Emotional AI Market Size, Trends, In-depth Analysis, Research Report Forecast up to 2028: Hopelab and Elokence are key players.

The emotional AI market is expected to grow at a CAGR of 12.13% to reach a market size worth US$61.054 billion by 2028.

The prime factors propelling the growth of the emotional AI market are the growing investment in chatbots and the use of emotional AI in classrooms and other learning environments for analyzing students' mental health.

As per the report, the emotional AI market is expected to grow at a steady pace over the forecast period.

Emotional AI is the advancement in artificial intelligence technology used to analyze voice modulation, track bodily movements, and decode facial movements to provide information about the user's emotions. Receiving emotional feedback can help companies improve their products to meet the requirements of their customers.

Companies around the globe are investing in developing successful conversational chatbots using artificial intelligence. For example, to provide consumers with a better experience, Apple has been updating and adding functions to its voice assistance chatbot Siri. Incorporating emotional AI into AI-assisted chatbots can improve their functionality and performance by better understanding their users' emotions. Such developments are expected to augment the adoption of emotional AI solutions. For example, in 2021, Sweden's Smart Eye acquired Affectiva, an emotional AI company that can detect anger from voice notes within 1.3 seconds.

The emotional AI adoption in schools and classrooms helps to understand the classroom environment and students' mental condition. Find Solutions AI has implemented a facial muscle movement analysis in collaboration with schools in Hong Kong to interpret negative and positive changes in emotions among students.

This will help the school, and teachers know that students can understand the teaching and concentrate in class. This demonstrates that the emotional AI market has great demand.

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The emotional AI market has been segmented into deployment, application, and geography.

Based on the deployment, the market has been segmented into cloud and on-premise.

Based on the application, the market has been segmented into automotive, consumer electronics, customer services, gaming, healthcare, and others.

By region, North America is expected to retain a considerable market share as leading IT firms are actively investing in new developments in AI software across many domains, including emotional AI. Companies like Google, IBM, Microsoft, and Apple are continuously working on expanding their product lines and providing their customers with improved services in conversational chatbots and gaming sectors.

They have incorporated artificial intelligence algorithms into conversational chatbots and emotion-detecting areas to improve the consumer experience.

The COVID-19 pandemic had an adverse effect on the emotional AI market, mainly due to the economic downturn caused by the pandemic. As a result, many businesses have had to cut back on spending, including investments in new technology. This has led to slower adoption of emotional AI technology in some industries. In addition, the pandemic has created new challenges for emotional AI technology. For example, the widespread use of face masks has made it more difficult for emotional AI systems to recognize facial expressions accurately. Nevertheless, the emotional AI field will likely play a critical role as various industries recover from the pandemic.

As a part of the report, the major players operating in the emotional AI market are Entropik Tech, Google Inc, IBM Corporation, Amazon Inc, Elokence, Hopelab, and Emotibot (Zhujian Intelligent Technology Co Ltd), Affective, Nviso SA, and Mad Street Den Inc.

This emotional AI market has been analyzed into the following segments:

• By Deployment

o Cloud
o On-premise

• By Application

o Automotive
o Consumer Electronics
o Customer Services
o Gaming
o Healthcare
o Others

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• UAE
• Israel
• Saudi Arabia
• Others

o Asia Pacific

• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others

Related Reports:

• Ai Solutions Market: https://www.knowledge-sourcing.com/report/ai-solutions-market

• Ai Chatbot Market: https://www.knowledge-sourcing.com/report/ai-chatbot-market

• Ai In Computer Vision Market: https://www.knowledge-sourcing.com/report/ai-in-computer-vision-market

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This release was published on openPR.