Overview and Scope
Emotional AI refers to a subset of artificial intelligence that analyzes, reacts to and simulates human emotions. It uses various techniques to sense, learn about, and interact with human emotional life, such as sentiment analysis, voice emotion AI, facial movement analysis and biometric sensing.
Sizing and Forecast
The emotional ai market size has grown strongly in recent years. It will grow from $27.33 billion in 2023 to $30.02 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increased competitive pressure, market uncertainties, efficiency and productivity gains, customer-centric focus, adoption of devops practices.
The emotional ai market size is expected to see strong growth in the next few years. It will grow to $43.33 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to focus on employee experience, regulatory changes and compliance, integration with business strategy, rapid market changes, resilience planning. Major trends in the forecast period include cybersecurity concerns, continuous evolution of technology, globalization and remote collaboration, digital transformation initiatives, leveraging agile tools and technologies.
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Segmentation & Regional Insights
The emotional ai market covered in this report is segmented –
1) By Component: Software, Service
2) By Tools: Facial Recognition, Speech And Voice Recognition, Gesture And Posture Recognition
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
4) By Application: Banking Financial Services And Insurance (BFSI), Healthcare , IT And Telecommunication, Retail And E-commerce, Government, Media And Entertainment, Automotive , Other Applications
North America was the largest region in the emotional AI market in 2023. The regions covered in the emotional ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for a better customer experience is expected to propel the growth of the emotional AI market going forward. Customer experience (CX) refers to the overall interaction and perception that customers have with a brand or company throughout their entire journey, from initial awareness and consideration to the actual purchase, use, and post-purchase support. Customer experience employs emotional AI to understand and respond to customers’ emotions, improving interactions by analyzing responses, products, and services to create more personalized, empathetic, and emotionally resonant experiences, ultimately leading to increased customer loyalty and satisfaction. For instance, in June 2022, a survey of more than 2000 US consumers aged from 18 to 75 conducted by Verint, a US-based customer engagement solutions company, 39% of the respondents agreed that they would tell their friends and family not to purchase goods from a company if they had a bad customer experience with that brand, 64% of the respondents had already stopped doing business with such companies and 79% of the respondents under 45 years of age agreed that it was very important to have good experience on digital platforms. Therefore, the increasing demand for a better customer experience is driving the growth of the emotional AI market.
Key Industry Players
Major companies operating in the emotional AI market report are Apple Inc., Alphabet Inc., Microsoft Corporation, Sony Group Corporation, Panasonic Corporation, Intel Corporation , International Business Machines Corporation (IBM), Latent View Analytics Ltd., Nvidia Corporation, NEC Corporation, Baidu Inc., UiPath Inc., Cogito Corporation, Tobii Technology AB, Gorilla Technology Group, Noldus Information Technology, Entropic Technologies, Affectiva Inc., Realeyes OÜ, Lexalytics Inc., Beyond Verbal Communication Ltd., iMotions A/S, Sentiance NV, NuraLogix Corporation, NVISO Inc., Kairos AR Inc., Sensum, MetaSoul Inc
The emotional ai market report table of contents includes:
1. Executive Summary
2. Emotional AI Market Characteristics
3. Emotional AI Market Trends And Strategies
4. Emotional AI Market – Macro Economic Scenario
5. Global Emotional AI Market Size and Growth
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31. Emotional AI Market Other Major And Innovative Companies
32. Global Emotional AI Market Competitive Benchmarking
33. Global Emotional AI Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Emotional AI Market
35. Emotional AI Market Future Outlook and Potential Analysis
36.Appendix
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