Enjoy complimentary customisation on priority with our Enterprise License!
The emotion analytics market share is expected to increase by USD 2.98 billion from 2021 to 2026, at a CAGR of 13.46%.
This emotion analytics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers emotion analytics market segmentation by application (customer experience management, sales and marketing management, competitive intelligence, public safety and law enforcement, and others) and geography (North America, Europe, APAC, MEA, and South America). The emotion analytics market report also offers information on several market vendors, including Adoreboard, Alphabet Inc., Deloitte Touche Tohmatsu Ltd., InMoment Inc., International Business Machines Corp., Microsoft Corp., NVISO SA, SAS Institute Inc., Sentiance NV, and Tobii AB among others.
Download the Free Report Sample to Unlock the Emotion Analytics Market Size for the Forecast Period and Other Important Statistics
The growing demand for data-based customer behavior management is notably driving the emotion analytics market growth, although factors such as accuracy of emotion analytics may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the emotion analytics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Emotion Analytics Market Driver
One of the key factors driving growth in the emotion analytics market is the growing demand for data-based customer behavior management. The need for enhanced customer management across industries and verticals is driving the demand for emotion analytics. Through emotion analytics, brands can connect to customers on a personal and emotional level. With the increasing penetration of social media and other digital platforms that help in connecting and interacting with customers, businesses and brands intend to know more about their customers to provide them with personalized experiences and products. Using emotion analytics enables such businesses and brands to analyze any disconnect or disruption between the expected and the real experience of customers. Without deeper knowledge of customers? feelings about brands, businesses cannot make strategic decisions to acquire as well as retain customers. The analysis of facial recognition, social listening, audio analytics, and biometrics scanning helps companies understand customers? opinions and views on their brands. Such insights help companies improve their strategies and increase people's preference for their brand. Therefore, the increased demand for emotion analytics among businesses and brands to better understand customer behavior will drive the global emotion analytics market during the forecast period.
Key Emotion Analytics Market Trend
The increasing use of emotion recognition in the automotive sector is an emotion analytics market trend that is expected to have a positive impact in the coming years. Emotion recognition is witnessing huge investments from the automotive sector. With the growing competition, players in the automotive industry want to increasingly connect with people on an emotional level to make them potential customers and devise customer retention and acquisition strategies. Furthermore, manufactures and original equipment manufacturers in the automotive industry are increasingly focusing on analyzing the emotions of car drivers to enhance car safety measures. Additionally, the ability to accurately detect emotions is being viewed as a significant enhancement toward the implementation of precise human-machine software and hardware interfaces in vehicles. These features have the potential to enhance the driving experience in next-generation cars and public transportation. Therefore, the increasing use of emotion recognition and analysis in the automotive sector will be a key trend in the market during the forecast period.
Key Emotion Analytics Market Challenge
The accuracy of emotion analytics will be a major challenge for the emotion analytics market during the forecast period. Emotion analysis is complex as emotions can be deceptive, situational, and expressed in many ways. For any software solution to analyze emotion, the technology must have a better understanding of the range of human emotions. The accuracy of the software solution to decipher the language and, therefore, emotions is a key challenge. Emotion analytics solution analyzes facial expressions, voice patterns, written words, body postures, and gestures to analyze a person's emotions. For instance, in emotion analytics, analyzing the difference between the state of voice when people are sad or in a neutral state is usually difficult. Emotion analytics solutions can only provide analysis with up to 75%-85% accuracy through voice, body posture, and other gestures. Thus, the inability of the emotion analytics software to analyze human emotions accurately is hampering the growth of the market. In addition, the lack of firm scientific justification for relating an expression to a specific emotion is expected to hamper the growth of the global emotion analytics market.
This emotion analytics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global emotion analytics market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the emotion analytics market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the emotion analytics market encompasses successful business strategies deployed by the key vendors. The emotion analytics market is fragmented and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market.
Adoreboard - The company offers solutions for emotion analytics which measures employee and customer experience so you can prioritize decisions based on the drivers of emotional intensity, under the brand name of Adoreboard.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The emotion analytics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the emotion analytics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the application software market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.