Many prominent companies are using emotional AI to their advantage and this fosters the growth of the emotional AI market
The global emotional AI market is projected to grow from US$19.5 billion in 2020 to US$37.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. The major factors driving the market growth include the rising need for accretion of speech-based emotion detection systems to analyze emotional states, adoption of IoT, AI, ML, and deep learning technologies across the globe, growing demand in the Automotive AI industry, growing need for high operational excellence, and rising need for socially intelligent artificial agents.
Many prominent companies are using emotion detection and recognition to their advantage. This technology facilitates consumer behavior detection and, thus, helps in contributing significantly to consumer behavior studies. For instance, Disney has been using technology to determine how audiences enjoy its movies, specifically creating an AI-powered algorithm that can recognize complex facial expressions and even predict upcoming emotions.
Moreover, the technology has gained a significant amount of focus from video game companies. Video games are designed to induce a series of emotions in players, with these reactions often being essential for the overall enjoyment of the game. The developers are integrating emotional AI into user experience, to adjust or tweak sequences in real-time. This has also resulted in a more immersive experience for gamers.
Based on organization Size, the emotional AI market is segmented into large enterprises and small & medium-sized enterprises. Based on end-user, the market is segmented into retail & consumer goods, telecom & IT, Government, healthcare, BFSI, media & entertainment, and others. Based on regions, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. However, North America is the largest revenue contributor to the Emotional AI market, as the growth of the region is being driven by the rising internet penetration and increasing adoption of cloud-based and Internet of Things (IoT) applications across verticals. Countries in North America are well-established economies, enabling investments in advanced technologies
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