Emotion Detection and Recognition Market Globally Grow at a CAGR of 32.7% by 2023: Affectiva, Emotient, Tobii Ab, Noldus, Sightcorp, Realeyes Ou, Nviso Sarl, Kairos, Emovu

The global emotion detection & recognition market is estimated to witness a CAGR of 32.7% over the forecast period (2018 - 2023), driving the market to reach 24.74 billion by 2020. Understanding emotion holds significance during the interaction process between humans and machine communication systems. EDR not only improves human and computer interfaces, but also enhances the feedback mechanism actions taken by computers from the users.

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The increasing demand for wearable devices and increasing penetration of Internet of Things (IoT) are the major determinants of the growth of the global EDR solutions market. Countries, such as China, India, Japan, and South Korea, which have a massive population, are putting extra efforts to implement EDR technology to meet the growing expectations.

Growing Adoption of Wearable Devices

Growing adoption of wearable devices, which include smart watches, fitness bands, smart glasses, and smart textiles, will enable the growth of the EDR market over the forecast period. The usage of these devices has witnessed high growth rate in the past few years. According to Consumer Technology Association, the global shipments of smart watches have almost doubled from 38 million in 2016 to 75 million in 2017. High investments in the industry and large industry collaborations are resulting in innovations in wearable technology.

Key Developments in the Market
• January 2017 - Voxpopme partnered with Affectiva to enhance emotion recognition software. Affectiva's Emotion AI will be integrated into the Voxpopme platform to enable meticulous analysis of facial expressions within video feedback, instantly coding it into powerful emotion data.
• January 2017 - Eyeris Emotional AI and Face Analytics Technology gained momentum for commercialization in the automotive and social robot markets.
• November 2016 - Ubisoft collaborated with Tobii to provide new eye tracking features for the PC versions of WATCH_DOGS 2 and Steep.
• November 2016 - Noldus launched an improved method for tracking lab animal behavior that yields better data.
• May 2016 - nViso launched artificial intelligence-powered financial tool - EmotionAdvisor, which provides benefits to investors, financial advisors and banks to facilitate decision-making.

Major Players:

AFFECTIVA INC., EMOTIENT INC. (APPLE, INC.), TOBII AB (PUBL), NOLDUS, SIGHTCORP, REALEYES OU, NVISO SARL, KAIROS, EMOVU (EYERIS), AND CROWDEMOTION LIMITED, amongst others

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These wearable devices are equipped with biological sensors to monitor heartbeat and temperature, along with other components, such as microphones and cameras to capture human emotions, such as gestures, body postures, tone of voice, and facial expressions. Wearable devices continuously collect data from these sources and analyze the data to monitor health and other aspects of the user. Thus, the growing number of wearable devices is expected to drive the growth of the market over the coming years.

Government Sector is Expected to Dominate the Market Landscape

The major application of EDR in government sector includes security & surveillance, authentication, and law enforcement. Governments around the world are inclined toward advanced authentic solutions to diminish wrongdoings and improve regulations. Various governments across the world are allocating a significant share of their budgets for tools that improve situational awareness of their army personal. These tools help them analyze data accrued daily, which, in turn, is used to monitor stress and emotional intelligence of soldiers in critical situations. For instance, in Japan, software for evaluating stress using speech emotion recognition technology was developed to help militaries and civilian citizens dealing with Post Traumatic Stress Disorder (PTSD). This system will be used to investigate emotion (mental stress) by natural speaking voice. Thus, development of this software is boosting the growth of EDR in this sector.

North America to Dominate the Market

North America has the highest share in the market. High investments and growing support from several end-user verticals to provide better services and security are driving the growth of the market in this region. The governments in this region are hosting several R&D activities in the field of EDR. The Feature Extraction and 3D modeling technology is being used in the North America region and the bio-sensors technology is expected to attain a better growth rate by 2023.

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