Emotion AI Market Size to Grow USD 13.8 Billion by 2032 at a CAGR of 22.7% | Valuates Reports
BANGALORE, India, May 15, 2024 /PRNewswire/ -- Emotion AI Market By Component (Software, Service), By Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), By Application (BFSI, Healthcare , IT and Telecommunication, Retail and E-commerce, Government, Media and Entertainment, Automotive , Others)
The Emotion AI Market was valued at USD 1.8 Billion in 2022, and is estimated to reach USD 13.8 Billion by 2032, growing at a CAGR of 22.7% from 2023 to 2032.
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Major Factors Driving the Growth of Emotion AI Market:
The growing need for sophisticated HCI technologies in a variety of industries, such as retail, healthcare, automotive, and customer service, is the main factor propelling the growth of the Emotion AI market. Companies are using Emotion AI to improve user experiences by giving computers the ability to recognize and react to human emotions more skillfully, which raises consumer happiness and engagement levels. The market is expanding due to the widespread usage of wearable technology and smart gadgets that include Emotion AI for tailored user interactions and health monitoring. The accuracy and capacities of Emotion AI systems are also being improved by developments in machine learning, deep learning, and big data analytics, which is accelerating their adoption.
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TRENDS INFLUENCING THE GROWTH OF THE EMOTION AI MARKET:
The emotional AI industry is expanding significantly due to the use of emotional AI software in marketing and advertising by big businesses. Businesses may better understand the emotions, tastes, and behaviors of their customers by utilizing sophisticated algorithms and machine learning techniques. This helps them to develop marketing campaigns that are highly focused and customized. Businesses can now optimize content development, customize messages to elicit certain emotional responses, and ultimately increase consumer engagement and loyalty with the help of emotional AI. Demand for emotional AI solutions is rising as more companies realize the importance of emotional intelligence in marketing campaigns, which is driving innovation and industry expansion.
As digital technologies spread and become more significant in online interactions, there is a rising need for improved user experiences across different platforms and apps. By allowing real-time emotion recognition and reaction in digital interfaces, virtual assistants, and customer service interactions, emotion artificial intelligence (AI) significantly contributes to the improvement of user experiences. The market is expanding as a result of companies prioritizing user engagement and happiness, which is fueled by the use of emotion AI solutions to improve user experiences.
The wellness and healthcare industries are using emotion AI more and more, which is propelling market expansion. Emotion AI has the power to completely transform the way that healthcare is provided and how patients are treated, from tracking patient emotions and mental health to customizing treatment regimens and enhancing caregiver relationships. The need for emotion AI solutions in these industries is predicted to rise sharply as wellness centers and healthcare organizations come to understand the benefits of emotion AI in enhancing patient care and wellbeing.
Emotion AI solutions for tracking, controlling, and promoting emotional wellness are becoming more and more popular as mental health and wellbeing become more widely recognized. Emotion artificial intelligence (AI) is being utilized to give insights, solutions, and support for those dealing with mental health issues through everything from virtual mental health aides to apps that measure mood. The need for emotion AI solutions in this field is anticipated to rise as societies place a greater emphasis on mental health and wellbeing, which will fuel market development.
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EMOTION AI MARKET SHARE ANALYSIS:
Over the course of the projection period, the service segment is anticipated to increase at the fastest rate. Emotion AI services are being used in more and more sectors.
Over the course of the projection period, Asia-Pacific is anticipated to increase at the fastest rate. Numerous industries in the area, including healthcare, banking, government, and telecommunications, are seeing an increase in cybercrime events. This is projected to present profitable development prospects for the market in this region.
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Key Companies:
- Microsoft Corporation
- Apple
- Affectiva
- nViso
- Realeyes
- Cipia Vision Ltd
- Cogito Corporation
- Emotibot
- IBM Corporation
- NuraLogix Corporation
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