Ans: The Emotion AI Market witnessing a CAGR of 22.7% during the forecast period 2024-2032.
According to a new report published by , titled, “Emotion AI Market," The emotion AI market was valued at $1.8 billion in 2022, and is estimated to reach $13.8 billion by 2032, growing at a CAGR of 22.7% from 2023 to 2032.
AI-powered solutions have the capacity to continually monitor networks, endpoints, and systems, allowing for quick reaction and real-time visibility into any situation. This further leads to more accurate and effective business operations. In addition, the increase in demand for behavioral analysis in several industries further contributes to driving growth of the emotion artificial intelligence market. The AI systems are more trained, that further reduced the chances of false positives by improving accuracy of the emotion detection solutions. Such enhanced factors are expected to provide lucrative opportunities for emotion AI market trends during the forecast period.
In addition, emotion AI solutions are also set to influence industries like healthcare, insurance, education and transportation, which are further expected to contribute to the growth of emotion artificial intelligence market. Moreover, the surge in usage of internet devices in various applications and rising amount of data generated by these internet devices creates lucrative opportunities for the global emotion AI market. Moreover, growing demand for flexible emotion recognition services across businesses is expected to fuel the growth of the market during the forecast period. Furthermore, the rise in visualization tools for security data is also arising, which further is expected to provide lucrative growth opportunities for the market in the forecast period.
Moreover, substantial growth in AI and ML technologies and the increase in adoption of biometrics and facial recognition positively impact the growth of the emotion AI market forecast. In addition, surge in the usage of emotion detection solutions in several industries is driving global market growth. However, The high cost of application and development, and data storage and management hamper market growth. Furthermore, integration in IoT-based technologies and expansion of wearable devices in various applications creates opportunities for emotion AI industry.
The emotion AI market is segmented into Component, Enterprise Size and Application.
Segment Review
The emotion AI market is segmented into components, enterprise size, application and region. On the basis of component, it is bifurcated into software and service. By enterprise size, it is divided into large enterprise and small and medium-sized enterprises. By application, it is categorized into BFSI, healthcare, IT & telecommunication, retail and e-commerce, government, media and entertainment, automotive, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of component, the global emotion AI market share was dominated by the software segment in 2022 and is expected to maintain its dominance in the upcoming years, owing to the surge in technological breakthroughs in several industries has proliferated numerous opportunities for the software segment in the market. However, the service segment is expected to exhibit the highest growth during the forecast period. As emotion AI services are increasingly implemented in various industries.
By region, North America dominated the emotion AI marke share in 2022. The region has a strong foothold for numerous large enterprises, and government organizations with a huge focus on data safety and compliance are anticipated to propel the growth of the Emotion AI market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. The region is experiencing an increasing number of cyberattack incidents across various industries, including healthcare, finance, government, and telecommunications, which is expected to provide lucrative growth opportunities for the market in this region.
Top Impacting Factors
Substantial growth in AI and ML technologies:
Increasing adoption of AI and ML technologies in several sectors has proliferated the demand for emotion AI solutions. The integration between digital solutions and AI/ML has improved the capabilities of industries, allowing them to perform more complicated tasks, make intelligent decisions, and adapt to evolving environments. AI and ML algorithms empower businesses with advanced perception and decision-making capabilities. In addition, emotion AI can navigate dynamic environments, classify human reactions, and respond to unstructured instances, leading to greater autonomy and adaptability. Thus, such factors are expected to propel numerous opportunities for the global market.
Moreover, leveraging the automation trends and use of smart data in emotional AI technology could lead to improving production quality. Thus, the technological breakthrough in the development of autonomous infrastructure led to a surge in demand for emotion detection to improve process optimization. These factors are expected to propel market growth. Hence, several companies and government authorities are leveraging advanced technologies intending to improve efficient operations. For instance, in September 2023, AB Tasty launched EmotionsAI. This new technology enables customers to use AI-based audience segmentation based on their emotional needs; a unique product that helps brands personalize to customers on an emotional level. These technical developments in improved emotion detection solutions will significantly pave numerous opportunities for market growth.
The increase in adoption of biometrics and facial recognition:
The outbreak of COVID-19 prompted a considerable proportion of routine activities and businesses to shift their operations online. This resulted in organizations and individuals throughout the world beginning to rely more increasingly on digital media and communication networks. This further propelled the adoption of biometrics and facial recognition around the globe. The process of recognizing or validating a person's identification by their facial traits is known as facial recognition. It captures, examines, and compares patterns based on the person's facial details. Biometric authentication is becoming increasingly ubiquitous across various industries and applications, providing a safe and efficient means of digital identity verification. Such factors further increase the awareness about emotion detection solutions, which in turn contribute to accelerating the growth of the global market.
In addition, the supportive government policies and increasing investment by public and private authorities in emotion AI solutions are positively impacting market growth. Governments around the globe are recognizing the importance of biometrics and facial recognition in the digital age and integrating proactive measures to safeguard end-users and businesses. Further, government policies are undertaking increased initiatives to embrace advanced technology, with plans for integrating new digital solutions. For instance, in July 2023, U.S. Citizenship and Immigration Services (USCIS) launched a new self-service tool allowing benefit requestors, and their attorneys and accredited representatives, to reschedule most biometric services appointments before the date of the appointment. Therefore, emotion AI gained wider traction among end-users, which in turn, is expected to fuel robust emotion AI market growth.
Key Companies
IBM Corporation, Apple, Inc., Microsoft Corporation, Realeyes, Cipia Vision Ltd., NuraLogix Corporation, Cogito Corporation, NVISO, Emotibot, Affectiva
Report Metric | Details |
Report Name | Emotion AI Market |
Accounted market size in 2022 | $ 1.8 in billion |
Forecasted market size in 2032 | $ 13.8 billion |
CAGR | 22.7% |
Base Year | 2022 |
Forecasted years | 2024 - 2032 |
By Component | ● Software ● Service |
By Enterprise Size | ● Large Enterprises ● Small and Medium-sized Enterprises |
By Application | ● BFSI ● Healthcare ● IT and Telecommunication ● Retail and E-commerce ● Government ● Media and Entertainment ● Automotive ● Others |
By Region |
|
Forecast units | USD million in value |
Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
Ans: The Emotion AI Market witnessing a CAGR of 22.7% during the forecast period 2024-2032.
Ans: The Emotion AI Market size in 2032 will be $ 13.8 billion.
Ans: The Applications covered in the Emotion AI Market report are ● BFSI, ● Healthcare, ● IT and Telecommunication, ● Retail and E-commerce, ● Government, ● Media and Entertainment, ● Automotive, ● Others
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