The expansion of the automotive industry is one of the major factors responsible for the growing demand for emotion analytics solutions across the world. Many automobile manufacturing companies around the world are rapidly adopting various artificial intelligence (AI)-driven technologies in their vehicles. Moreover, they are focusing on extensive research and development (RD) activities that can enable the integration of emotion recognition features in vehicles, wherein the installed software responds intelligently to the various emotions of the driver.
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Because of the aforementioned factors, the popularity of emotion analytics solutions is rising sharply across the globe. This is fueling the expansion of the global emotion analytics market. The valuation of the market is predicted to rise from $164.7 million in 2018 to $1,419.2 million by 2024. Furthermore, the market is predicted to demonstrate a CAGR of 46.8% between 2019 and 2024. Depending on type, the market is divided into speech analytics, text analytics, facial analytics, and video analytics.
Across the globe, the emotion analytics market will register the highest growth in Europe and North America in the coming years, as per the estimates of PS Intelligence, a market research company based in India. This will be because of the existence of several small and medium enterprises and large enterprises, the soaring information technology (IT) spending, and the expansion of the service industry in the region. The market will exhibit the fastest growth in Asia-Pacific in the coming years.
Hence, it is quite clear that the demand for emotion analytics solutions will skyrocket all over the world in the coming years, primarily because of their ballooning requirement in the automotive and retail industries.
