Press release
Emotional AI Market Report 2024: Strategies And Recent Developments | Apple Inc., Alphabet Inc., Microsoft Corporation, Sony Group Corporation, Panasonic Corporation, Intel Corporation
Emotional AI Market Characteristics
The Business Research Company offers in-depth market insights through Emotional AI Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The emotional ai market size has grown strongly in recent years. It will grow from $27.33 billion in 2023 to $30.02 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increased competitive pressure, market uncertainties, efficiency and productivity gains, customer-centric focus, adoption of devops practices.
The emotional ai market size is expected to see strong growth in the next few years. It will grow to $43.33 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to focus on employee experience, regulatory changes and compliance, integration with business strategy, rapid market changes, resilience planning. Major trends in the forecast period include cybersecurity concerns, continuous evolution of technology, globalization and remote collaboration, digital transformation initiatives, leveraging agile tools and technologies.
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Market Segmentation:
The emotional ai market covered in this report is segmented -
1) By Component: Software, Service
2) By Tools: Facial Recognition, Speech And Voice Recognition, Gesture And Posture Recognition
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
4) By Application: Banking Financial Services And Insurance (BFSI), Healthcare , IT And Telecommunication, Retail And E-commerce, Government, Media And Entertainment, Automotive , Other Applications
Major Driver - Rising Demand For Exceptional Customer Experiences Drives The Emotional AI Market
The increasing demand for a better customer experience is expected to propel the growth of the emotional AI market going forward. Customer experience (CX) refers to the overall interaction and perception that customers have with a brand or company throughout their entire journey, from initial awareness and consideration to the actual purchase, use, and post-purchase support. Customer experience employs emotional AI to understand and respond to customers' emotions, improving interactions by analyzing responses, products, and services to create more personalized, empathetic, and emotionally resonant experiences, ultimately leading to increased customer loyalty and satisfaction. For instance, in June 2022, a survey of more than 2000 US consumers aged from 18 to 75 conducted by Verint, a US-based customer engagement solutions company, 39% of the respondents agreed that they would tell their friends and family not to purchase goods from a company if they had a bad customer experience with that brand, 64% of the respondents had already stopped doing business with such companies and 79% of the respondents under 45 years of age agreed that it was very important to have good experience on digital platforms. Therefore, the increasing demand for a better customer experience is driving the growth of the emotional AI market.
Competitive Landscape:
Major companies operating in the emotional ai market report are Apple Inc., Alphabet Inc., Microsoft Corporation, Sony Group Corporation, Panasonic Corporation, Intel Corporation , International Business Machines Corporation (IBM), Latent View Analytics Ltd., Nvidia Corporation, NEC Corporation, Baidu Inc., UiPath Inc., Cogito Corporation, Tobii Technology AB, Gorilla Technology Group, Noldus Information Technology, Entropic Technologies, Affectiva Inc., Realeyes OÜ, Lexalytics Inc., Beyond Verbal Communication Ltd., iMotions A/S, Sentiance NV, NuraLogix Corporation, NVISO Inc., Kairos AR Inc., Sensum, MetaSoul Inc
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Top Trend - Focus On Developing Solutions To Understand Emotional Needs
Major companies operating in the emotional AI market are focusing on the developing solutions to personalize the customer experience through their emotional needs. For instance, in September 2023, AB Tasty, a France-based software development company, launched EmotionsAI, an AI tool to detect users' emotional needs. This technology helps brands personalize the customer experience by understanding the emotional needs of their customers. It classifies visitors into ten categories depending on the way they interact with a business website. Additionally, these features collectively allow brands to understand and cater to the emotional needs of their visitors, leading to improved customer experiences and potentially higher conversion rates and revenue.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Emotional AI Market Characteristics
3. Emotional AI Market Trends And Strategies
4. Emotional AI Market - Macro Economic Scenario
5. Emotional AI Market Size And Growth
…..
27. Emotional AI Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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