What is the global market size of Emotion Analytics Market?

Global Emotion Analytics Market size was valued at USD 1.98 Billion in 2021 and is poised to grow from USD 2.31 Billion in 2022 to USD 8.01 Billion by 2030, at a CAGR of 16.8% during the forecast period (2023-2030).

Emotion Analytics Market Size, Share, Growth Analysis, By Technology(Facial Expression Recognition, Speech and Voice Analytics, Biometric and Physiological Sensors and Natural Language Processing (NLP)), By End User(Retail and E-Commerce, Healthcare, Financial Services, Human Resources), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45F2131 | Region: Global | Published Date: February, 2024
Pages: 197 | Tables: 65 | Figures: 75

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Emotion Analytics Market size was valued at USD 2.31 Billion in 2022 and is poised to grow from USD 2.70 Billion in 2023 to USD 9.35 Billion by 2030, at a CAGR of 16.80% during the forecast period (2024-2031).

The global emotion analytics market is highly competitive and characterized by the presence of several key players. These players compete based on factors such as product portfolio, technological advancements, pricing strategies, and market reach. The market is driven by continuous research and development (R&D) efforts aimed at introducing innovative techniques and enhancing efficiency. Market players focus on strategic collaborations, partnerships, and mergers and acquisitions to expand their market presence and gain a competitive edge. 'IBM Corporation', 'Affectiva', 'Microsoft Corporation', 'iMotions', 'Ginger.io', 'Apple Incorporated', 'KeenCorp', 'Amazon Web Services', 'Cogito Corporation', 'Kairos', 'NeuroSky', 'SAS Institute', 'NICE Ltd.', 'Lexalytics', 'Realeyes', 'Noldus Information Technology BV.', 'Visage Technologies', 'TAWNY', 'Deepgram', 'Stork Tech, Inc.'

One of the major driving factors behind the emotion analytics market is increased focus on improving customer experience. Emotions play a pivotal role in shaping customer preference and loyalty, which is accepted by businesses of all industries. Emotion analytics technologies like facial expression recognition and speech analytics allow for organizations to understand and perceive responses to the customer’s emotions helping them to personalize interactions, which in turn helps increase satisfaction leading to relation with customers over prolonged time. This is why sectors such as retail and e-commerce, and customer service are becoming more inclined to the adoption of emotion analytics solutions in their efforts towards acquiring superior customer experiences.

Integration of Emotion Analytics in Human Resources: One significant trend in the emotion analytics market is the growing use of such technologies within HR practices. Companies are realizing the importance of monitoring and responding to their employees’ emotional health. Emotion analytics tools are used for the purpose of employee engagement, sentiment analysis and talent management. This is because a positive working environment encourages productivity and further enhances employees’ job satisfaction. HR professionals will use emotion analytics to gain access to employee sentiments, identify areas where the workplace culture can be improved and implement strategies for improvement that focus on enhancing employees’ overall well-being.

The dominating region in the global emotion analytics market is the North America region, which holds a significant market share. The region’s prominence can be explained by the early implementation of cutting-edge technologies, strong infrastructure consisting Major contenders active in the emotion analytics market, particularly those focusing on facial expression recognition, speech, and voice analytics as well as natural language processing are prominent within North America. The region’s technological infrastructure has matured by the day and is crowned with a culture of innovation that makes it leading in emotion analytics.

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