Emotion Detection and Recognition Market to Witness CAGR of 15% (2021-2027) Due to Increased Adoption of Wearable Technologies| UnivDatos Market Insights
NOIDA, India, Nov. 16, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Emotion Detection and Recognition Market is expected to reach USD 44 billion in 2027, growing at a CAGR of 15% from 2021-2027. The analysis has been segmented into Technology (Feature Extraction & 3D Modeling, Biosensors, Natural Learning Processing (NLP), and Others); Software Tools (Facial Expression & Emotion Recognition, Gesture & Posture Recognition, Voice Recognition); Application Area (Marketing & Advertising, Law Enforcement, Surveillance & Monitoring, Entertainment & Consumer Electronics, Others); Regions and Country.
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The Emotion Detection and Recognition market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Emotion Detection and Recognition market. The Emotion Detection and Recognition market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Emotion Detection and Recognition market at the global and regional levels.
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The Emotion Detection and Recognition Market is expected to witness significant growth during the forecast period owing to the demand for advanced electronic systems in vehicles pertaining to the enhanced safety and comfort needs of consumers. Furthermore, the rising adoption of electric vehicles is also driving the demand for chips. China is estimated to produce more than 13 million battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) by the end of FY2023, more than any other country globally. Hence, growing sales of EVs and PHEVs would increase the overall demand for software and electronic component in the Automotive sector.
Some of the major players operating in the market include NEC Corporation, IBM Corporation, Microsoft Corporation, Apple Inc., Google LLC, Tobii AB, Affectiva, Elliptic Laboratories ASA, Intel Corporation, and Cognitec Systems GmbH.
The market for emotion detection and recognition has grown significantly in recent years. However, due to the COVID-19 pandemic, the market witnessed a decline in 2020. This is because wearing masks were essential for social interaction and interferes with emotional recognition in daily life. In addition, the detection rate is the lowest under mask conditions, followed by sunglasses and uncovered conditions, which hinders detection rates. However, key market players are continuously working on more advanced technologies ensuring market growth during the forecast period.
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Emotion Detection and Recognition Market Geographical Segmentation Includes:
North America is expected to achieve the highest CAGR during the forecast period owing to the presence of key market players in developed countries such as the United States and Canada. Furthermore, strategic investments, partnerships, and significant spending on research and development (R&D) of advanced hardware and software are contributing to the hefty deployments of emotion detection and recognition solutions in the region. The United States is one of the largest retail markets in the world and accounts for a significant portion of the world's retail, including e-commerce. As retail sales skyrocket, retailers in the region are spending more and more on advertising targeting the right segments. Increased sales allow retailers to spend more on the technology that enables such features.
The major players targeting the market include
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Emotion Detection and Recognition Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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