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Emotion AI Market is expected to grow at a CAGR of 25.1% during the forecasted period | Evolve Business Intelligence
• The global Emotion AI Market size was valued at USD 4.1 billion in 2023 growing at a CAGR of 25.1% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Emotion AI Market size accounted for USD 4.1 Billion in 2023, growing at a CAGR of 25.1% from 2023 to 2033. Emotion AI, or Emotion Artificial Intelligence, refers to technology that enables machines to understand, interpret, and respond to human emotions. This field of artificial intelligence focuses on developing systems that can recognize, interpret, simulate, and even respond to human emotions to enhance human-computer interaction and improve the overall user experience. Emotion AI can be applied in various domains, including customer service, healthcare, gaming, marketing, and more.
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Emotion AI contributes to more personalized and empathetic human-computer interactions, improving user experiences in applications like virtual assistants, customer service bots, and gaming. Businesses are increasingly recognizing the importance of emotional intelligence in their products and services to better connect with users, customers, and clients. As AI systems become more integrated into daily life and business operations, the ability to understand and respond to human emotions becomes crucial for effective collaboration. Emotion AI is being utilized in healthcare for mental health monitoring, emotion-based therapy, and improving patient engagement.
Key Players
Some of the major Emotion AI Market players holding high market shares include Affectiva, Cogito Corporation, Cipia Vision Ltd., and Emotibot. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Microsoft Corporation, NuraLogix Corporation, Realeyes, Apple, Inc., IBM Corporation, NVISO
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Segmental Analysis
Based on components, the Emotion AI market is segmented into Software, and Service. The software segment is the largest in the Emotion AI market. This is due to the increasing demand for cloud-based emotion AI solutions, which are more scalable and cost-effective than on-premises solutions.
Based on enterprise size, the Emotion AI market is Large Enterprises, Small and Medium-sized Enterprises. The large enterprises segment is the largest in the Emotion AI market. This is because large enterprises have the resources and expertise to implement and manage complex emotion AI solutions.
Based on Application, the Emotion AI market is a BFSI, Healthcare, IT and Telecommunication, Retail and E-commerce, Government, Media and Entertainment, Automotive, and Others. The BFSI sector is the largest segment in the Emotion AI market. This is due to the increasing demand for emotional AI solutions in the financial services industry, which are being used to improve customer service, detect fraud, and comply with regulations.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.
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