The global emotion detection and recognition market is estimated to rise at a healthy rate from 2021 to 2031 (forecast period). The global emotion detection and recognition market is likely to be propelled by significant expansion in the internet of things technology, increased adoption of wearable technologies, and a massive increase in smartphone usage. Moreover, technological advancements are expected to assist the global emotion detection and recognition market growth during the forecast period.
Furthermore, expansion in research and development capabilities in speech-based emotion detection systems and an increase in demand for operational excellence are two key factors projected to drive the global emotion detection and recognition market.
Key players active in the global emotion detection and recognition market include Microsoft (US), Apple (US), NEC (Japan), IBM (US), Cognitec (Germany), Google (US), Affectiva (US), Tobii (Sweden), Elliptic Labs (Norway), NVISO (Switzerland), Intel (US), and Noldus (Netherlands).
To expand their global reach, key market players are pursuing strategies such as alliances, acquisitions, investments, technological innovations, and R&D activities.
SmartEye, the renowned AI-based eye-tracking firm, acquired the emotion detection software startup company Affectiva in June 2021. This merger will hasten the growth and development of software for automotive interior sensing, human factors research, media analytics, and other areas.
The rising use of wearable devices, which can sense emotions and play a significant role in human-computer interaction and psychological health monitoring, is one of the main factors projected to drive the global emotion detection and recognition market. With greater health consciousness, the use of advanced wearable technologies for personal use as well as in the healthcare industry is increasing. These wearable gadgets are outfitted with a variety of modern sensors that collect, monitor, and analyze a person's health vital signs, and emotional state. For example, in August 2020, Amazon Halo and Amazon Halo Band, a blend of a suite of AI-powered health products and an innovative wrist band, were released to assist consumers in boosting their health and wellbeing. This product monitors the user's activity, body fat, and emotional condition by monitoring the sound of their voice. Likewise, Upmood announced a new device, Upmood Watch, in August 2020 that is explicitly intended for recording heart rate variability (HRV) to show micro-patterns in behaviors and emotions with great precision. Such aspects are anticipated to boost the growth of the global emotion detection and recognition market.
Moreover, strong growth in the internet of things technology is expected to support the global emotion detection and recognition market growth during the forecast period. The internet of things technology makes it easier to detect and react to all devices based on a person's mood, emotion, and actions. Some devices communicate with one another without the need for human interaction, such as sensor input that governs the output of an industrial process at a remote facility. Emotion-sensing technology is progressing from the experimental stage to the commercial stage. As a result, the global emotion detection and recognition market is expected to experience growth during the forecast period.
North America is likely to witness growth in the worldwide emotion detection and recognition market during the forecast period. The swift development of the internet of things (IoT), the growing trend of wearable devices, and enhanced technology are expected to present enormous prospects for the emotion detection and recognition market in North America. The United States and Canada are likely to contribute to the regional market. Moreover, high government investments and rising demand for enhanced services and security from a variety of business verticals are projected to boost the regional market growth.
The emotion detection and recognition market in Asia Pacific is expected to grow during the forecast period. In the Asia-Pacific region, emerging countries such as China and India are projected to experience an increase in demand for improved technology installations and initiatives to build standardized and effective emotion detection and recognition systems. This is expected to fuel the region's emotion detection and recognition market. Moreover, the regional market is anticipated to benefit from a rising population, advanced technology centers, and the existence of affluent countries like Japan and South Korea.
The emotion detection and recognition market in Europe is anticipated to expand due to massive government investments in security and surveillance infrastructure, increasing awareness, and the adoption of advanced technologies.