Emotion Detection and Recognition Market on the Rise: Key Drivers and Growth Forecasts | Reach $136.2 Billion by 2031

According to a new report published by Allied Market Research, titled, "Emotion Detection and Recognition Market Trend by Software Tool (Facial Expression and Emotion Recognition, Gesture and Posture Recognition, Voice Recognition), by Application (Law Enforcement Surveillance and Monitoring, Entertainment and Consumer Electronics, Marketing and Advertising, Others), by Technology (Pattern Recognition Network, Machine Learning, Natural Language Processing, Others), by End User (Commercial, Entertainment, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031".

The emotion detection and recognition market size was valued at $21.66 billion in 2021, and is estimated to reach $136.2 billion by 2031, growing at a CAGR of 20.5% from 2022 to 2031.

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Emotion detection and recognition is a process that can be described by three fundamental steps, namely, feature extraction, feature selection, and classification. The feature extraction process involves one or more sensors to measure the representative features of an object. The feature selection module selects more fundamental features from a list of features. Whereas the classification module categorizes the selected features into one of several emotion states. Its application includes sign language for communication among the disabled, lie detection, monitoring emotional states or stress levels of subjects, navigating and/or manipulating in virtual environments, and so on.

Furthermore, substantial growth of the Internet of Things technology, increase in popularity of wearable technology, and tremendous rise in the usage of smartphone drive the global emotion recognition and detection market. Moreover, advancement in technologies help market to perform better. However, high cost of application & functional requirements, misinterpretation in analysis of emotions restrict the growth of the market. Adoption of cloud-based technology to offer remunerative opportunities for expansion of the market during the forecast period.

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Competitive Analysis:
The competitive environment of Emotion Detection and Recognition Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Emotion Detection and Recognition Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
IBM Corporation.
Affectiva
Intel Corporation
Kairos AR, Inc.
Noldus Information Technology bv.
NVISO SA.
Realeyes
Sentiance NV.
Sightcorp
SkyBiometry and Many More

Region wise, the emotion detection and recognition market was dominated by North America in 2020 and is expected to retain its position during the forecast period, due to their well-established economies, which allow investments in new technologies. Growth in demand to optimize and bring radical change in the areas of marketing and advertisement by using emotion detection and recognition technology creates remarkable potential in North America. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to factor that is increased public awareness and emerging advanced technologies in countries such as Japan, China, India, Australia, and Rest of Asia-Pacific contribute to the growth of the emotion detection and recognition industry.

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With the outbreak of COVID-19, the demand for emotion detection and recognitions decreased with the incorporation of technological capabilities, such as facial recognition, speech and voice recognition, biosensing, machine learning, and pattern recognition. As faces are one of the keyways that we obtain social information about others. They allow people to identify individuals, understand conversational cues, and make judgements about others' mental states. When the COVID-19 pandemic hit the United States, widespread mask-wearing practices were implemented, causing a shift in the way Americans typically interact.

Therefore, it also affected the emotion detection and recognition market growth. Furthermore, the rise in usage of facial recognition solutions is due to the continued surge in automation trends and escalating use of digital services in the software industry to make predictive and prescriptive decisions during the COVID-19 pandemic. As a result, the rise in digital transformation initiatives in facial recognition market demand for emotion detection and recognition solutions worldwide.

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