The global emotion analytics market is anticipated to grow at the CAGR of 12.4% during 2019-2025. The growing significance of real-time emotion analytics to enhance customer satisfaction is a major factor that drives the growth of the global emotion analytics market. With the increase in competition among the consumer market, it becomes necessary to understand consumer behavior to design new marketing strategies to reduce churns, thereby fueling the growth of the global emotion analytics market. Further, the growing demand for artificial intelligence (AI) and big data analytics is further anticipated to drive the market growth.

However, there are certain factors that are restraining the growth of the market. Data safety and security concern is estimated to be the major constraints for the growth of the market. Additionally, data aggregation and synchronization from multiple systems is another major challenge in the growth of the market. Besides these petty constraints, the emotion analytics market is yet to explore its full potential. The evolution of IoT and wearable devices is a major opportunity for the growth of the global emotion analytics market in near future.

Segmental Outlook

The global emotion analytics market is segmented on the basis of type and verticals. Based on the type, the market is sub-segmented into text analytics, face analytics, speech & voice analytics, and video analytics. The text analytics is projected to show the considerable growth in the market during the forecast period. The growing adoption of smartphones is a major factor that drives the segmental growth of the market. The significant contribution of the natural language suite of technologies towards speech to text and semantic search is projected to drive the growth of text analytics. Based on the verticals, the market is segmented into BFSI, IT & telecommunication, healthcare, retail, government, and others.

Global Emotion Analytics Market Share, 2018 (%)

Verticals Insights: Retail to Hold a Significant Share in the Market 

Based on the verticals the retail segment is projected to hold a significant share in the global emotion analytics market. With the increasing popularity of e-commerce, retail vertical is facing a massive transformation. With the growth in the emergence of several e-commerce players, the competition among online retail has increased. Therefore, these industry players are adopting emotion analytics to identify the preference of their customers. Additionally, the use of emotion analytics facilitates retailers with applications that include marketing intelligence, customer experience management, competitive intelligence, and risk management.

Regional Outlook 

The global emotion analytics market is further segmented on the basis of geography into North America, Europe, Asia-Pacific and the Rest of the World. North America is estimated to have a major share in the global emotion analytics market owing to the presence of major players such as IBM, Microsoft, Google LLC, and Apple, Inc. Additionally, this region is a major hub for several technology start-ups. Moreover, favorable business condition along with supporting government policies has encouraged enterprises to utilize advanced emotion analytics for leveraging cloud technologies. 

Besides, the high penetration of smartphones in the region is further contributing to the growth of the emotion analytics market. According to the Consumer Technology Association, in 2018, smartphone penetration had hit 87% of homes in the US. North America is followed by Europe and the Asia Pacific is expected to be the fastest-growing market during the forecasted period.

Asia-Pacific to Augment with the Significant Growth Rate in the Emotion Analytics Market 

Asia-Pacific is projected to show lucrative growth in the emotion analytics market. Asia-Pacific is an emerging region in implementing facial analytics in healthcare, retail, healthcare, education, and other sectors. Increasing digitalization, higher penetration of smartphones, and the rising trend of online shopping are the major factors contributing to the regional growth of the emotion analytics market. Moreover, the growing media and entertainment sector in the region is further anticipated to fuel the market growth, as this sector utilizes this tool to understand the preference of their viewers for offering better customer experience.

Market Players Outlook

Some of the major market players of the emotion analytics market include IBM Corp., Microsoft Corp., Google LLC, Affectiva Inc., Apple Inc., Amazon Web Services Inc., iMotions A/S, Noldus Information Technology, and others. The key market players are constantly focussing on product development and new product launches to stay competitive in the market. These players are actively conducting strategic acquisitions, partnerships and collaboration to increase their market presence for increasing market share. For instance, in March 2017, Noldus Information Technology acquired all assets and activities of TeleMetronics Biomedical. The assets include Observer XT, EthoVision XT among others. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global emotion analytics market. Based on the availability of data, information related to products and services, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.