Portland, OR , June 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global emotion detection and recognition market $18.8 billion in 2020, and is projected to reach $103.1 billion by 2030, growing at a CAGR of 18.7% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in the internet of things (IoT), rise in popularity of wearable technology, remarkable growth in the internet penetration, and increase in the use of smartphones among people across the globe are expected to drive the growth of the global emotion detection and recognition market. On the other hand, extortionate functional requirements and cost of application are expected to hinder the growth of the market to some extent. However, extensive adoption of cloud-based technology is predicted to create ample opportunities for the growth of the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global emotion detection and recognition market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns adversely decreased the demand for emotion detection and recognition as wearing masks became essential for social interactions during the pandemic, which disturbed emotion recognition in daily life.
- However, the market is expected to recoup soon.
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The report offers a detailed segmentation on the global emotion detection and recognition market based on software tools, applications, technology, end-user, and region.
Based on software tool, the facial expression and emotion recognition segment held the largest market share in 2020, garnering more than three-fifths of the total market. The gesture and posture recognition segment, on the other hand, is expected to cite the fastest CAGR of 20.6% during the forecast period.
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Based on end-user, the commercial segment held the majority market share in 2020, holding more than one-third of the total market. The retail segment, on the other hand, is anticipated to exhibit the fastest CAGR of 20.4% during the forecast period.
Based on region, the market across North America held the lion’s share in 2020, garnering nearly two-fifths of the total market. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 20.6% during the forecast period.
The key players analyzed in the global emotion detection and recognition industry report include Affectiva, CrowdEmotion, IBM Corporation, Kairos AR, Inc., Noldus Information Technology bv, NVISO SA, Realeyes, Sentiance NV., Sightcorp, and SkyBiometry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
