According to a research report Emotion Detection and Recognition (EDR) Market by Component (Software (Facial Expression Recognition, Speech & Voice Recognition) and Services), Application Area, End User, Vertical, and Region (North America, Europe, APAC, RoW) – Global Forecast to 2027
According to MarketsandMarkets™, the global Emotion Detection and Recognition Market size is projected to grow from USD 23.5 billion in 2022 to USD 42.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period. The major factors driving the market growth include the adoption of IoT, AI, ML, and deep learning technologies across the globe, growing demand for emotion recognition models by intelligent systems, and rising popularity for wearable devices.
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Emotion Detection and Recognition Market Dynamics
Drivers
* Adoption of AI, ML, and deep learning technologies worldwide
* Rising need for emotion recognition models by intelligent systems
Restraints
* Insufficient database and technical problems to lead to discrepancies and false results
* High production cost
Opportunities
* Increasing demand for IoT technology and applications
* Increasing government initiatives to leverage benefits of EDR technology
List of Top Companies in Emotion Detection and Recognition Market
* NEC (Japan)
* IBM (US)
* Microsoft (US)
* Apple (US)
* Google (US)
* Tobii (Sweden)
* Affectiva (US)
* Elliptic Labs (Norway)
* Intel (US)
* Cognitec (Germany)
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Based on the end user, the commercial segment to grow at the highest CAGR during the forecasted period
An important development in the commercial end user market is the incorporation of Al technology. This technology would help eCommerce websites improve their business operations and deliver better engagement services to consumers; thus, boosting the growth of the emotion detection and recognition market. Moreover, the facial expression recognition technology empowers security by preventing crimes before they occur, which helps to keep stores safer. Thus, these factors drive the commercial segment to grow at the highest CAGR during the forecasted period.
By application area, Law Enforcement, Surveillance, and Monitoring segment to hold a larger market size during the forecast period
Emotion detection and recognition technologies, in conjunction with video surveillance and monitoring systems, are an important addition for law enforcement and security professionals in identifying criminals and fraudsters. Despite its privacy-invading potential, facial expression recognition is in high demand among law enforcement agencies due to its potential benefits in solving cold criminal cases or reuniting families. It can also be used to identify fraud and theft cases. The overall usefulness of facial expression recognition for law enforcement agencies continues to drive the growth of this segment.
Thus, law enforcement, surveillance, and monitoring offering holds a larger market size during the forecast period.
By region, Asia Pacific is to grow at the highest CAGR during the forecast period
It is projected that the Asia Pacific region would expand at the highest CAGR during the forecasted period. An increase in investments in integrating Al and ML with EDR solutions is accelerating the adoption of EDR. Also, regional adoption of Al-enabled devices is getting a boost from government efforts, thus, stimulating the EDR market. Additionally, nations in the Asia Pacific region are utilizing face recognition technology across a range of industries. For instance, China gives its police forces access to facial recognition technology that can scan and identify locals and visitors. This will help fight and reduce crime rates. Furthermore, facial recognition technology have aided Asian nations like China and Japan to maintain domination over the physical security equipment market, which is driving the EDR market.
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Category: Industry Reports & Market Analysis Profile: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, w …
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