Coherent Market Insights

Emotion Detection and Recognition (EDR) Market to Surpass US$ 40.5 Bn by 2030

Emotion Detection and Recognition (EDR) Market to Surpass US$ 40.5 Bn by 2030 - Coherent Market Insights

Publish In: Nov 15, 2022

The Global Emotion Detection and Recognition (EDR) Market is estimated to account for US$ 20.6 Bn in terms of value by the end of 2021. Emotion detection and recognition has a number of applications. These applications include the advertising and marketing industry, security concerns, and emergency situations. The increasing popularity of wearable technology and the need for smart lighting systems are also driving demand for emotion detection and recognition systems. Developing these technologies has many advantages for both consumers and businesses.

Emotion detection and recognition is an emerging area of technology that could help businesses improve their customer experience. For example, businesses can use emotion recognition to screen potential employees in one-on-one interviews. This technology is also useful in hiring processes. It can identify the best employees based on their emotional traits.

Global Emotion Detection and Recognition (EDR) Market: Drivers

Increasing rate of online video viewing is expected to propel growth of the global emotion detection and recognition (EDR) market over the forecast period. There is a significant rise in online video viewing around the world, due to the time spent online is growing and is further boosting the spending on video ad. For instance, as per the Zenith Media, the daily minutes spent on watching online video is likely to increase to 100 minutes by 2021, and the advertising on online video is anticipated to increase to US$ 61 billion. Thus, the growing demand for video-based analytics is likely to boost growth of the market in near the future.

Global Emotion Detection and Recognition (EDR) Market: Opportunities

Growing use of voice and speech-based EDR is expected to create growth opportunities for market players in the global emotion detection and recognition (EDR) market during the forecast period. The use of voice and speech EDR is expected to increase in fraud detection and customer service in the BFSI industry. For instance, Nemesysco offers emotion detection as well as analysis for Japan’s one of the major outsourced call center operations. Thus, adoption of this technology is likely to create growth opportunities in the market, which is expected to support the market growth.

Global Emotion Detection and Recognition (EDR) Market: Restraints

Factors such as high cost of functional and application requirements and misinterpretation in emotion analysis by the emotion detection and recognition systems are expected hinder growth of the global emotion detection and recognition (EDR) market during the forecast period. The cost of production of EDR systems is higher, and the return on investment is low. This factor creates major challenge in the market, technologies such as gesture recognition and wearable computing that are most enabling require high cost for development. This further reduces adoption of the platform in organizations with low budgets.

Global Emotion Detection and Recognition (EDR) Market - Impact of Coronavirus (Covid-19) Pandemic:

The coronavirus outbreak in China affected several countries across the globe. The virus outbreak impacted global economies by affecting manufacturing activities, supply chains and distribution operations, and by impacting financial segment of various industries. As many countries imposed lockdown regulations to curb spread of the virus, major industrial operations were disrupted. Production and demand in various industries declined due to lack of supply of raw materials and labor. Moreover, disruption in transportation also affected several markets. The emotion detection and recognition (EDR) market witnessed a sharp decline during the pandemic, as use of masks was made mandatory to prevent the virus infection. This further affected rate of detection. Thus, the market was negatively impacted by the COVID-19 pandemic.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/emotion-detection-and-recognition-market-5349

Key Takeaways:

The global emotion detection and recognition market was valued at US$ 20.6 Bn in 2021 and is forecast to reach a value of US$ 40.5 Bn by 2030 at a CAGR of 7.8% between 2021 and 2030.

Software segment held dominant position in the global emotion detection and recognition (EDR) market in 2021, accounting for 66% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Emotion Detection and Recognition (EDR) Market Trends:

The software segment is gaining traction in the global emotion detection and recognition (EDR) market over the forecast period. Due to increasing consumer preference for in-house installation of systems is driving growth of the segment. IoT-based technologies have become capable of facilitating monitoring as well as responding to every device as they follow actions and emotions of an individual. Thus, with all the benefits offered by software related to emotion detection and recognition, the adoption of this technology is increasing in various applications. This trend is likely to continue in the market during the forecast period.

Furthermore, growth in retail and marketing industry is another growing trend in the global emotion detection and recognition (EDR) market, which is likely to fuel the market growth during the forecast period. With increasing inclination of governments and consumers towards the use of data privacy laws, the marketing and retail industry is growing around the world. The voice-based emotion detection and recognition systems are expected to dominate the customer and retail service in the coming future. This trend is expected to propel growth of the market over the forecast period.

Global Emotion Detection and Recognition (EDR) Market: Competitive Landscape   

audEERING GMBH, Affectiva Inc., Nemesysco Ltd., Emotibot Technologies Limited, Kairos AR Inc., iMotions, Nviso SARL, Noldus, Realeyes OU, and Sight Corp.

Global Emotion Detection and Recognition (EDR) Market: Recent Developments

In December 2019, NVISO demonstrated the Human Emotion AI Application with the driver monitoring technology of the Seeing Machine, at the 2020 AI Expo in Japan.

In June 2019, Realeyes announced the investment of US$ 12.4 million for funding company’s expansion in Japan.

In April 2019, Kairos entered into partnership with RapidAPI, the biggest APR market place of the world, and this partnership granted access to nearly 500,000 software developers to the deep-learning algorithms of Kairo and other API innovators such as Stripe, Nexmo, and Algolia.

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