The global Emotion Analytics Market size to grow from USD 2.2 billion in 2019 to USD 4.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.8% during 2019–2024. Need for higher customer satisfaction, rising significance for real-time emotion analytics, adherence to regulatory and compliance standards, and increasing need of emotion analytics software and services to cater to the growing Business Process Outsourcing (BPO) sector are the major factors driving the emotion analytics market.
Customer experience management to account for the largest emotion analytics market size during the forecast period
Emotion analytics provides enhanced customer experience management to companies, for which it analyzes the target customers, and creates and delivers personalized experiences to them, thereby enticing the customers to remain loyal to them. Emotion analytics extracts insights from all customer touchpoints and channels across the entire organization that includes calls, texts, video, facial, emails, chats, and social media platforms. Emotion analytics solutions use historical data and real-time information to identify the patterns and trends of customers, enabling the agent to tailor their words accordingly over the call. The historical data and real-time information help companies in generating offers for the retention of customers, thereby reducing escalations and the termination of services.
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The retail vertical is projected to account for the largest emotion analytics market size during the forecast period
The retail vertical is going through a massive transformation, as mobile eCommerce is gaining popularity and replacing the brick-and-mortar stores. Owing to the emergence of several eCommerce players, the competition in online retail is also on the rise. The industry players need to identify the latest trends by analyzing the voice of the customer and generating insights using their choice preferences. It has become necessary for retailers to integrate ICT to understand customers’ information and analyze it for the optimal management of the workforce with the help of advanced tools and dashboards, so that the management can make better decisions. Emotion analytics can help retailers with applications, such as marketing intelligence, business processes, and risk management, as well as customer intent and experience management.
The major emotion analytics market vendors include Affectiva (US), Beyond Verbal (Israel), iMotions (Denmark), Kairos (US), Noldus Information Technology (Netherlands), Cogito (US), Tobii (Sweden), Sentiance (Belgium), NVISO (Switzerland), Lexalytics (US), Sensum (UK), IBM (US), Microsoft (US), Google (US), Gorilla Technology (Taiwan), Adoreboard (Antrim). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global emotion analytics market. New product launches, partnerships, and agreements have been the most adopted strategies by the major players from 2016 to 2019, which helped them innovate their offerings and broaden their customer base.
Beyond Verbal (Israel) is one of the key players in emotion analytics market and committed to identifying proprietary Vocal Biomarkers for personalized healthcare screening and monitoring on the basis of voice analysis. The Vocal Biomarker engine analyzes free speech using a proprietary speaker diarization tool to provide non-intrusive, and continuous and scalable information about people health. The company has a strong research team for developing cloud-based emotions analytics that extracts a set of emotions and individual character traits based on raw vocal intonations. Researchers integrate Beyond Verbal’s Application Programming Interface (API) with any application and correlate it with other life events, leveraging the benefits of the existing Artficial Intelligence (AI) tools as well as expertise of the company’s data science team to gain new insights into unique vocal biomarkers.
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Affectiva (US) is one of the major players in emotion analytics market and its mission is to bring emotional intelligence to the digital world with the help of the emotion recognition technology that senses and analyzes facial expressions and emotions. Its patented software is built on an emotion AI science platform that uses computer vision, deep learning, and the emotion data repository of more than 4.9 million faces analyzed from 75 countries. Affectiva’s emotion analytics solution is used by more than 1,400 brands, such as Kellogg’s, MARS, and CBS, to gather analytics and insights into consumer emotional engagement. The company focuses on both organic and inorganic growth strategies to expand its reach and scope in the emotion analytics market.
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