The emotion detection and recognition (EDR) market was valued at USD 17.19 million in 2019, and it is expected to reach USD 45.48 million by 2025, registering a CAGR of 18.01% during the forecast period. Understanding emotions hold significance during the interaction process between humans and machine communication systems. EDR not only improves human and computer interfaces, but also enhances the feedback mechanism actions taken by computers from the users.
– Though artificial intelligence (AI) is unleashing a wave of digital disruption, the limitation of AI to understand human emotion is still a challenge. However, in the past few years, increasing access to data, low-cost computing power, and evolving NLP combined with digital learning are enabling the systems to analyze human emotions.
– A detailed understanding of emotion is a factor that challenges the EDR market, as emotions can be expressed in multiple ways and can also be deceptive. Despite this challenge, technological advancements in AI are expected to drive the market for EDR during the forecast period.
– Other key influencers of the market include the rising need for better customer experience (as emotional connection also plays a key role along with customer satisfaction), the increasing need for a human touch in digital communications (chatbots), and challenges in language context and facial recognition.
– Many prominent companies are using emotion detection and recognition to their advantage. This technology facilitates consumer behavior detection and, thus, helps in contributing significantly to consumer behavior studies. For instance, Disney has been using technology to determine how audiences enjoy its movies, specifically creating an AI-powered algorithm that can recognize complex facial expressions and even predict upcoming emotions.
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Key Market Trends
Increasing Adoption of Wearable Devices to Drive the EDR Market
– The IoT connections market is estimated to reach 25 billion by 2025, according to GSMA, and the IoT market revenue is expected to cross USD 1.1 trillion by the same period. With increasing IoT demand, the applications of the devices are expected to trickle down to almost every end-user industry in the world.
– Additionally, the number of connected wearable devices is on the rise. Such devices are equipped with sensors that collect, monitor, and analyze biological vitals, such as heart rate, pulse, and body temperature. For instance, the number of connected wearable devices, worldwide, is expected to reach 1,105 million by 2022, according to Cisco Systems.
– Moreover, various smart wearable device vendors in the market are increasingly incorporating biotrackers as part of their health tracking features. For instance, Huami’s latest smartwatch, Amazfit GTS, is powered by its Huami Bio Tracker Optical sensor, enabling 24-hour precision heart rate monitoring. Such incorporation of biosensors is expected to provide large scale data sets to enterprises for data analysis.
– Wearables are increasingly getting equipped with ECG monitors and can measure electrocardiograms and communicate the readings to physicians for diagnosis, as well as emergency alerts. Such developments in the market offer established technological infrastructure for emotion recognition.
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