The Rise of Emotion AI Market: A $9.01 billion Industry Dominated by IBM, Microsoft, Google | MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Dec. 20, 2024 (GLOBE NEWSWIRE) -- The report Emotion AI Market is projected to grow from USD 2.74 billion in 2024 to USD 9.01 billion by 2030 at a CAGR of 21.9% during the forecast period, according to a new report by MarketsandMarkets™.

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Emotion AI Market Dynamics:

Drivers

• Growing demand for customer experience enhancement
• Advancements in AI and machine learning technologies
• Increased application in healthcare and education

Restraints

• Privacy and data security concerns
• High implementation costs

Opportunities

• Expansion into new verticals
• Integration with IoT and wearable devices
• Growing demand in remote work and virtual environments

List of Key Players in Emotion AI Market:

• IBM (US)
• Microsoft (US)
• Google (US)
• Amazon (US)
• Smart Eye (Sweden)
• Entropik Tech (India)
• Uniphore (US)
• Audeering GmbH (Germany)
• VIER GmbH (Germany)
• Cognitec (Germany)

These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These players can focus on developing innovative Emotion AI market technologies and offerings owing to the emergence of new application areas for Emotion AI markets. These companies offer several product offerings and have operations around the globe. These companies focus on product launches, acquisitions, and partnerships to strengthen their footprint through product innovations and extend their business reach.     

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The Emotion AI market is rapidly growing due to emotion-driven marketing, integration with IoT and wearables, and adoption of remote work environments. Emotion AI is used by marketers to create catchy campaigns, driving high engagement and conversion rates. Real-time emotion tracking with IoT and wearable devices makes healthcare and fitness applications possible. Remote work with Emotion AI boosts the capability for virtual collaboration by processing emotion cues to improve communication, increase productivity, and establish the future of emotional intelligence within different industries.

Based on the technology, the computer vision segment is expected to hold the highest CAGR during the forecast period.

Emotion AI is using computer vision advancements, leading to a better visual understanding of emotions. These applications do not need external sensory inputs to process information. Utilizing facial recognition and microexpression analysis, computer vision taps into a person's fine emotional cues and can be used for multiple purposes. It enhances (the customer) retail experience by tracking shopper behavior and tailoring in-store engagement. Computer vision is used in the healthcare industry for mental health assessment, analyzing facial expressions of the patient for emotional well-being. Educational platforms adopt it to measure student engagement during virtual learning. Computer vision techniques help companies such as Affectiva, Realeyes, and Microsoft to develop emotion analysis applications that are accurate and can have an impact. Computer vision is a central enabler of Emotion AI across industries because these systems adapt to various scenarios.

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Based on industry, retail, and e-commerce holds the largest market size during the forecast period.

Retail and e-commerce contribute the largest market share in the Emotion AI market during the forecast period as businesses seek ways to personalize shopping and increase customer satisfaction. By analyzing customers' emotions through facial expressions, voice tones, and text sentiment, retailers can use Emotion AI to deliver tailor-made recommendations. E-commerce platforms use these insights to suggest the best offerings; with easy-to-use applications, purchasing is made as easy as possible and improves retention. Emotion AI empowers physical retail by understanding shopper behaviors in real-time and enhancing in-store engagement. A popular example of such technologies being used by major players is Amazon. Amazon Go stores use Emotion AI for sentiment analysis, personalized recommendations, product placement, advertising optimization, and fraud detection in retail stores, enhancing customer satisfaction and operational efficiency. Emotion AI is unmatched when combined with analytics, where retailers can adjust to consumer preferences, enhance strategies, and hold their position in a rapidly changing market space.

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