The substantial growth of IoT technology, the increase in popularity of wearable technology, and tremendous rise in the usage of smartphones drive the global emotion detection and recognition market size. Moreover, advancement in technologies helps the market to perform better.
However, the high cost of application & functional requirements and misinterpretation in the analysis of emotions restrict the growth of the market. The adoption of cloud-based technology offers remunerative opportunities for the expansion of the emotion detection and recognition market during the forecast period.
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Depending on the application, the marketing & advertising segment holds the largest emotion detection and recognition market share as they offer positive arousal, consumer behavior insights, emotional marketing, consumer perception, perceived quality of product, and brand awareness to fuel the emotion detection and recognition market.
In addition, brand recall/recognition, product perception, and purchase decision are some of the key benefits that boost the adaptation of marketing & advertising solutions. However, other segments including the e-learning and video games segment are expected to witness growth at the highest rate during the forecast period, as e-learning and video games offer improved quality of education, reduced travel cost & time, mobility function, and freedom to select interesting material.
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Region-wise, the emotion detection and recognition industry was dominated by North America in 2020 and is expected to retain its position during the forecast period due to their well-established economies, which allow investments in new technologies.
Growth in demand to optimize and bring radical change in the areas of marketing and advertisement by using emotion detection and recognition technology creates remarkable potential in North America.
However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to public awareness and emerging advanced technologies in countries such as Japan, China, India, Australia, and Rest of Asia-Pacific that contribute to the growth of the emotion detection and recognition market.
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With the outbreak of COVID-19, the demand for emotion detection and recognitions decreased with the incorporation of technological capabilities, such as facial recognition, speech & voice recognition, biosensing, machine learning, and pattern recognition.
As faces are one of the key ways that we obtain social information about others, they allow people to identify individuals, understand conversational cues, and make judgments about others’ mental states. When the COVID-19 pandemic hit the U.S., widespread mask-wearing practices were implemented, causing a shift in the way Americans typically interact. Therefore, it also affected the emotion detection and recognition market growth.
The key players profiled in the emotion detection and recognition market analysis are Affectiva, CrowdEmotion, IBM Corporation, Kairos AR, Inc., Noldus Information Technology bv., NVISO SA, Realeyes, Sentiance NV., Sightcorp, and SkyBiometry. These players have adopted various strategies to increase their market penetration and strengthen their position in the emotion detection and recognition industry.
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KEY FINDINGS OF THE STUDY
- By software tool, the facial expression & emotion recognition segment accounted for the largest emotion detection and recognition market share in 2020.
- By region, North America generated highest revenue in 2020.
- By application, the marketing and advertising segment generated the highest revenue in 2020.
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