Emotion Analytics Market Analysis, Growth Opportunities and Recent Trends by Leading Manufacturers & Regions

In 2018, the g lobal emotion analytics market attained a value of $ 164.7 million and is projected to reach $ 1,419.2 million in 2024, advancing at a 46.8% CAGR during the forecast period (2019-2024). The e market is growing due to the rising adoption of business intelligence (BI) and data analytics, increasing demand for emotion analytics in the retail sector, and surging demand from automotive sector. The emotion analytics software reviews the tone of a person and non-verbal cues, such as gesture, facial expressions, and body language for providing insight into the human expression of emotion.

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On the basis of type, the emotion analytics market is categorized into video analytics, speech analytics, facial analytics, text analytics, and others (which include eye tracking, electrocardiogram, and electromyography). The category of facial analytics accounted for the major revenue share of the market in 2018. Since facial expressions are linked with emotions strongly, a num ber of enterprises are increasingly making use of face analysis for analyzing customers' feelings regarding their services and products. The category is further projected to dominate the market during the forecast period.

In terms of application, the emotion analytics market is divided into sales & marketing management, workforce management, customer experience management, public safety & law enforcement, competitive intelligence, and others (which include driver monitoring and market research). Out of these, the largest share of the market was held by the customer experience management division in 2018. The customer expectations are changing with the growing market competition, which is why the retailers have been engaged in investments and initiatives designed to meet the requirements of their customers.

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The use of emotional analytics for enhanced customer experience is a key trend in the emotion analytics market . These software help organizations in understanding the non-verbal and verbal communications between the business and the customer. In order to understand situations which can negatively affect their business, the enterprises are trying to analyze each and every emotion of the customer. Since by analyzing the customer's emotions, the organizations can understand their perception and preferences to provide them customized services and products, the y are making use of emotional analytics for transforming unstructured data into a valuable form.

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