The Global Emotion Analytics Market Size accounted for USD 2.8 Billion in 2021 and is projected to occupy a market size of USD 10.7 Billion by 2030 growing at a CAGR of 16.1% from 2022 to 2030.
Emotions analytics (EA) is software that collects data on how people communicate verbally and non-verbally to understand their moods or attitude. In layman's terms, it's a tool for measuring people's emotional reactions to things like customer service, advertising campaigns, or music. Emotion analytics is currently one of the most popular trends in analytics and data collection. These sophisticated tools are used to better understand customers, provide relevant feedback, and make new suggestions for working conditions and teamwork. All this is possible with the advent of AI and deep learning as these futuristic technologies are designed to make customer interactions warmer, and more human. EA tools can track the emotions associated with text and voice communications to determine how people truly feel.
Emotion Analytics Market Report Statistics
Global Emotion Analytics Market Dynamics
Emotion Analytics Market Report Coverage
|Market||Emotion Analytics Market|
|Emotion Analytics Market Size 2021||USD 2.8 Billion|
|Emotion Analytics Market Forecast 2030||USD 10.7 Billion|
|Emotion Analytics Market CAGR During 2022 - 2030||16.1%|
|Emotion Analytics Market Analysis Period||2018 - 2030|
|Emotion Analytics Market Base Year||2021|
|Emotion Analytics Market Forecast Data||2022 - 2030|
|Segments Covered||By Type, By Application, By Technology, By Industry Vertical, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Affectiva, Apple, Inc., Beyond Verbal, Cogito, International Business Machines Corporation, iMotions, Microsoft Corporation, Neuromore Inc., Retinad Virtual Reality Inc., and Sensum.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Emotion Analytics Market Growth Factors
The growing popularity of learning human behavior is a major factor driving the growth of the emotional analytics market. As a result, the growing demand for recognition applications is propelling market growth. The growing volume of online data will drive demand for the global emotion analytics industry. Similarly, the growing use of wearable devices and the expanding use of mobile and cloud biometric technologies are driving global market demand. However, the growing risks associated with online data theft will always pose a significant challenge to market growth. Furthermore, misinterpretation in emotional analysis would create roadblocks to emotion detection and recognition market growth. Furthermore, the market is expected to benefit from the rapid adoption of artificial intelligence, deep learning, and big data analytics in the coming years.
Emotion Analytics Market Segmentation
The global emotion analytics market is segmented based on type, application, technology, industry vertical, and geography.
Emotion Analytics Market By Type
Speech analytics will have a significant market share in 2021 and is expected to grow in the coming years. The growing demand for voice-based smart home assistants such as Echo, Alexa, and Google Nest can be attributed to the segment's largest share. Furthermore, users all over the world are using voice commands for Google Search, YouTube search, and messaging apps, which is supporting the growth of the speech analytics sector.
Emotion Analytics Market By Application
Based on emotion analytics industry analysis, the customer experience management application will account for a significant market share in 2021. The emotion analytics market derives insights from all customer touchpoints and channels across the organization, including phone calls, texts, video, facial recognition, emails, chats, and social media platforms. However, the sales and marketing management application is expected to gain significant traction during the forecast timeframe of 2022 to 2030 as a result of increased investments to maximize customer sales.
Emotion Analytics Market By Technology
In 2021, artificial intelligence dominated the market with a noteworthy share and is projected to continue their dominance throughout the forecasted years from 2022 to 2030. Artificial intelligence is considered as the most efficient technology when linked with human mind and emotions, enabling businesses to get customer insight and improve their services. In addition to that, the integration of AI technologies such as deep learning is also expected to fuel the market demand in the forthcoming years.
Emotion Analytics Market By Industry Vertical
According to our emotion analytics market forecast, the retail industry will hold a significant market share between 2022 and 2030. With the growing popularity of e-commerce, the retail industry is undergoing a massive transformation. The advent of several e-commerce players has increased competition among online retailers. As a result, these industry players are using emotion analytics to determine their customers' preferences.
Emotion Analytics Market Regional Outlook
The Middle East & Africa
Emotion Analytics Market Regional Analysis
According to the emotion analytics regional analysis, the largest market share is held by North America. The rising investment by various key players in data analytics technologies will spur the North America emotion analytics market. Among North America, the US is focused on adoption of innovative technologies as well as the country homes some of the major retail, BFSI, healthcare, and IT sectors. This factor is also supporting the US emotion analytics market. On the other hand, Asia-Pacific region is poised to record the fastest growth rate CAGR throughout the projected years from 2022 to 2030.
Emotion Analytics Market Players
Some of the leading emotion analytics companies include Affectiva, Apple, Inc., Beyond Verbal, Cogito, International Business Machines Corporation, iMotions, Microsoft Corporation, Neuromore Inc., Retinad Virtual Reality Inc., and Sensum.
The market size of emotion analytics market in 2021 was accounted to be USD 2.8 Billion.
The projected CAGR of emotion analytics market during the analysis period of 2022 to 2030 is 16.1%.
The prominent players of the global emotion analytics market include Affectiva, Apple, Inc., Beyond Verbal, Cogito, International Business Machines Corporation, iMotions, Microsoft Corporation, Neuromore Inc., Retinad Virtual Reality Inc., and Sensum.
North America held the dominating emotion analytics during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for emotion analytics during the analysis period of 2022 to 2030.
Adoption of innovative solutions to enhance customer satisfaction, growing demand to understand human behavior, and increasing need to improve sales performance drives the growth of global emotion analytics market.
Based on technology, artificial intelligence segment is expected to hold the maximum share of the emotion analytics market.