The Global Emotion AI Market size is expected to reach $8.2 billion by 2030, rising at a market growth of 22.3% CAGR during the forecast period.
Emotion AI can continuously monitor patients' emotional states, helping in the early detection of emotional distress and providing timely interventions. It analyzes patient feedback and sentiments to identify areas for advancement in healthcare services, facilities, and communication. Therefore, the healthcare segment will capture 6.9% share in the market by 2030. This can be integrated into telehealth solutions to gauge the emotional well-being of remote patients, especially those dealing with chronic conditions or mental health issues. It can be integrated into therapy applications to provide real-time patient and therapist feedback during remote counseling sessions. Some of the factors impacting the market are rapid advancements in AI technology, increasing use in healthcare and mental health support, and lack of standardization.
Progress in sensor technologies, natural language processing, computer vision, and emotion recognition techniques have expanded the capabilities and accuracy of emotion AI. Developing machine learning techniques, such as deep learning and neural networks, which allow for more accurate emotion recognition and analysis from multiple data sources, enhances it. Additionally, The healthcare industry uses it for applications related to mental health, patient engagement, and remote monitoring, contributing to better patient outcomes. This is used to continuously monitor the emotional states of individuals, especially those with mental health conditions. It provides valuable insights for healthcare professionals to tailor treatment plans. This, in turn, contributes to the growth of the market.
However, the absence of industry standards for emotion AI can lead to inconsistency in developing, evaluating, and deploying emotion recognition systems. The absence of standardized guidelines or best practices can lead to inconsistency in how these models are developed. Companies and researchers may use varying methodologies and data sources, challenging comparing, and benchmarking solutions. Without standardized evaluation protocols, assessing the performance of these systems can be challenging. Thus, the lack of standardization in the market is a significant challenge that affects the development, evaluation, and deployment of emotion recognition systems.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Cogito Corporation, Eyeris Technologies, Inc., Apple, Inc., Smart Eye A/S (Affectiva, Inc.), NuraLogix Corporation, Realeyes OU, NVISO SA, and Emotibot Technologies Limited.
Emotion AI can continuously monitor patients' emotional states, helping in the early detection of emotional distress and providing timely interventions. It analyzes patient feedback and sentiments to identify areas for advancement in healthcare services, facilities, and communication. Therefore, the healthcare segment will capture 6.9% share in the market by 2030. This can be integrated into telehealth solutions to gauge the emotional well-being of remote patients, especially those dealing with chronic conditions or mental health issues. It can be integrated into therapy applications to provide real-time patient and therapist feedback during remote counseling sessions. Some of the factors impacting the market are rapid advancements in AI technology, increasing use in healthcare and mental health support, and lack of standardization.
Progress in sensor technologies, natural language processing, computer vision, and emotion recognition techniques have expanded the capabilities and accuracy of emotion AI. Developing machine learning techniques, such as deep learning and neural networks, which allow for more accurate emotion recognition and analysis from multiple data sources, enhances it. Additionally, The healthcare industry uses it for applications related to mental health, patient engagement, and remote monitoring, contributing to better patient outcomes. This is used to continuously monitor the emotional states of individuals, especially those with mental health conditions. It provides valuable insights for healthcare professionals to tailor treatment plans. This, in turn, contributes to the growth of the market.
However, the absence of industry standards for emotion AI can lead to inconsistency in developing, evaluating, and deploying emotion recognition systems. The absence of standardized guidelines or best practices can lead to inconsistency in how these models are developed. Companies and researchers may use varying methodologies and data sources, challenging comparing, and benchmarking solutions. Without standardized evaluation protocols, assessing the performance of these systems can be challenging. Thus, the lack of standardization in the market is a significant challenge that affects the development, evaluation, and deployment of emotion recognition systems.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Component Outlook
By component, the market is categorized into software and service. In 2022, the software segment held the highest revenue share in the market. The market includes a variety of software solutions designed to recognize, interpret, and respond to human emotions and sentiments. These software applications analyze human emotions using natural language processing, machine learning, and computer vision. This software recognizes and interprets emotions in various forms, such as facial expressions, voice tone, and text. It is used in applications ranging from customer service to mental health support.Enterprise Outlook
Based on enterprise size, the market is classified into large enterprises and small & medium-sized enterprises. The small and medium-sized enterprises segment acquired a substantial revenue share in the market in 2022. Emotion AI enables SMEs to understand and respond to customer emotions more effectively. This can lead to more personalized and empathetic interactions, fostering customer loyalty and positive word-of-mouth. It can monitor employee engagement and emotional well-being, particularly relevant for SMEs aiming to create supportive work environments.
Vertical Outlook
On the basis of vertical, the market is divided into BFSI, healthcare, IT & telecom, retail & e-commerce, government & defense, media & entertainment, automotive, and others. In 2022, the retail and e-commerce segment dominated the market with maximum revenue share. Emotion AI is used to understand and respond to customer emotions, allowing for personalized shopping experiences and product recommendations. Retailers use it to analyze customer emotions in physical stores, helping to optimize store layouts and product placements for better engagement. Retailers gather emotional customer feedback about their products, which inform product development and merchandising strategies.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The North American market is one of the largest and is expected to continue growing. The United States plays a pivotal role in the market's growth. North America has seen strong adoption of Emotion AI across various industries, including healthcare, retail, media, finance, and technology. The technology is used for customer engagement, employee well-being, and content personalization.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Cogito Corporation, Eyeris Technologies, Inc., Apple, Inc., Smart Eye A/S (Affectiva, Inc.), NuraLogix Corporation, Realeyes OU, NVISO SA, and Emotibot Technologies Limited.
Strategies deployed in the Market
- Sep-2023: Affectiva, a Smart Eye company, introduced an enhanced attention metric in its cloud-based Emotion AI, leveraging Smart Eye's advanced eye-tracking technology. This provides precise insights for brands, advertisers, and market researchers. This distinctive and thorough measurement analyzes gaze and head position, providing unmatched precision and valuable insights.
- Jul-2023: Microsoft Corporation has released the new multi-style, multi-lingual custom neural voice (CNV) features in Azure AI Speech's Text to Speech. This technology grants organizations the ability to create a natural, branded voice that expresses diverse emotions and speaks multiple languages. CNV, part of Azure AI Speech, enables crafting a unique, lifelike voice resembling chosen voice actors.
- Jun-2023: Smart Eye A/S signed an agreement with Linde, the world’s largest industrial gas company, to enhance safety in linde's gas distribution heavy vehicles. Initially, the AIS system will be installed in Linde's heavy vehicles in the Nordic and Baltic countries following a comprehensive evaluation and testing process.
- May-2023: Microsoft Corporation came into collaboration with Builder.ai, the AI-powered next-generation composable software development platform, involving an investment in Builder.ai's equity. The collaboration involves the joint creation of AI-powered solutions, enabling businesses to develop applications and achieve digital nativity without requiring technical expertise.
- Jan-2023: Microsoft Corporation extended its collaboration with OpenAI, the force behind ChatGPT, through a new multi-billion-dollar investment spanning multiple years. The collaboration aimed to expedite the advancement of AI technology, taking innovations to the next level. The renewed partnership follows reports of Microsoft's plans to invest significant funds in OpenAI, renowned for AI products like ChatGPT and DALL-E 2.
- Apr-2022: nViso SA came into collaboration with BrainChip Holdings Ltd., the world’s first commercial producer of neuromorphic AI IP and chips, for high-performance, low-power AI in battery-powered robotics and automotive applications. The first phase involved integrating NVISO's AI solutions for social robots and in-cabin monitoring systems onto BrainChip's Akida processors. Additionally, the partnership is pushing the boundaries of AI by creating platforms for edge AI devices that interpret human behavior, enhancing product performance and the user experience.
- Dec-2021: Microsoft Corporation signed an agreement with Soul Machines, a leader in the humanization of AI and creating autonomously animated digital people, with the goal of revolutionizing the way we engage with computers. Under this agreement, Soul Machines shifted its applications to Microsoft Azure, and the two entities will collaborate on innovative AI products. Additionally, this involved an improved customer experience through a digital workforce, global fan engagement with celebrity digital twins, accessible healthcare assistants, and an immersive virtual metaverse for children.
- Dec-2021: Smart Eye A/S completed the acquisition of iMotions, the developer of the world’s leading software platform for studying human behavior. This integration has offered a comprehensive, multi-modal analysis of complex human behaviors in diverse environments, primarily focusing on Human Insights AI in the automotive industry. By integrating iMotions' Behavioral Research Suite, Smart Eye aimed to synthesize data from over 50 biosensors and explicit measures into a unified research platform, providing deeper insights into human behaviors across various markets.
- Jul-2020: Realeyes OÜ developed an emotion analysis service under the collaboration with NEC Corporation, a Japanese multinational information technology and electronics corporation, merging NEC's biometric and video analytics with Realeyes' technology. This service analyzes user emotions through facial expressions on video communication tools with full consent and privacy considerations.
- Apr-2020s: Realeyes has unveiled its latest facial coding technology, utilizing front-facing cameras, computer vision, and machine learning to detect attention and emotion in opt-in audiences watching video content. Additionally, the upgraded classification system promises customers more precise and sensitive insights into the emotional impact of their videos.
Scope of the Study
Market Segments Covered in the Report:
By Component- Software
- Service
- Large Enterprises
- Small & Medium-sized Enterprises
- Retail & E-commerce
- BFSI
- Media & Entertainment
- Healthcare
- IT & Telecom
- Government & Defense
- Automotive
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Microsoft Corporation
- Cogito Corporation
- Eyeris Technologies, Inc.
- Apple, Inc.
- Smart Eye A/S (Affectiva, Inc.)
- NuraLogix Corporation
- Realeyes OU
- NVISO SA
- Emotibot Technologies Limited
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Emotion AI Market, By Component
Chapter 6. Global Emotion AI Market, By Enterprise Size
Chapter 7. Global Emotion AI Market, By Vertical
Chapter 8. Global Emotion AI Market, By Region
Chapter 9. Company Profiles
Companies Mentioned
- IBM Corporation
- Microsoft Corporation
- Cogito Corporation
- Eyeris Technologies, Inc.
- Apple, Inc.
- Smart Eye A/S (Affectiva, Inc.)
- NuraLogix Corporation
- Realeyes OU
- NVISO SA
- Emotibot Technologies Limited
Methodology
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