MarketsandMarkets has released a new report that suggests that the international market for emotion detection and recognition technology will double within the next four years. The firm specifically predicts that the market will climb from $21.6 billion in 2019 to $56 billion by 2024, a figure that represents a CAGR of 21 percent.
The emotion recognition market includes both voice and facial recognition technologies, in addition to biosensors that can track other physiological markers. Of those, biosensors made up the biggest portion of the market in 2019, though voice recognition is expected to fuel much of the growth moving forward. According to MarketsandMarkets, voice recognition systems with emotion detection capabilities will become an increasingly popular form of identity verification, especially when deployed as part of a broader multimodal authentication platform.
The report goes on to argue that the industrial sector will have the highest demand for emotion recognition. Industrial enterprises – including automobile manufacturers – will use the technology to reduce the threat of fraud, and to improve safety in the workplace. They will also use it to gather user data and build more personal relationships with their consumers, as demonstrated with the AI assistants that are becoming more common in connected cars.
North America will provide manufacturers with the largest market for emotion recognition technology for the duration of the forecast period. The countries in the region – and the US and Canada in particular – have stable economies with reliable access to the internet, making it safer to introduce emotion recognition to a wider range of cloud and IoT solutions. However, China has displayed considerable interest in the technology, and recently started testing a new surveillance system with emotion detection capabilities in Xinjiang.
MarketsandMarkets highlighted Affectiva, NEC, Eyesight, Ayonix, Cognitec, Kairos, and SkyBiometry as some of the key players in the space, placing them alongside perennial tech giants like Apple, Microsoft, and Google.
(Originally posted on FindBiometrics)