Report Ocean has recently published a new research report on the global emotion detection and recognition (EDR) market. The study, titled “Global Emotion Detection and Recognition (EDR) Market Size study, by Software & Services (Software (Facial Recognition, Speech and Voice Recognition, etc.), Services), by End-User Vertical (Government, Healthcare, Retail, Entertainment, Transportation, Others) and Regional Forecasts 2020-2027,” is prepared after carrying out a detailed analysis of this market, taking the performance of every market segment into consideration, using various research tools.
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According to the report, the overall valuation of the global emotion detection and recognition (EDR) market was approximately US$17.1 bn in 2019. Analysts project it to rise at a healthy CAGR of more than 18% over the forecast period of 2020-2027.
Demand for Wearable Devices to Support Market’s Growth
Emotion detection and recognition (EDR) is a technique used to assess human emotions through the integration of several technological capabilities, such as bio-sensing, facial recognition, pattern recognition, speech and voice recognition, and machine learning. With this technique, not only the machine and human interface is improved, but also the feedback process action, which is adapted by machines from users, is enhanced. The increasing knowledge about these and other qualities of EDR technology has made it quite popular, which is reflected on the growth of the global EDR market.
Further, the increase in IoT applications and the surge in the uptake of wearable devices are projected to aid the market’s growth in the near future. According to the Worldwide Quarterly Wearable Device Tracker of International Data Corporation’s (IDC), in 2019, 305.2 million units of wearable devices were sold, registering an increase of 71.4% from that of 2018. Also, as per the IDC, the total shipment of wearable devices will rise to approximately 500 million units by 2023 across the world. This, in turn, is expected to create huge demand for EDR solutions, worldwide, over the next few years.
Apart from this, the augmenting need for advanced marketing tools and the increasing usage in smartphones are also predicted to support the growth of this market in the years to come. However, the high cost of application and the rising concerns over the data security and privacy may limit the market during the period of the forecast, states the research report.
Impact of Covid 19 on Global Emotion Detection and Recognition (EDR) Market
The impact of coronavirus pandemic is more or less visible on almost all the markets across the world, including the global emotional detection and recognition (EDR) market. Due to the lockdown imposed by various governments, the supply chain systems and distribution networks has disturbed, which reflected negatively on this market over the last few months. However, as restrictions on movements are slowly being lifted up, supply chain and distribution channels are likely to be restored soon. Considering this, it is safe to say that the market will gain its pace shortly.
North America leads Global Market
According to the research report, the regional markets for EDR are registering considerable growth in their market shares. The market is considered to be spread across Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America has surfaced as the market leader, thanks to the increasing investment and government funding on Internet of Things (IoT) technology. Asia Pacific is also anticipated to exhibit a high growth rate, thanks to the rising popularity of wearable technology and the rapidly growing demand for smartphones in Asian economies.
Key Findings:
- The increasing demand for wearable devices is expected to create lucrative growth prospects for market players.
- North America has emerged as the leading regional market for EDR.
The global emotion detection and recognition (EDR) market is segmented into:
By Software & Services
- Software
- Facial Recognition
- Speech and Voice Recognition
- Services
By End User Vertical
- Government
- Healthcare
- Retail
- Entertainment
- Transportation
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Affectiva Inc.
- Emotibot Technologies Limited
- iMotions A/S
- Noldus Information Technology
- Sightcorp
- NVISO SA
- Kairos AR Inc.
- Nemesysco Ltd.
- audEERING GmbH
- SkyBiometry
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