The Emotional AI Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Emotional AI Global Market Report 2024, 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.
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.
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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
Major companies operating in the emotional AI market are focusing on the developing solutions to personalize the customer experience through their emotional needs. For instance, in September 2023, AB Tasty, a France-based software development company, launched EmotionsAI, an AI tool to detect users’ emotional needs. This technology helps brands personalize the customer experience by understanding the emotional needs of their customers. It classifies visitors into ten categories depending on the way they interact with a business website. Additionally, these features collectively allow brands to understand and cater to the emotional needs of their visitors, leading to improved customer experiences and potentially higher conversion rates and revenue.
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 analysis
5.Emotional AI Market Size And Growth
6.Emotional AI Segmentation
7.Emotional AI Regional And Country Analysis
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27.Emotional AI Competitive Landscape And Company Profiles
28.Emotional AI Key Mergers And Acquisitions
29.Emotional AI Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Apple Inc.
- Alphabet Inc.
- Microsoft Corporation
- Sony Group Corporation
- Panasonic Corporation
- Intel Corporation
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