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Emotion Detection and Recognition Market Drivers Increasing Popularity of Facial Expression Recognition Technology

HYDERABAD, TELANGANA, INDIA, January 24, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Emotion Detection and Recognition Market size was valued at $18.67 billion in 2020 and it is estimated to grow at a CAGR of 10.43% during 2021-2026. Emotion detection and recognition technology is used for reading the sentiments of a human by utilizing various sophisticated technologies. The growth of the emotional detection and recognition market is mainly attributed to the increasing demand for different types of software. Such software includes bio sensing, speech and voice recognition, facial expression recognition, gesture and posture recognition, which are being used for analyzing the emotional states. In addition, high penetration of advanced technologies such as IoT, AI, ML, sentiment analysis, deep learning, biosensors technology, pattern recognition, natural language processing (NLP), feature extraction and 3d modeling and others; plays a major role in the growth of the emotion detection and recognition market. Furthermore, increasing usage of this technology for measuring the student engagement in e-learning process, employees’ involvement during telecommunications, monitoring health vitals and identifying the emotional state of the criminals is growing rapidly. This in turn accelerates the growth of the emotion detection and recognition industry. Hence, the above-mentioned factors will boost the demand for this technology and will create new opportunities for emotion detection and recognition market growth during the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Research/Emotion-Detection-And-Recognition-Market-Research-500905

Key takeaways:

1. According to the Emotion Detection And Recognition Market Analysis of IndustryARC, Automotive sector is estimated to grow with the fastest CAGR during the forecast period, due to the high penetration of advanced technology such as AI, ML, IoT and others in this industry to offer better and safer experience.

2. APAC witnessed the fastest market growth during the forecast period 2021-2026, rapid developments in digital transformation, economical growth are few of the key factors contributing towards the market growth.

3. The demand for emotion detection and recognition technology is estimated to witness a significant upsurge during the forecast period, owing to the high usage of wearable devices and growing popularity of facial expression recognition technology.

4. The Emotion Detection and Recognition Market outlook is consolidated with top market players including Affectiva, Inc., Microsoft Corporation, Google LLC, Amazon, Inc., Kairos Ar, Inc., Emotient, Inc. and others.

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Segmental Analysis:

1. By component, the emotion detection and recognition market is segmented into software and services. Software segment held the major emotion detection and recognition market share and is anticipated to witness the fastest growth, around CAGR of 10.78%, during the forecast period 2021-2026.

2. The automotive sector is estimated to grow with the fastest CAGR of 7.5% during the forecast period 2021-2026 owing to the growing penetration of advanced technology such as AI, ML, IoT and others in this industry.

3. In April 2019, Affectiva raised $26 million of funding for advancing its emotion and object detection AI, in order to enhance the car safety system. This product can recognize when a driver is happy, sad, drowsy or frustrated.

4. According to Emotion Detection And Recognition Market Research report of IndustryARC, APAC is estimated to witness the highest CAGR close to 11.43% during the forecast period 2021-2026. Rapid digitalization, economic growth, development of various industries including e-commerce, automotive and other industries; and growing adoption of advanced technologies are the main driving forces for this region.

Competitive Landscape:

The top 5 players in the Emotion Detection and Recognition industry are -

1. Affectiva, Inc.

2. Microsoft Corporation

3. Google LLC

4. Amazon, Inc.

5. Kairos Ar, Inc.

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Related Reports:

A. Affective Computing Market
https://www.industryarc.com/Research/Affective-Computing-Market-Research-500867

B. Facial Recognition Market
https://www.industryarc.com/Research/Facial-Recognition-Market-Research-500827

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