The "Emotion Analytics Market by Type (Text, Facial, Speech, and Video Analytics), Application (Customer Experience Management, Competitive Intelligence, Sales and Marketing Management), Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Emotion Analytics Market Size to Grow from USD 2.2 Billion in 2019 to USD 4.6 Billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.8% During 2019-2024
Need for higher customer satisfaction, rising significance for real-time emotion analytics, adherence to regulatory and compliance standards, and increasing need for emotion analytics software and services to cater to the growing Business Process Outsourcing (BPO) sector are the major factors driving the emotion analytics market. However, the absence of governing bodies and regulations and misinterpretation in the analysis of emotions may limit market growth.
Video analytics segment to grow at the highest CAGR during the forecast period
Owing to the rising rate of crimes and threats worldwide, the adoption of video analytics has become an important task for every business. Video analytics is being used to enhance security, improve operational efficiency, offer access control, and provide actionable insights for crime investigations. It is used to extract useful and meaningful information from digital video content. It is mainly utilized for motion detection, facial recognition, sending alerts, people counting, license plate reading, and continuous analysis.
Asia Pacific (APAC) to grow at the highest growth rate during the forecast period
APAC has the world's fastest-growing economies, and technology penetration in the region is high. The region covers some of the potential market countries, such as China, Japan, South Korea, Indonesia, Thailand, Malaysia, and Singapore. Owing to the rapid industrialization, organizations in the region are becoming more competitive and focusing on offering better customer service. APAC is expected to experience extensive growth opportunities in the next few years.
Market Dynamics
Drivers
- Advent of Innovative Solutions to Enhance Customer Satisfaction
- Increasing Demand to Create More Personalized User Experiences and Improve Sales Performance
- Growing Adoption of Wearable Technologies
Restraints
- Absence of Governing Bodies and Regulations
- Misinterpretation in the Analysis of Emotions
Opportunities
- Increasing Demand for Recognition Applications
Challenges
- Lack of Awareness About the use of Emotion Analytics
Industry Trends
- Emotion Analytics use Cases
- WNS
- SPEC India
- Adoreboard
- Callminer
- Genesys
Companies Mentioned
- Adoreboard
- Affectiva
- Beyond Verbal
- Cogito
- Gorilla Technology
- IBM
- Kairos
- Lexalytics
- Microsoft
- NVISO
- Noldus Information Technology
- Sensum
- Sentiance
- Tobii
- iMotions
For more information about this report visit https://www.researchandmarkets.com/r/bvbajk
View source version on businesswire.com: https://www.businesswire.com/news/home/20190722005345/en/
Contacts:
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Artificial Intelligence
