Portland, OR -- (SBWIRE) -- 09/15/2017 -- According to a recent report published by Allied Market Research, titled, Emotion Detection and Recognition Market by Software Tool, Application, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global emotion detection and recognition market was valued at $5.8 billion in 2016, and is projected to reach at $33.9 billion by 2023, growing at a CAGR of 28.9% from 2017 to 2023.
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North America dominates this market presently, followed by Europe. In 2016, China dominated the Asia-Pacific market; similarly, the UK led the overall market in the European region.
Surge in popularity of wearable technology, growth of Internet of Things, and increase in adoption of smartphones drive the global emotion recognition and detection market. However, high cost of application, varied functional requirements, and misinterpretation in analysis of emotions restrict this growth. Furthermore, implementation of cloud-based technology presents a lucrative opportunity for the market.
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In 2016, the facial expression & emotion detection segment dominated the global emotion detection and recognition market growth with 66.0% share in software tool segment, in terms of revenue. However, in the same year, based on technology, machine learning led the global market, followed by natural language.
The commercial sector led the EDR market by end use with 51.16% market share in 2016. However, the retail sector is anticipated to depict highest CAGR of 31.3% throughout the forecast period.
Key Findings of the Emotion Detection And Recognition Market:
- In 2016, the marketing & advertising applications generated the highest revenue of the global EDR market.
- In 2016, the machine learning technology generated the highest revenue among the emotion detection and recognition industry
- In 2016, the facial expression & emotion detection segment generated the highest revenue in the emotion detection and recognition market.
- Asia-Pacific is anticipated to exhibit a highest CAGR of 30.6% during the forecast period.
- The key players profiled in the report include Affectiva, Beyond Verbal, Noldus Information Technology, Sentiance, Sightcorp, Realeyes, CrowdEmotion, Kairos AR, Inc., nViso SA., and SkyBiometry