Emotion Detection and Recognition Market share forecast to witness considerable growth from 2018 to 2024

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Emotion Detection and Recognition market share
research by applications and regions for
2018-2024 Global Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
Low Power Wide Area Network
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Overview of Emotion Detection and Recognition
Market

• The North America region holds a significant
  share of the emotion detection and recognition
  market due to the presence of a well-established
  economy, advanced IT infrastructure in the U.S.,
  and a high focus on innovation and technology by
  the market players. The market is expected to
  show high growth due to the huge investments in
  security and surveillance solutions. In the
  rapidly-growing economies of the Asia Pacific
  region, the increasing demand for advanced
  security solutions, the evolution of IoT, and the
  increasing trend of wearable devices will boost
  the market growth during the forecast period.
• Emotion Detection and Recognition Market size is
  expected to witness healthy growth from 2018 to
  2024 driven by capability of smart interfaces to
  understand individual emotions, which results in
  a personalized user experience. Emotion detection
  and recognition is a technique to recognize a
  persons emotional state using advanced image
  processing techniques. Organizations have been
  integrating artificial intelligence algorithms
  with image processing techniques to analyze
  complex human emotions through facial patterns.

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• The global emotion detection and recognition
  market is gaining popularity, which is
  attributable to the rising demand for sentiment
  mapping, usage of bio-sensing software tools,
  growing cognitive services, and increasing
  applications in numerous industry sectors such as
  transportation, healthcare, banking, and
  government institutions. Currently, the
  increasing rate of cybercrime and illegal
  trespassing is driving the usage of biometric
  authentication and emotion detection systems.
• This software is used for security purposes in
  many industry verticals as it is capable of
  recognizing faces in the real-time, searching
  matching faces from the database, and detecting
  moods and other features. For instance, the
  defense and security agencies require emotion
  detection software for surveillance and
  monitoring purposes.
• Other determinants such as the evolution of the
  Internet of Things (IoT), increasing trend of
  wearable devices, growing amount of spatial data,
  and availability of various analytical tools hold
  the potential of revolutionizing the market
  across the globe. In addition to this, Natural
  Language Processing (NLP) technology is gaining
  popularity in the market as it provides
  cost-effective and easily deployable cloud
  solutions. This technology is widely used for the
  summarization of data and social media
  monitoring.

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• Misrepresentation in the analysis of emotions can
  pose a challenge to the global emotion detection
  and recognition market. Moreover, organizations
  find it difficult to optimally utilize this
  technology due to the lack of expertise and
  operational challenges.
• Some of the sectors using the emotion detection
  and recognition technology include banking and
  financial institutions, defense, government,
  retail, entertainment, and manufacturing. The
  global emotion detection and recognition market
  is continuously evolving, especially in the form
  of wearable technology. Wearable bio-sensors are
  gaining traction in the military, healthcare, and
  sports sectors. Similarly, the real-time
  facial-analysis-based applications to improve car
  safety and to identify the drivers state of mind
  are being widely used in the automotive industry.
  

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• Furthermore, the banking industry is continuously
  implementing the emotion detection solutions to
  increase the customer loyalty. Various software
  solutions such as test analysis software, voice
  analysis software, and image analysis software
  are used to analyze emotion-related data and to
  determine the emotions, creating value for the
  banks in understanding the customer.
• The major players in the global emotion detection
  and recognition market are Affectiva, Beyond
  Verbal, Eyeris, Sentiance, Skybiometry, Tobii AB,
  Noldus, Sightcorp, Realeyes, Kairos, Crowdemotion
  Limited, Apple, Nviso, and Emovu. Some of these
  companies are expanding their presence in the
  global market by developing innovative solutions
  for their customers. For instance, in April 2018,
  Huawei developed an AI assistant to detect human
  emotions. It analyzes data points from facial
  expressions and behavioral patterns. Similarly,
  Apples upcoming iOS version will have new
  features such as Face ID support, relying on the
  depth-sensing front camera to recognize the
  users face for screen unlocking and other
  security features. These players are creating a
  unique value proposition through new product
  development or through innovations in their
  existing product portfolio.

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Methodology

• Market
  research reports Key analytical components

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