growth of this segment in the global emotion analytics market. The introduction of numerous e-commerce players has led to competition in the online retail market. In addition, the leading retail players have shifted their focus to the identification of emerging trends by analyzing the voice of the customer and producing insights as per their preferences.

Global Emotion Analytics Market – By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

North America is the leading region in terms of market share. The emotion analytics market in this region is in very high demand due to the growth in the adoption of cloud-based face recognition software in organizations, which is upsurging the market growth to a large extent. The emotion analytics market in Europe is anticipated to gain rapid growth in the near future. Asia Pacific countries, namely Japan, China, and India, are emerging into the global emotion analytics market, which is expected to grow at the highest CAGR during the forecast period.

KEY MARKET PARTICIPANTS:

The major companies operating in the global emotion analytics market include Affectiva, Beyond Verbal, iMotions, Kairos AR, Noldus Information Technology, Cogito, Tobii, Sentiance, NVISO, Lexalytics, Sensum, IBM, Microsoft, Google, Gorilla Technology, Adoreboard, Retinad Virtual Reality Inc, Apple, Neuromore Inc, Lightspeed LLC, Eyris (EmoVu), RealComm Global LLC among others.

RECENT HAPPENINGS IN THE MARKET:

• In March 2019, Tobii launched new tools and resources for VR, AR, XR, and PC development. These Software Development Kit (SDK) resources and tools made easy integration of eye-tracking technology and created enhanced experiences for customers.