Global Emotion Analytics Market to Grow at a CAGR of 16.90% in the Forecast Period of 2024-2032

Retail industry around the globe is experiencing significant evolution with the rapid technological advancements. The growing retail industry is, in turn, propelling the global emotion analytics market growth. The retail sector is growing at an exponential rate globally owing to the thriving e-commerce industry. While the growth of the e-commerce industry is expected to be fairly high in the future, the brick and mortar segment still retains a significant market share in the market. The emotion AI systems that are installed in retail stores at high-traffic locations such as aisle end caps, racks, and entrances/exits are fitted with sensors that allow it to identify facial expressions of an individual. These systems are integrated with computer vision, emotional analytics, and AI that together recognise and classify shoppers' emotions at any given moment. Such systems allow retailers to efficiently make business decisions that involve commodity price, inventory supply, and shelf positioning based on system's emotional insights.

Major vendors, including Microsoft Corporation (NASDAQ: MSFT), International Business Machines Corporation, and Affectiva, are working on developing improved emotion AI technology. With the demand for emerging technologies such as big data and artificial intelligence continuing to increase, the reach of emotional analytics is also growing. The growing emergence of biometrics across all sectors is also responsible for driving the market for emotion analytics. The industry is expected to grow with the rising proliferation of the technology, and its demand is expected to increase in the coming years.

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Market Analysis by Type, Technology, Solutions, Application, End Use, and Region:

• The market based on type can be divided into text analytics, facial analytics, speech analytics, and video analytics.
• Based on technology, the industry can be divided into artificial intelligence, biometrics and neuroscience, 3D modelling, pattern recognition, records management, and others.
• On the basis of solution, the market is segmented into mobile and web application, cloud, and others.
• The applications of emotion analytics include sales and marketing management, customer experience management, competitive intelligence, public safety and law enforcement, and workforce management.
• By end-use, the market can be divided into banking, financial services, and insurance, IT and telecommunication, retail and media, government, and others.
• The regional markets for emotion analytics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global emotion analytics market's main driving factors are the need for improved customer satisfaction, increased value for real-time emotional analysis, adherence to regulatory and enforcement requirements, and increased demand for emotional analytics services to cater to the growing outsourcing business processes industry.
• The growing need to understand consumer behaviour and increased focus on developing new market strategies with the rising competition is driving the emotional analytics market growth.
• It is expected that the advent of IoT and the growing popularity of wearable gadgets, with an increased focus on cross-industry partnerships and collaborations, would generate enormous growth opportunities for the market expansion.
• Biometric technologies based on mobile and cloud are being significantly implemented in many organisations. This factor will also drive the growth of the global emotional analytics market.

Key Offerings of the Report:

• The EMR report gives an overview of the global emotion analytics market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for types, technologies, solutions, applications, end-uses, and major regions of emotional analytics.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter's Five Forces models.

The major players in the global emotion analytics market are Beyond Verbal Communication Ltd., iMotions, Affectiva, Microsoft Corporation, International Business Machines Corporation, and NVISO SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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