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CHICAGO, March 29, 2021 / PRNewswire / – According to New Market Research Report “Emotion detection and recognition market by component (Solutions [Facial Expression Recognition, Speech & Voice Recognition], Services), Technology, Application area, End user, Vertical, Region – Global forecast to 2026“, published by MarketsandMarkets ™, in the post COVID-19 scenario, the size of the global emotion detection and recognition market is expected to increase from 19.5 billion USD in 2020 at 37.1 billion USD by 2026, at a compound annual growth rate (CAGR) of 11.3% over the forecast period.
Major factors driving market growth include growing need for accretion of speech-based emotion detection systems to analyze emotional states, adoption of IoT, AI, ML and deep learning technologies around the world, the growing demand in the automotive AI industry, growing. need for high operational excellence and growing need for socially intelligent artificial agents.
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Based on technology, the biosensor technology segment will become the market leader in 2020
Biosensor technology is an essential component for the detection and recognition of emotions, providing essential information about the emotional state of humans. The use of this technology could prove useful in capturing the hidden physiological or emotional states of an individual, thereby overcoming the limitations of facial or gesture recognition systems used to capture emotions. This technology is also extremely useful for monitoring emotions, such as stress, anxiety, anger, and depression which have huge applications in the medical and defense industries. The rapid adoption of these devices has been seen because they are able to provide real-time information on the emotional state of humans and monitor any physiological changes in the user.
Depending on the end user, the industrial segment will grow at the fastest rate during the forecast period
The industrial end user includes the large manufacturing giants and manufacturers of heavy industrial equipment, such as automotive, chemical industry, real estate, rental and leasing, textile industry, l brewing industry and the energy industry, which includes the electricity industry, the natural gas industry and the oil industry. These end users deploy emotion detection and recognition software to minimize or restrict fraudulent activity. Emotion detection and recognition technology can be integrated with devices and used in other automotive industries to emotionally connect with users and track data with emotion sensors to better understand human emotions and improve performance. ‘client experience.
North America hold the highest market share during the forecast period
North America is the major contributor to the revenue of the emotion detection and recognition market as the region’s growth is driven by increasing internet penetration and increasing adoption of cloud and internet based applications of objects (IoT) in verticals. Countries in North America are well-established economies, allowing for investments in advanced technologies.
The United States and Canada have made significant investments in research and development (R&D) activities, contributing to the growth of new technologies. Furthermore, massive government funding and strong technical base are contributing to the growth of the emotion detection and recognition market in the region. The demand for emotion detection and recognition technologies, such as facial feature extraction and 3D modeling, biosensor technology, and natural language processing (NLP), is increasing among end users, such as businesses. , defense and security agencies, as well as commercial and industrial companies. Leading pure play providers, such as Affectiva, Kairos and Eyeris, as well as several start-ups in the region, offer enhanced emotion detection and recognition solutions to meet customer needs. Such factors are expected to fuel the growth of the global emotion detection and recognition market by North America.
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The main suppliers covered by Emotion detection and recognition market include NEC Global (Japan), IBM (United States), Intel (United States), Microsoft (United States), Apple (United States), Gesturetek (Canada), Noldus Technology (Netherlands), Google (United States), Tobii (Sweden), Cognitec Systems (Germany), Cipia Vision Ltd (formerly Eyesight Technologies) (Israel), iMotions (Denmark), Numenta (United States), Elliptic Labs (Norway), Kairos (US), PointGrab (US), Affectiva (US), nViso (Switzerland), Beyond the verbal (Israel), Sightcorp (Holland), Crowd Emotion (UK), Eyeris (US), Sentiance (Belgium), Sony Depthsense (Belgium), Ayonix (Japan) and Pyreos (United Kingdom).
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