Emotion Detection and Recognition Market Worth $42.9 Billion by 2027
According to a research report "Emotion Detection and Recognition Market by Component (Software (Facial Expression Recognition, Speech & Voice Recognition) and Services), Application Area, End User, Vertical, and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027", published by MarketsandMarkets, global emotion detection and recognition market size is projected to grow from USD 23.5 billion in 2022 to USD 42.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period.
The major factors driving the market growth include the adoption of IoT, AI, ML, and deep learning technologies across the globe, growing demand for emotion recognition models by intelligent systems, and rising popularity for wearable devices.
Based on the end user, the commercial segment to grow at the highest CAGR during the forecasted period.
An important development in the commercial end user market is the incorporation of Al technology. This technology would help eCommerce websites improve their business operations and deliver better engagement services to consumers; thus, boosting the growth of the emotion detection and recognition market. Moreover, the facial expression recognition technology empowers security by preventing crimes before they occur, which helps to keep stores safer. Thus, these factors drive the commercial segment to grow at the highest CAGR during the forecasted period.
By application area, Law Enforcement, Surveillance, and Monitoring segment to hold a larger market size during the forecast period.
Emotion detection and recognition technologies, in conjunction with video surveillance and monitoring systems, are an important addition for law enforcement and security professionals in identifying criminals and fraudsters. Despite its privacy-invading potential, facial expression recognition is in high demand among law enforcement agencies due to its potential benefits in solving cold criminal cases or reuniting families. It can also be used to identify fraud and theft cases. The overall usefulness of facial expression recognition for law enforcement agencies continues to drive the growth of this segment. Thus, law enforcement, surveillance, and monitoring offering holds a larger market size during the forecast period.
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Source: MarketsandMarkets™ (www.marketsandmarkets.com)